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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt consisted of the following:
|  |  | December 31,
| Effective |  | 2020 |  | 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 $0.9 and $1.1 | 2.2 | % |  | 645.1 |  |  | 645.1 |  |  | 684.7 |  |  | 684.7 |
Multi-Currency Revolving loan facility net of unamortized debt issuance costs of $0.8 and $0.9 | — | % |  | — |  |  | — |  |  | 231.5 |  |  | 231.5 |
Senior Notes: |  |  |  |  |  |  |  |  |
Floating Senior Notes, due 2021, net of unamortized debt issuance costs of $0.0 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 |  |  | 267.0 |  |  | 249.1 |  |  | 263.9 |
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $4.3 and $5.7 | 4.6 | % |  | 745.7 |  |  | 817.3 |  |  | 744.3 |  |  | 805.5 |
3.20% Senior Notes, due 2025, net of unamortized debt issuance costs of $4.4 and $0.0 | 3.4 | % |  | 495.6 |  |  | 533.4 |  |  | — |  |  | — |
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.3 and $1.5 | 3.5 | % |  | 748.7 |  |  | 819.5 |  |  | 748.5 |  |  | 759.1 |
4.70% Senior Notes, due 2028, net of unamortized discount and debt issuance costs of $8.2 and $9.3 | 5.0 | % |  | 1,241.8 |  |  | 1,472.2 |  |  | 1,240.8 |  |  | 1,378.3 |
Other Borrowings |  |  | 113.2 |  |  | 113.1 |  |  | 32.4 |  |  | 32.4 |
Total |  |  | 4,239.4 |  |  | 4,667.6 |  |  | 4,429.3 |  |  | 4,655.4 |
Less - current portion |  |  | 447.2 |  |  | 447.2 |  |  | 95.7 |  |  | 95.7 |
Long-term portion |  |  | 3,792.2 |  |  | 4,220.4 |  |  | 4,333.6 |  |  | 4,559.7 |
1 See Note 18 for information on the fair value measurement of the Company's long-term debt.
As of December 31, 2020, the annual repayment requirements for debt obligations are as follows:
In millions |
2021 | $ | 447.2 |
2022 | 311.1 |
2023 | 249.3 |
2024 | 745.7 |
2025 | 495.6 |
Thereafter | 1,990.5 |
Total | $ | 4,239.4 |
Interest Coverage Ratio & Leverage Ratio | The company has agreed that, so long as any lender has any commitment under the Senior Credit Facility, any letter of credit is outstanding under the Senior Credit Facility, or any loan or other obligation is outstanding under the Senior Credit Facility, it will maintain the following as of the end of each fiscal quarter or the period of four quarters the ended:
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.
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 |
Letters of Credit Under Credit Agreement |  | $ | 19.1 |  |  | — |
Current Availability |  | $ | 1,180.9 |  |  | $ | 144.0 |

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