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Long-Term Debt (Tables) | 9 Months Ended
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Sep. 30, 2021
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt consisted of the following:
| Effective Interest Rate |  | September 30, 2021 |  | December 31, 2020
In millions |  | Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
Senior Credit and 364 Day Facility 2: |  |  |  |  |  |  |  |  |
U.S. dollar-denominated Term Loans 3, net of unamortized debt issuance costs of $— and $0.9 | — | % |  | — |  |  | — |  |  | 645.1 |  |  | 645.1 |
Multi-Currency Revolving loan facility 4, net of unamortized debt issuance costs of $0.4 and $0.8 | 1.5 | % |  | — |  |  | — |  |  | — |  |  | — |
Senior Notes: |  |  |  |  |  |  |  |  |
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.5 and $0.7 | 4.5 | % |  | 249.5 |  |  | 262.9 |  |  | 249.3 |  |  | 267.0 |
4.15% Senior Notes, due 2024, net of unamortized discount and debt issuance costs of $3.3 and $4.3 | 4.6 | % |  | 746.7 |  |  | 806.9 |  |  | 745.7 |  |  | 817.3 |
3.20% Senior Notes, due 2025, net of unamortized discount and debt issuance costs of $3.6 and $4.4 | 3.4 | % |  | 496.4 |  |  | 532.4 |  |  | 495.6 |  |  | 533.4 |
3.45% Senior Notes, due 2026, net of unamortized discount and debt issuance costs of $1.1 and $1.3 | 3.5 | % |  | 748.9 |  |  | 806.2 |  |  | 748.7 |  |  | 819.5 |
1.25% Senior Notes (EUR), due 2027, net of unamortized discount and debt issuance costs of $8.0 and $— | 1.5 | % |  | 571.7 |  |  | 595.9 |  |  | — |  |  | — |
4.70% Senior Notes, due 2028, net of unamortized discount and debt issuance costs of $7.4 and $8.2 | 5.0 | % |  | 1,242.6 |  |  | 1,441.3 |  |  | 1,241.8 |  |  | 1,472.2 |
Other Borrowings |  |  | 15.2 |  |  | 15.2 |  |  | 113.2 |  |  | 113.1 |
Total |  |  | 4,071.0 |  |  | 4,460.8 |  |  | 4,239.4 |  |  | 4,667.6 |
Less - current portion |  |  | 3.8 |  |  | 3.8 |  |  | 447.2 |  |  | 447.2 |
Long-term portion |  |  | $ | 4,067.2 |  |  | $ | 4,457.0 |  |  | $ | 3,792.2 |  |  | $ | 4,220.4 |
1. See Note 14 for information on the fair value measurement of the Company's long-term debt. 2. During the second quarter of 2021, the Company repaid all outstanding term loan borrowings and related interest under the Senior Credit Facility and the 364 Day Facility. 3. U.S. dollar-denominated Term Loans includes the total outstanding balance of term loans denominated in U.S. dollars from the Senior Credit Facility and the 364 Day Facility. 4. Multi-Currency Revolving loan facility includes total outstanding amounts drawn against the Senior Credit Facility and the 364 Day Facility.
Schedule of Debt | 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 then ended:
Interest Coverage Ratio 1 |  | 3.0x
Leverage Ratio 2 |  | 3.25x
1. The interest coverage ratio is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization), 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.
Schedule of Line of Credit Facilities | The following table presents availability under the Senior Credit Facility at September 30, 2021:
(In millions) |  | Senior Credit Facility
Maximum Availability |  | $ | 1,200.0 |
Outstanding Borrowings |  | — |
Letters of Credit Under Credit Agreement |  | (3.5) |
Current Availability |  | $ | 1,196.5 |

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