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LONG-TERM DEBT (Tables) | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Long-term debt consisted of the following:
|  |  |  |  |  | December 31,
| Effective Interest Rate |  |  |  |  | 2021 |  | 2020
In millions |  | Face Value |  |  | Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
Senior Credit and 364 Day Facility 2: |  |  |  |  |  |  |  |  |  |  |  |
U.S. dollar-denominated Term Loans 3 | — | % |  | N/A |  |  | $ | — |  |  | $ | — |  |  | $ | 645 |  |  | $ | 645 |
Multi-Currency Revolving loan facility | 1.5 | % |  | N/A |  |  | — |  |  | — |  |  | — |  |  | — |
Senior Notes: |  |  |  |  |  |  |  |  |  |  |  |
4.375% Senior Notes, due 2023 | 4.5 | % |  | $ | 250 |  |  |  | 250 |  |  | 260 |  |  | 249 |  |  | 267 |
4.15% Senior Notes, due 2024 | 4.6 | % |  | $ | 750 |  |  |  | 747 |  |  | 796 |  |  | 746 |  |  | 817 |
3.20% Senior Notes, due 2025 | 3.4 | % |  | $ | 500 |  |  |  | 497 |  |  | 523 |  |  | 496 |  |  | 533 |
3.45% Senior Notes, due 2026 | 3.5 | % |  | $ | 750 |  |  |  | 749 |  |  | 795 |  |  | 749 |  |  | 820 |
1.25% Senior Notes (EUR), due 2027 | 1.5 | % |  | € | 500 |  |  |  | 560 |  |  | 574 |  |  | — |  |  | — |
4.70% Senior Notes, due 2028 | 5.0 | % |  | $ | 1,250 |  |  |  | 1,243 |  |  | 1,423 |  |  | 1,242 |  |  | 1,472 |
Other Borrowings |  |  |  |  |  | 12 |  |  | 12 |  |  | 112 |  |  | 113 |
Total |  |  |  |  |  | 4,058 |  |  | 4,383 |  |  | 4,239 |  |  | 4,667 |
Less: current portion |  |  |  |  |  | 2 |  |  | 2 |  |  | 447 |  |  | 447 |
Long-term portion |  |  |  |  |  | $ | 4,056 |  |  | $ | 4,381 |  |  | $ | 3,792 |  |  | $ | 4,220 |
1. See Note 17 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. Variances between Face Value and Book Value are the result of unamortized discounts and debt issuance fees. The Company borrows and repays against the Multi-Currency Revolving loan facility for added flexibility in liquidity to manage cash during the operating cycle. The proceeds from borrowing and the repayments are included within the Financing Activities section of the Consolidated Statements of Cash Flows. As of December 31, 2021, the annual repayment requirements for debt obligations are as follows:
In millions |
2022 | $ | 2 |
2023 | 250 |
2024 | 762 |
2025 | 500 |
2026 | 750 |
Thereafter | 1,817 |
Total | $ | 4,081 |
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 (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 Revolving Facilities:
(in millions) |  | Revolving Credit Facility
Maximum Availability |  | $ | 1,200 |
Letters of Credit Under Credit Agreement |  | (3) |
Current Availability |  | $ | 1,197 |

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- 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=120391452&loc=d3e13212-122682 + Details
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