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LONG-TERM DEBT (Tables)

12 Months Ended

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 Facility2:
U.S. dollar-denominated Term Loans3			—		%				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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