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LONG-TERM DEBT (Tables) | 6 Months Ended
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Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Long-term debt consisted of the following:
| Effective Interest Rate |  | Face Value |  | June 30, 2022 |  | December 31, 2021
In millions |  |  | Book Value |  | Fair Value 1 |  | Book Value |  | Fair Value 1
Senior Credit Facility: |  |  |  |  |  |  |  |  |  |  |
Multi-Currency Revolving loan facility | 2.9 | % |  | N/A |  | $ | 217 |  |  | $ | 217 |  |  | $ | — |  |  | $ | — |
Senior Notes: |  |  |  |  |  |  |  |  |  |  |
4.375% Senior Notes, due 2023 | 4.5 | % |  | $ | 250 |  |  | 250 |  |  | 249 |  |  | 250 |  |  | 260 |
4.15% Senior Notes, due 2024 | 4.6 | % |  | $ | 725 |  |  | 723 |  |  | 726 |  |  | 747 |  |  | 796 |
3.20% Senior Notes, due 2025 | 3.4 | % |  | $ | 500 |  |  | 497 |  |  | 480 |  |  | 497 |  |  | 523 |
3.45% Senior Notes, due 2026 | 3.5 | % |  | $ | 750 |  |  | 749 |  |  | 700 |  |  | 749 |  |  | 795 |
1.25% Senior Notes (EUR), due 2027 | 1.5 | % |  | € | 500 |  |  | 515 |  |  | 430 |  |  | 560 |  |  | 574 |
4.70% Senior Notes, due 2028 | 5.0 | % |  | $ | 1,250 |  |  | 1,243 |  |  | 1,213 |  |  | 1,243 |  |  | 1,423 |
Other Borrowings |  |  |  |  | 19 |  |  | 19 |  |  | 12 |  |  | 12 |
Total |  |  |  |  | 4,213 |  |  | 4,034 |  |  | 4,058 |  |  | 4,383 |
Less: current portion |  |  |  |  | 226 |  |  | 226 |  |  | 2 |  |  | 2 |
Long-term portion |  |  |  |  | $ | 3,987 |  |  | $ | 3,808 |  |  | $ | 4,056 |  |  | $ | 4,381 |
1. See Note 13 for information on the fair value measurement of the Company's long-term debt.
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) to net interest expense (each as defined in the Senior Credit Facility) 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 June 30, 2022:
In millions |  | Senior Credit Facility
Maximum Availability |  | $ | 1,200 |
Outstanding Borrowings |  | (217) |
Letters of Credit Under Credit Agreement |  | (3) |
Current Availability |  | $ | 980 |

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