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LONG-TERM DEBT (Tables)

6 Months Ended

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 Value1						Book Value						Fair Value1
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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