XML 30 R20.htm IDEA: XBRL DOCUMENT

FINANCING ARRANGEMENTS	3 Months Ended
FINANCING ARRANGEMENTS	Mar. 31, 2021
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	FINANCING ARRANGEMENTS At March 31, 2021, the Company had $1,139 million of borrowing available under lines of credit, including lines available under its short-term arrangements and revolving credit facility. The Company has a $500 million commercial paper program. The $700 million multi-currency revolving credit facility serves as a back-stop credit facility for the Company's commercial paper program. At March 31, 2021 and December 31, 2020, there were no outstanding borrowings under the multi-currency revolving credit facility. The company borrowed and had $27 million outstanding under the commercial paper facility at March 31, 2021 and no outstanding borrowings under the commercial paper facility at December 31, 2020. Additionally, at both March 31, 2021 and December 31, 2020, the Company had multiple short-term facilities available as a result of the following actions taken in 2020 to strengthen its liquidity and flexibility in response to the COVID-19 pandemic: •On April 9, 2020, the Company entered into a $310 million 364-day revolving credit facility which matured on April 8, 2021. As of March 31, 2021 there were no outstanding borrowings under this facility. •On April 17, 2020, the Company provided a notice to the administrative agent to draw down the full available amount under the 2018 Credit Facility, which is equal to $700 million. The Company had previously not drawn down any sums under this facility. The borrowings incurred interest at the rate of adjusted LIBOR plus 1.25%. The Company subsequently repaid the $700 million revolver borrowing on May 26, 2020. •On May 26, 2020, the Company issued $750 million of senior unsecured notes with a final maturity date of June 1, 2030 at a semi-annual coupon rate of 3.25%. The net proceeds were $748 million, net of discount of $2 million. Issuance fees totaled $6 million. The Company paid $31 million to settle the $150 million notional Treasury Rate Lock ("T-Lock") contract which partially hedged the interest rate risk of the note issuance. This cost will be amortized over the ten-year life of the notes. The proceeds were used to repay the $700 million borrowed against the 2018 Credit Facility and the remaining proceeds will be used for working capital and other general corporate purposes. •During the second quarter of 2020 the company entered into various other credit facilities including a 40 million euro 364-day revolving credit facility which matured on April 30, 2021, a 30 million euro 364-day revolving credit facility with a maturity date of May 6, 2021, and a 3.3 billion Japanese yen 364-day revolving credit facility with a maturity date of June 11, 2021. As of March 31, 2021 there were no outstanding borrowings under these facilities. The Company’s revolving credit facilities and senior unsecured notes contain certain affirmative and negative debt covenants relating to the Company's operations and financial condition. At March 31, 2021, the Company was in compliance with all affirmative and negative debt covenants.