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FINANCING ARRANGEMENTS | 12 Months Ended
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Dec. 31, 2021
Debt Disclosure [Abstract] |
FINANCING ARRANGEMENTS | FINANCING ARRANGEMENTS Short-Term Debt Short-term debt was as follows:
|  | Year Ended December 31,
|  | 2021 |  | 2020
|  | Principal |  | Interest |  | Principal |  | Interest
(in millions except percentages) |  | Balance |  | Rate |  | Balance |  | Rate
Corporate commercial paper facility |  | $ | 170 |  |  | 0.3 | % |  | $ | — |  |  | — | %
Other short-term borrowings |  | 11 |  |  | 4.8 | % |  | 3 |  |  | 1.9 | %
Add: Current portion of long-term debt |  | 1 |  |  |  |  | 296 |  |  |
Total short-term debt |  | $ | 182 |  |  |  |  | $ | 299 |  |  |
Maximum month-end short-term debt outstanding during the year |  | $ | 380 |  |  |  |  | $ | 299 |  |  |
Average amount of short-term debt outstanding during the year |  | $ | 265 |  |  |  |  | $ | 95 |  |  |
Weighted-average interest rate on short-term debt at year-end |  |  |  | 0.6 | % |  |  |  | 1.9 | %
Short-Term Borrowings The Company has access to a $700 million multi-currency revolving credit facility (“2018 Credit Facility”) through July 28, 2024. The facility is unsecured and contains certain affirmative and negative covenants relating to the operations and financial condition of the Company. The most restrictive of these covenants pertain to asset dispositions and prescribed ratios of indebtedness to total capital and operating income, plus depreciation and amortization to interest expense. The credit facility serves as a back-stop facility for the Company’s commercial paper program. The Company has a $500 million commercial paper facility. At December 31, 2021, the Company had borrowings of $170 million outstanding under this facility. The average balance outstanding for the commercial paper facility during the year ended December 31, 2021 was $16 million. At December 31, 2020, the Company had no outstanding borrowings under this commercial paper facility. The Company also has access to $41 million in uncommitted short-term financing under lines of credit from various financial institutions, the availability of which is reduced by other short-term borrowings of $11 million. On July 2, 2021 the Company pre-paid the fixed rate Senior Notes totaling $296 million that were scheduled to mature on August 16, 2021 using cash and short-term commercial paper. Long-Term Debt Long-term debt was as follows:
|  | Year Ended December 31,
|  | 2021 |  | 2020
|  | Principal |  | Interest |  | Principal |  | Interest
(in millions except percentages) |  | Balance |  | Rate |  | Balance |  | Rate
Fixed rate senior notes $450 million due August 2021 |  | $ | — |  |  | — | % |  | $ | 296 |  |  | 4.1 | %
Private placement notes 70 million euros due October 2024 |  | 79 |  |  | 1.0 | % |  | 85 |  |  | 1.0 | %
Private placement notes 25 million Swiss franc due December 2025 |  | 27 |  |  | 0.9 | % |  | 28 |  |  | 0.9 | %
Private placement notes 97 million euros due December 2025 |  | 110 |  |  | 2.1 | % |  | 118 |  |  | 2.1 | %
Private placement notes 26 million euros due February 2026 |  | 30 |  |  | 2.1 | % |  | 32 |  |  | 2.1 | %
Private placement notes 58 million Swiss franc due August 2026 |  | 64 |  |  | 1.0 | % |  | 65 |  |  | 1.0 | %
Private placement notes 106 million euros due August 2026 |  | 121 |  |  | 2.3 | % |  | 129 |  |  | 2.3 | %
Private placement notes 70 million euros due October 2027 |  | 80 |  |  | 1.3 | % |  | 85 |  |  | 1.3 | %
Private placement notes 8 million Swiss franc due December 2027 |  | 8 |  |  | 1.0 | % |  | 8 |  |  | 1.0 | %
Private placement notes 15 million euros due December 2027 |  | 17 |  |  | 2.2 | % |  | 18 |  |  | 2.2 | %
Private placement notes 140 million Swiss franc due August 2028 |  | 153 |  |  | 1.2 | % |  | 158 |  |  | 1.2 | %
Private placement notes 70 million euros due October 2029 |  | 79 |  |  | 1.5 | % |  | 85 |  |  | 1.5 | %
Fixed rate senior notes 750 million due June 2030 |  | 750 |  |  | 3.3 | % |  | 750 |  |  | 3.3 | %
Private placement notes 70 million euros due October 2030 |  | 80 |  |  | 1.6 | % |  | 85 |  |  | 1.6 | %
Private placement notes 45 million euros due February 2031 |  | 51 |  |  | 2.5 | % |  | 55 |  |  | 2.5 | %
Private placement notes 65 million Swiss franc due August 2031 |  | 71 |  |  | 1.3 | % |  | 73 |  |  | 1.3 | %
Private placement notes 12.6 billion Japanese yen due September 2031 |  | 109 |  |  | 1.0 | % |  | 122 |  |  | 1.0 | %
Private placement notes 70 million euros due October 2031 |  | 80 |  |  | 1.7 | % |  | 85 |  |  | 1.7 | %
Other borrowings, various currencies and rates |  | 13 |  |  |  |  | 7 |  |  |
|  | $ | 1,922 |  |  |  |  | $ | 2,284 |  |  |
Less: Current portion |  |  |  |  |  |  |  |
(included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets) |  | 1 |  |  |  |  | 296 |  |  |
Less: Long-term portion of deferred financing costs |  | 8 |  |  |  |  | 10 |  |  |
Long-term portion |  | $ | 1,913 |  |  |  |  | $ | 1,978 |  |  |
At December 31, 2021, the Company had $560 million borrowings available under unused lines of credit, including lines available under its short-term arrangements and revolving credit agreement. The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative covenants relating to the Company’s operations and financial condition. At December 31, 2021, the Company was in compliance with all debt covenants. The table below reflects the contractual maturity dates of the various long-term borrowings as follows:
(in millions) |  | December 31, 2021
2022 |  | $ | 3 |
2023 |  | 11 |
2024 |  | 84 |
2025 |  | 138 |
2026 |  | 213 |
2027 and beyond |  | 1,473 |
|  | $ | 1,922 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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