XML 33 R23.htm IDEA: XBRL DOCUMENT v3.22.2.2
FINANCING ARRANGEMENTS
 12 Months Ended
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