Debt

3 Months Ended

Mar. 31, 2021

Debt

Debt

15.    Debt

Long-term debt consisted of the following:

	March 31,		December 31,
($ in millions)	2021		2020
Senior Notes
5.00% due March 2022	$	743	$	748
4.00% due November 2023		1,000		1,000
4.375%, euro denominated, due December 2023		821		855
0.875%, euro denominated, due March 2024		880		916
5.25% due July 2025		1,000		1,000
4.875% due March 2026		750		750
1.50%, euro denominated, due March 2027		645		672
2.875% due August 2030		1,300		1,300
Senior Credit Facility (at variable rates)
Term A loan due March 2024		593		593
Finance lease obligations		11		12
Other (including debt issuance costs)		(57)		(60)
		7,686		7,786
Less: Current portion		(745)		(3)
	$	6,941	$	7,783

The company’s senior credit facilities include long-term multi-currency revolving facilities that mature in March 2024, which provide the company with up to the U.S. dollar equivalent of $1.75 billion. At March 31, 2021, taking into account outstanding letters of credit, $1.7 billion was available under the company’s long-term, revolving credit facilities. In addition to these facilities, the company had approximately $1 billion of short-term uncommitted credit facilities available at March 31, 2021, of which $21 million was outstanding and due on demand. At December 31, 2020, the company had $14 million outstanding under short-term uncommitted credit facilities.

The fair value of long-term debt was estimated to be $8.1 billion at March 31, 2021, and $8.3 billion at December 31, 2020. The fair value reflects the market rates at each period end for debt with credit ratings similar to the company’s ratings and is classified as Level 2 within the fair value hierarchy. Rates currently available to the company for loans with similar terms and maturities are used to estimate the fair value of long-term debt based on discounted cash flows.

The U.S. note agreements and bank credit agreement contain certain restrictions relating to dividend payments, share repurchases, investments, financial ratios, guarantees and the incurrence of additional indebtedness. The company’s most restrictive debt covenant requires the company to maintain a leverage ratio (as defined) of no greater than 5.0 times as of March 31, 2021, which will change to 4.5 times as of December 31, 2022. The company was in compliance with all loan agreements and debt covenants at both March 31, 2021, and December 31, 2020, and it has met all debt payment obligations.