LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

			December 31,
	Effective		2019				2018
In millions	Interest Rate		Book Value		Fair Value 1		Book Value		Fair Value 1
Senior Credit Facility:
U.S. dollar-denominated Term Loans, net of unamortized debt issuance costs of $1.1 and $1.2	3.1	%	$	684.7	$	684.7	$	338.1	$	338.1
Multi-Currency Revolving loan facility net of unamortized debt issuance costs of $0.9 and $1.9	3.4	%	231.5		231.5		—		—
Floating Senior Notes, due 2021, net of unamortized debt issuance costs of $2.0 and $3.2	3.9	%	498.0		500.0		496.8		497.4
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.9 and $1.2	4.5	%	249.1		263.9		248.8		254.2
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $5.7 and $7.0	4.6	%	744.3		805.5		743.0		727.4
4.70% Senior Notes, due 2028, net of unamortized debt issuance costs of $9.2 and $10.3	5.0	%	1,240.8		1,378.3		1,239.7		1,179.6
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.5 and $1.7	3.5	%	748.5		759.1		748.3		675.1
Other Borrowings			32.4		32.4		42.2		42.2
Total			4,429.3		4,655.4		3,856.9		3,714.0
Less - current portion			95.7		95.7		64.1		64.1
Long-term portion			$	4,333.6	$	4,559.7	$	3,792.8	$	3,649.9

 ¹ See Note 19 for information on the fair value measurement of the Company's long-term debt.

As of December 31, 2019, the annual repayment requirements for debt obligations are as follows:
In millions
2020	$	95.7
2021	809.8
2022	300.0
2023	479.0
2024	755.5
Thereafter	1,989.3
Total	$	4,429.3

The issuance was comprised of the following three series of notes:

Senior Notes (in millions)	Par Value		Discount at Issuance		Net Price at Issuance		Issuance Cost		Net Proceeds
Floating Senior Notes due 2021	$	500.0	$	—	$	500.0	$	3.5	$	496.5
4.15% Senior Notes due 2024	750.0		1.5		748.5		7.4		741.1
4.70% Senior Notes due 2028	1,250.0		1.4		1,248.6		10.6		1,238.0
Total	$	2,500.0	$	2.9	$	2,497.1	$	21.5	$	2,475.6

Schedule of Line of Credit Facilities

The following table presents availability under our credit facilities:

(in millions)	Multi-currency revolving loan facility
Maximum Availability	$	1,200.0
Outstanding Borrowings	232.0
Letters of Credit Under Credit Agreement	30.0
Current Availability	$	938.0

Interest Coverage Ratio & Leverage Ratio

Interest Coverage Ratio 1	3.0x
Leverage Ratio 2	3.25x

1. The interest coverage ratio is defined as EBITDA, as defined in the Credit Agreement and Term Loan Agreement, to net interest expense 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 Amendment Credit Agreement and Term Loan Agreement, for the four quarters then ended.