Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	Effective		March 31, 2020				December 31, 2019
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 $1.0 and $1.1	3.0	%	666.5		666.5		684.7		684.7
Multi-Currency Revolving loan facility net of unamortized debt issuance costs of $0.8 and $0.9	2.7	%	570.2		570.2		231.5		231.5
Floating Senior Notes, due 2021, net of unamortized debt       issuance costs of $1.7 and $2.0	2.3	%	498.3		496.4		498.0		500.0
4.375% Senior Notes, due 2023, net of unamortized      discount and debt issuance costs of $0.9 and $0.9	4.5	%	249.1		253.4		249.1		263.9
4.15% Senior Notes, due 2024, net of unamortized debt       issuance costs of $5.3 and $5.7	4.6	%	744.7		713.7		744.3		805.5
3.45% Senior Notes, due 2026, net of unamortized debt      issuance costs of $1.4 and $1.5	3.5	%	748.6		673.4		748.5		759.1
4.70% Senior Notes, due 2028, net of unamortized debt      issuance costs of $9.0 and $9.2	5.0	%	1,241.0		1,114.5		1,240.8		1,378.3
Other Borrowings			29.5		29.5		32.4		32.4
Total			4,747.9		4,517.6		4,429.3		4,655.4
Less - current portion			92.8		92.8		95.7		95.7
Long-term portion			$	4,655.1	$	4,424.8	$	4,333.6	$	4,559.7

1. See Note 14 for information on the fair value measurement of the Company's long-term debt.

Schedule of Line of Credit Facilities

The following table presents availability under the Revolving Facility:

(in millions)	Multi-currency revolving loan facility
Maximum Availability	$	1,200.0
Outstanding Borrowings	570.2
Letters of Credit Under Revolving Facility	32.3
Current Availability	$	597.5

Under the Senior Credit Facility, we can elect to receive advances bearing interest based on either the ABR rate or the LIBOR rate (each as defined in the Senior Credit Facility) plus an applicable margin that is determined based on our credit ratings or the Company’s Leverage. The agreement contains affirmative, negative and financial covenants, and events of default customary for facilities of this type. The obligations under the Senior Credit Facility are guaranteed by Wabtec and certain of Wabtec’s U.S. subsidiaries, as guarantors.

Schedule of Debt

Interest Coverage Ratio 1	3.0x
Leverage Ratio 2	3.25x

1. The interest coverage ratio is defined as EBITDA, as defined in the Senior Credit Facility, 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 Senior Credit Facility, for the four quarters then ended. The Leverage Ratio temporarily increases for four quarters following major acquisitions. Subsequent to the GE Transportation acquisition, the leverage ratio is temporarily increased to 3.5x for the first and second quarters of 2020.