Long-Term Debt (Tables)

6 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	Effective Interest Rate		June 30, 2021				December 31, 2020
In millions			Book Value		Fair Value1		Book Value		Fair Value1
Senior Credit and 364 Day Facility2:
U.S. dollar-denominated Term Loans3, net of unamortized debt issuance costs of $— and $0.9	—	%	—		—		645.1		645.1
Multi-Currency Revolving loan facility4, net of unamortized debt issuance costs of $0.4 and $0.8	1.5	%	—		—		—		—
Senior Notes:
4.375% Senior Notes, due 2023, net of unamortized discount and debt issuance costs of $0.5 and $0.7	4.5	%	249.5		265.5		249.3		267.0
4.15% Senior Notes, due 2024, net of unamortized debt issuance costs of $3.6 and $4.3	4.6	%	746.4		813.5		745.7		817.3
3.20% Senior Notes, due 2025, net of unamortized debt discount and debt issuance costs of $3.9 and $4.4	3.4	%	496.1		533.6		495.6		533.4
3.45% Senior Notes, due 2026, net of unamortized debt issuance costs of $1.1 and $1.3	3.5	%	748.9		807.4		748.7		819.5
1.25% Senior Notes (EUR), due 2027, net of unamortized discount and debt issuance costs of $8.6 and $—	1.3	%	584.8		601.1		—		—
4.70% Senior Notes, due 2028, net of unamortized debt issuance costs of $7.7 and $8.2	5.0	%	1,242.3		1,455.9		1,241.8		1,472.2
Other Borrowings			12.2		12.2		113.2		113.1
Total			4,080.2		4,489.2		4,239.4		4,667.6
Less - current portion			0.6		0.6		447.2		447.2
Long-term portion			$	4,079.6	$	4,488.6	$	3,792.2	$	4,220.4

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

2. During the second quarter of 2021, the Company repaid all outstanding term loan borrowings and related interest under the Senior Credit facility and the 364 Day facility.

3. U.S. dollar-denominated Term Loans includes the total outstanding balance of term loans denominated in U.S. dollars from the Senior Credit Facility and the 364 Day Facility.

4. Multi-Currency Revolving loan facility includes total outstanding amounts drawn against the Senior Credit Facility and the 364 Day Facility.

Schedule of Debt

The Company has agreed that, so long as any lender has any commitment under the Senior Credit Facility, any letter of credit is outstanding under the Senior Credit Facility, or any loan or other obligation is outstanding under the Senior Credit Facility, it will maintain the following as of the end of each fiscal quarter or the period of four quarters then ended:

Interest Coverage Ratio 1	3.0x
Leverage Ratio 2	3.25x

1. The interest coverage ratio is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization), 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.

Schedule of Line of Credit Facilities

The following table presents availability under the Revolving Credit Facility at June 30, 2021:

(In millions)	Revolving Credit Facility
Maximum Availability	$	1,200.0
Outstanding Borrowings	—
Letters of Credit Under Credit Agreement	(3.6)
Current Availability	$	1,196.4