LONG-TERM DEBT (Tables)

3 Months Ended

Mar. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consisted of the following:

	Effective Interest Rate		Face Value		March 31, 2022				December 31, 2021
In millions					Book Value		Fair Value1		Book Value		Fair Value1
Senior Credit Facility:
Multi-Currency Revolving loan facility	2.7	%	N/A		$	183	$	183	$	—	$	—
Senior Notes:
4.375% Senior Notes, due 2023	4.5	%	$	250	250		253		250		260
4.15% Senior Notes, due 2024	4.6	%	$	750	747		763		747		796
3.20% Senior Notes, due 2025	3.4	%	$	500	497		490		497		523
3.45% Senior Notes, due 2026	3.5	%	$	750	749		732		749		795
1.25% Senior Notes (EUR), due 2027	1.5	%	€	500	545		525		560		574
4.70% Senior Notes, due 2028	5.0	%	$	1,250	1,243		1,316		1,243		1,423
Other Borrowings					25		25		12		12
Total					4,239		4,287		4,058		4,383
Less - current portion					14		14		2		2
Long-term portion					$	4,225	$	4,273	$	4,056	$	4,381

1. See Note 13 for information on the fair value measurement of the Company's long-term debt.

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) to net interest expense (each as defined in the Senior Credit Facility) 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 Senior Credit Facility at March 31, 2022:

In millions	Senior Credit Facility
Maximum Availability	$	1,200
Outstanding Borrowings	(183)
Letters of Credit Under Credit Agreement	(3)
Current Availability	$	1,014