Total unused lines of credit

  
Long-Term Debt  
Long-term debt was as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | Year Ended December 31, |
|  |  | 2021 |  | 2020 |
|  |  | Principal |  | Interest |  | Principal |  | Interest |
| (in millions except percentages) |  | Balance |  | Rate |  | Balance |  | Rate |
|  |  |  |  |  |  |  |  |  |
| Fixed rate senior notes $450 million due August 2021 |  | $ | —  |  |  | —  | % |  | $ | 296  |  |  | 4.1  | % |
| Private placement notes 70 million euros due October 2024 |  | 79  |  |  | 1.0  | % |  | 85  |  |  | 1.0  | % |
| Private placement notes 25 million Swiss franc due December 2025 |  | 27  |  |  | 0.9  | % |  | 28  |  |  | 0.9  | % |
| Private placement notes 97 million euros due December 2025 |  | 110  |  |  | 2.1  | % |  | 118  |  |  | 2.1  | % |
| Private placement notes 26 million euros due February 2026 |  | 30  |  |  | 2.1  | % |  | 32  |  |  | 2.1  | % |
| Private placement notes 58 million Swiss franc due August 2026 |  | 64  |  |  | 1.0  | % |  | 65  |  |  | 1.0  | % |
| Private placement notes 106 million euros due August 2026 |  | 121  |  |  | 2.3  | % |  | 129  |  |  | 2.3  | % |
| Private placement notes 70 million euros due October 2027 |  | 80  |  |  | 1.3  | % |  | 85  |  |  | 1.3  | % |
| Private placement notes 8 million Swiss franc due December 2027 |  | 8  |  |  | 1.0  | % |  | 8  |  |  | 1.0  | % |
| Private placement notes 15 million euros due December 2027 |  | 17  |  |  | 2.2  | % |  | 18  |  |  | 2.2  | % |
| Private placement notes 140 million Swiss franc due August 2028 |  | 153  |  |  | 1.2  | % |  | 158  |  |  | 1.2  | % |
| Private placement notes 70 million euros due October 2029 |  | 79  |  |  | 1.5  | % |  | 85  |  |  | 1.5  | % |
| Fixed rate senior notes 750 million due June 2030 |  | 750  |  |  | 3.3  | % |  | 750  |  |  | 3.3  | % |
| Private placement notes 70 million euros due October 2030 |  | 80  |  |  | 1.6  | % |  | 85  |  |  | 1.6  | % |
| Private placement notes 45 million euros due February 2031 |  | 51  |  |  | 2.5  | % |  | 55  |  |  | 2.5  | % |
| Private placement notes 65 million Swiss franc due August 2031 |  | 71  |  |  | 1.3  | % |  | 73  |  |  | 1.3  | % |
| Private placement notes 12.6 billion Japanese yen due September 2031 |  | 109  |  |  | 1.0  | % |  | 122  |  |  | 1.0  | % |
| Private placement notes 70 million euros due October 2031 |  | 80  |  |  | 1.7  | % |  | 85  |  |  | 1.7  | % |
| Other borrowings, various currencies and rates |  | 13  |  |  |  |  | 7  |  |  |  |
|  |  | $ | 1,922  |  |  |  |  | $ | 2,284  |  |  |  |
| Less: Current portion |  |  |  |  |  |  |  |  |
| (included in “Notes payable and current portion of long-term debt” in the Consolidated Balance Sheets) |  | 1  |  |  |  |  | 296  |  |  |  |
| Less: Long-term portion of deferred financing costs |  | 8  |  |  |  |  | 10  |  |  |  |
| Long-term portion |  | $ | 1,913  |  |  |  |  | $ | 1,978  |  |  |  |

  
At December 31, 2021, the Company had $560 million borrowings available under unused lines of credit, including lines available under its short-term arrangements and revolving credit agreement.  
The Company’s revolving credit facility, term loans and senior notes contain certain affirmative and negative covenants relating to the Company's operations and financial condition. At December 31, 2021, the Company was in compliance with all debt covenants.  
The table below reflects the contractual maturity dates of the various long-term borrowings as follows:

|  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |
| (in millions) |  | December 31, 2021 |
| 2022 |  | $ | 3  |  |
| 2023 |  | 11  |  |
| 2024 |  | 84  |  |
| 2025 |  | 138  |  |
| 2026 |  | 213  |  |
| 2027 and beyond |  | 1,473  |  |
|   |  | $ | 1,922  |  |

  
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