SHORT-TERM BORROWINGS AND LONG-TERM DEBT |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHORT-TERM BORROWINGS AND LONG-TERM DEBT | SHORT-TERM BORROWINGS AND LONG-TERM DEBT Revolving Credit Facility
In April 2020, ֱ entered into Amendment No.1 to its $2.25billion senior unsecured revolving line of credit (the "Global Credit Facility") (the “Amendment”). The Amendment provides for (i)an increase in ֱ’s consolidated indebtedness to consolidated capitalization ratio financial covenant to 0.70 to 1.00 (from 0.60 to 1.00) through the last day of the fiscal quarter ending March31, 2022, (ii) calculation of consolidated indebtedness (and, thereby consolidated capitalization) net of unrestricted cash of ֱ and its subsidiaries and (iii)testing of such financial covenant solely as of the last day of each fiscal quarter during such period. In addition, the Amendment requires ֱ and its subsidiaries to maintain minimum liquidity in the form of unrestricted cash and unused financing commitments of not
less than $750.0million at all times during such period. As of December 2020, ֱ was in compliance with all covenants.
Short-term Borrowings
ֱ has a commercial paper program that allows for borrowings of up to $2.25billion to the extent that it has borrowing capacity under the Global Credit Facility. Commercial paper borrowings as of December 2020 were $286.0million. ֱ also has $71.2million of international lines of credit with various banks, which are uncommitted and may be terminated at any time by either ֱ or the banks. Total outstanding balances under these arrangements were $13.7million at December 2020.
Senior Notes Issuance
In April 2020, ֱ issued senior unsecured notes, as outlined in the table below:
ֱ used a portion of the net proceeds from this offering to repay borrowings under its Global Credit Facility. The aggregate outstanding balance of these notes was $2.98 billion at December 2020, which was net of unamortized original issue discount and debt issuance costs.
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