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Debt | 6 Months Ended
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Jun. 28, 2014
Debt [Abstract] |
Debt Disclosure | 6 Debt In Ju ne 201 3, the Company entered into a new credit agreement (the “20 1 3 Credit Agreement”) that provides for a $1.1 b illion revolving facility and a $3 00 million term loan facility. The revolving facility and term loan facilit y both mature on J une 2 5, 201 8 and require no schedule d prepayments before that date. The interest rates applicable to the 20 1 3 Credit Agreement are, at the Company's option, equal to either th e alternate base rate calculated daily (which is a rate per annum equal to the greatest of (a) the prime rate in effect on such day, (b) the federal funds effective rate in effect on such day plus 1/2% per annum, or (c) the adjusted LIBO rate on such day (or if such day is not a business day, the immediately preceding business day) for a deposit in U.S. dollars with a maturity of one month plus 1% per annum) or the applicable 1, 2, 3 or 6 month adjusted LIBO rate, in each case, plus an interest rate margin based upon the Company's leverage ratio, which can range between 0 to 12.5 basis points for alternate base rate loans and between 7 5 b asis points and 1 12.5 basis points for adjusted LIBO rate loans. The facility fee on the 20 1 3 C redit Agreement ranges between 1 2.5 basis points and 25 basis points. The 20 1 3 Credit Agreement requires that the Company comply with an interest coverage ratio test of not less than 3.50:1 as of the end of any fiscal quarter for any period of four consecutive fiscal quarters and a leverage ratio test of not more than 3.5 0:1 as of the end of any fiscal quarter. In addition, the 20 1 3 Credit Agreement includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities. A t June 28, 2014, $125 million of the outstanding portions of the revolving facilities have been classified as short-term liabilities in the consolidated balance sheet due to the fact that the Company expects to utilize this portion of the revolving line of credit to fund its working capital needs within the next twelve months and can repay and re-borrow from the facility without penalty. The remaining $560 million of the outstanding portions of the revolving facilities have been classified as long-term liabilities in the consolidated balance sheet, as no repayments are required prior to the maturity date in 201 8 and this portion is not expected to be repaid within the next twelve months. As of both June 28, 2014 and December 31, 2013, the Company had a total of $400 million of outstanding senior unsecured notes. Interest on the senior unsecured notes is payable semi-annually each year. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount. In the event of a change in control (as defined in the note purchase agreement) of the Company, the Company may be required to prepay the senior unsecured notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest. These senior unsecured notes require that the Company comply with an interest coverage ratio test of not less than 3.50:1 for any period of four consecuti ve fiscal quarters and a leverage ratio test of not more than 3.50:1 as of the end of any fiscal quarter. In addition, these senior unsecured notes include customary negative covenants, affirmative covenants, representations and warranties and events of default. As of June 28, 2014, the Company was in compliance with all debt covenants. T he Company had the following outstanding debt a t June 28, 2014 and December 31, 2013 (in thousands):
|  |  | June 28, 2014 |  | December 31, 2013
Foreign subsidiary lines of credit |  | $ | 8,403 |  | $ | 8,346
Senior unsecured notes - Series A - 3.75%, due February 2015 |  |  | 100,000 |  |  | -
2013 Credit Agreement |  |  | 125,000 |  |  | 125,000
| Total notes payable and debt |  |  | 233,403 |  |  | 133,346
Senior unsecured notes - Series A - 3.75%, due February 2015 |  |  | - |  |  | 100,000
Senior unsecured notes - Series B - 5.00%, due February 2020 |  |  | 100,000 |  |  | 100,000
Senior unsecured notes - Series C - 2.50%, due March 2016 |  |  | 50,000 |  |  | 50,000
Senior unsecured notes - Series D - 3.22%, due March 2018 |  |  | 100,000 |  |  | 100,000
Senior unsecured notes - Series E - 3.97%, due March 2021 |  |  | 50,000 |  |  | 50,000
2013 Credit Agreement |  |  | 860,000 |  |  | 790,000
| Total long-term debt |  |  | 1,160,000 |  |  | 1,190,000
Total debt |  | $ | 1,393,403 |  | $ | 1,323,346
As of June 28, 2014 and December 31, 2013, the Company had a total amount available to borrow of $413 million and $483 million, respectively, after outstanding letters of credit, under the 2013 Credit Agreement. The weighted-average interest rates applicable to the senior unsecured notes and 2013 C redit A greement borrowings collectively were 2.08% and 1.94% at June 28, 2014 and December 31, 2013, respectively. The Company and its foreign subsidiaries also had available short-term lines of credit totaling $93 million and $87 million at June 28, 2014 and December 31, 2013, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees. At June 28, 2014 and December 31, 2013, the weighted-average interest rate s applicable to these short-term borrowings were 2.05% and 2.00%, respectively. On June 30, 2014 (fiscal third quarter), the Company issued and sold the following senior unsecured notes:
Senior |  |  |  |  |  | Face Value |  |
Unsecured Notes |  | Term |  | Interest Rate |  | (in millions) |  | Maturity Date
Series F |  | 7 years |  | 3.40% |  | $ | 100 |  | June 2021
Series G |  | 10 years |  | 3.92% |  | $ | 50 |  | June 2024
Series H |  | 10 years |  | Floating Rate* |  | $ | 50 |  | June 2024
*Series H senior unsecured notes bear interest at 3 month LIBOR for that floating rate interest period plus 1.25%.
All of t he proceeds from the issuance of the new senior unsecured notes were used to repay outstanding portions of the revolving facilities. Interest on the Series F and G senior unsecured notes is payable semi-annually each year. Interest on Series H senior unsecured notes is payable quarterly. The Company may prepay all or some of the senior unsecured notes at any time in an amount not less than 10% of the aggregate principal amount outstanding, plus the applicable make-whole amount or prepayment premium for Series H senior unsecured notes. Other provisions for these senior unsecured notes are similar to the existing senior unsecured notes, as described above.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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