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Debt
 6 Months Ended
Jun. 29, 2024
Debt Disclosure [Abstract]  
Debt
6 Debt
The Company has a five-year, $2.0 billion revolving credit facility (the “Credit Facility”) that matures in September 2026. As of June 29, 2024 and December 31, 2023, the Credit Facility had a total of $0.8 billion and $1.1 billion outstanding, respectively.
The interest rates applicable under the Credit Facility are, at the Company’s option, equal to either the alternate base rate (which is a rate per annum equal to the greatest of (1) the prime rate in effect on such day, (2) the Federal Reserve Bank of New York Rate on such day plus
1
⁄
2
of 1% per annum and (3) the adjusted Term SOFR rate for a
one-month
interest period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day), plus 1% annum) or the applicable 1, 3 or 6 month adjusted Term SOFR or EURIBO rate for euro-denominated loans, in each case, plus an interest rate margin based upon the Company’s leverage ratio, which can range between 0 and 12.5 basis points for alternate base rate loans and between 80 and 112.5 basis points for Term SOFR or EURIBO rate loans. The facility fee on the Credit Facility ranges between 7.5 and 25 basis points per annum, based on the leverage ratio, of the amount of the revolving facility commitments and the outstanding term loan. The Credit Facility 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 3.50:1 as of the end of any fiscal quarter. In addition, the Credit Facility includes negative covenants, affirmative covenants, representations and warranties and events of default that are customary for investment grade credit facilities.
As of both June 29, 2024 and December 31, 2023, the Company had a total of $1.3 
billion of outstanding senior unsecured notes. Interest on the fixed rate senior unsecured notes is payable semi-annually each year. Interest on the floating rate 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. In the event of a

change in control of the Company (as defined in the note purchase agreement), 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 consecutive 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.
 
The Company had the following outstanding debt at June 29, 2024 and December 31, 2023 (in thousands):
 
  
June 29, 2024
 
  
December 31, 2023
 
Senior unsecured notes - Series G - 3.92%, due June 2024
      —         50,000  
  
 
 
     
 
 
  
Total notes payable and debt, current
      —         50,000  
Senior unsecured notes - Series K - 3.44%, due May 2026
      160,000        160,000  
Senior unsecured notes - Series L - 3.31%, due September
2026
      200,000        200,000  
Senior unsecured notes - Series M - 3.53%, due September
2029
      300,000        300,000  
Senior unsecured notes - Series N - 1.68%, due March 2026
      100,000        100,000  
Senior unsecured notes - Series O - 2.25%, due March 2031
      400,000        400,000  
Senior unsecured notes - Series P - 4.91%, due May 2028
      50,000        50,000  
Senior unsecured notes - Series Q - 4.91%, due May 2030
      50,000        50,000  
Credit agreement
      750,000        1,050,000  
Unamortized debt issuance costs
      (3,991 )      (4,487 ) 
  
 
 
     
 
 
  
Total long-term debt
      2,006,009        2,305,513  
  
 
 
     
 
 
  
Total debt
    $ 2,006,009      $ 2,355,513  
  
 
 
     
 
 
  
As of June 29, 2024 and December 31, 2023, the Company had a total amount available to borrow under the Credit Facility of $1.2 billion and $0.9 billion, respectively, after outstanding letters of credit. The weighted-average interest rates applicable to the senior unsecured notes and credit agreement borrowings collectively were 4.44% and 4.69% at June 29, 2024 and December 31, 2023, respectively. As of June 29, 2024, the Company was in compliance with all debt covenants.
The Company and its foreign subsidiaries also had available short-term lines of credit totaling $111 million and $114 million at June 29, 2024 and December 31, 2023, respectively, for the purpose of short-term borrowing and issuance of commercial guarantees. None of the Company’s foreign subsidiaries had outstanding short-term borrowings as of June 29, 2024 or December 31, 2023.