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Debt | 9 Months Ended
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Sep. 28, 2024
Debt Disclosure [Abstract] |
Debt | 6 Debt On July 12, 2024 the Company entered into a private Master Note Facility Agreement (the “Shelf Agreement”) pursuant to which the Company may, at its option, authorize the issuance and sale of senior promissory notes (the “Shelf Notes”) up to an aggregate principal amount of $200 million. The purchase of any Shelf Notes is in the sole discretion of NYL Investors LLC. Any Shelf Notes sold or issued pursuant to the Shelf Agreement will mature no more than 15 years after the issuance date and will bear interest on the unpaid balance from the issuance date at the rates specified in the Shelf Agreement. The Company has a five-year , $2.0 billion revolving credit facility (the “Credit Facility”) that matures in September 2026. As of September 28, 2024 and December 31, 2023, the Credit Facility had a total of $0.6 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 September 28, 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 September 28, 2024 and December 31, 2023 (in thousands):
|  | September 28, 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 |  |  | 570,000 |  |  |  | 1,050,000 |
Unamortized debt issuance costs |  |  | (3,752 | ) |  |  | (4,487 | )
Total long-term debt |  |  | 1,826,248 |  |  |  | 2,305,513 |
Total debt |  | $ | 1,826,248 |  |  | $ | 2,355,513 |
As of September 28, 2024 and December 31, 2023, the Company had a total amount available to borrow under the Credit Facility of $1.4 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 4.14% and 4.69% at September 28, 2024 and December 31, 2023, respectively. As of September 28, 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 $ 1 13 million and $ 114 million at September 28, 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 September 28, 2024 or December 31, 2023.

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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