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Subsequent Events | 9 Months Ended
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Oct. 02, 2020
Subsequent Events [Abstract] |
Subsequent Events | SUBSEQUENT EVENTS On October 6, 2020, the Company completed the underwritten public offering of $1.0 billion aggregate principal amount of 2.6% senior unsecured notes due 2050. The Company received net proceeds from the notes, after underwriting discounts and commissions and offering expenses, of $980 million. Proceeds from this offering will be used for general corporate purposes, including the redemption of the 2022 Euronotes. On October 6, 2020, the Company notified the holders of the 2022 Euronotes that it has called for redemption all of the €800 million aggregate principal amount of such notes at a redemption price equal to the outstanding principal amount and a make-whole premium as specified in the applicable indenture, plus accrued and unpaid interest. The Company intends to redeem the 2022 Euronotes on November 5, 2020. The make-whole premiums required in connection with the redemption will be approximately €21 million (approximately $19 million after-tax based on the exchange rates as of October 2, 2020 or $0.03 per diluted common share). The payment of the make-whole premiums will be reflected as a loss on early extinguishment of borrowings in the Company’s fourth quarter of 2020, as the extinguishment will occur in the fourth quarter.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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