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Debt (Tables)
 6 Months Ended
Jul. 01, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions):
July 1,
2023		December 31,
2022		June 25,
2022
5.25% Senior Notes$750.0 $— $— 
1.75% Senior Notes650.0 650.0 650.0 
3.70% Senior Notes (a)
150.0 150.0 150.0 
Senior credit facilities:
November 2020 Term Loan— — 200.0 
Revolving Credit Facility (b)
200.0 378.0 — 
Total outstanding borrowings1,750.0 1,178.0 1,000.0 
Less: unamortized debt discounts and issuance costs(22.5)(13.9)(12.6)
Total debt1,727.5 1,164.1 987.4 
Less: current portion of long-term debt— — — 
Long-term debt$1,727.5 $1,164.1 $987.4 
Outstanding letters of credit$60.2 $52.6 $57.6 

(a) Also referred to herein as the “Note Purchase Facility,” referring to the Note Purchase and Private Shelf Agreement dated as of August 14, 2017 by and among the Company, PGIM, Inc. and the noteholders party thereto, as amended through November 2, 2022, under which the notes were purchased.
(b) Outstanding balances as of July 1, 2023 and December 31, 2022 represent amounts drawn under the credit facility (the “2022 Senior Credit Facility”) entered into on September 30, 2022.