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Long-Term Debt - (Tables)

6 Months Ended

Jul. 03, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company's long-term debt consists of the following (annualized interest rates, in millions):

			As of
			July 3, 2020						December 31, 2019
Amended Credit Agreement:
Revolving Credit Facility due 2024, interest payable monthly at 1.68% and 3.30%, respectively			$	1,965.0					$	800.0
Term Loan “B” Facility due 2026, interest payable monthly at 2.18% and 3.80%, respectively			1,622.7						1,630.9
1.00% Notes due 2020 (1)			690.0						690.0
1.625% Notes due 2023 (2)			575.0						575.0
Other long-term debt (3)			0.5						53.3
Gross long-term debt, including current portion			$	4,853.2					$	3,749.2
Less: Debt discount (4)			(82.7)						(102.7)
Less: Debt issuance costs (5)			(30.1)						(34.0)
Net long-term debt, including current portion			$	4,740.4					$	3,612.5
Less: Current portion of long-term debt			(695.6)						(736.0)
Net long-term debt			$	4,044.8					$	2,876.5

(1) Interest is payable on June 1 and December 1 of each year at 1.00% annually.

(2) Interest is payable on April 15 and October 15 of each year at 1.625% annually.

(3) Consists of a term loan, finance lease and other facility at certain international locations where interest is payable monthly or quarterly, with interest rates ranging between 1.00% and 1.48% and maturity dates in 2020.

(4) Debt discount of $9.6 million and $20.4 million for the 1.00% Notes, $63.3 million and $71.8 million for the 1.625% Notes and $9.8 million and $10.5 million for the Term Loan "B" Facility, in each case as of July 3, 2020 and December 31, 2019, respectively.

(5) Debt issuance costs of $1.3 million and $2.8 million for the 1.00% Notes, $6.1 million and $6.9 million for the 1.625% Notes and $22.7 million and $24.3 million for the Term Loan "B" Facility, in each case as of July 3, 2020 and December 31, 2019, respectively.

Schedule of Annual Maturities Relating To Long-Term Debt

Expected maturities of gross long-term debt (including current portion) as of July 3, 2020 are as follows (in millions):

Period						Expected Maturities
Remainder of 2020						$	698.7
2021						16.3
2022						16.3
2023						591.4
2024						1,981.4
Thereafter						1,549.1
Total						$	4,853.2

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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