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Debt | 9 Months Ended
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Sep. 27, 2019
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DEBT, COMMITMENTS AND CONTINGENCIES | DEBT Debt consisted of the following:
As of |  |  |  | Third Quarter of |  | Fiscal Year End
Instrument |  | Date of Issuance |  | 2019 |  | 2018
(In millions) |  |  |  | Effective Interest Rate | Amount |  | Amount
Senior Notes: |  |  |  |  |  |  |
2023 Senior Notes, 4.15%, due June 2023 |  | June 2018 |  | 4.36% | $ | 300.0 |  |  | $ | 300.0 |
2028 Senior Notes, 4.90%, due June 2028 |  | June 2018 |  | 5.04% | 600.0 |  |  | 600.0 |
2024 Senior Notes, 4.75%, due December 2024 |  | November 2014 |  | 4.95% | 400.0 |  |  | 400.0 |
Credit Facilities: |  |  |  |  |  |  |
2018 Credit Facility, floating rate: |  |  |  |  |  |  |
Term Loan, due May 2021 |  | May 2018 |  | 3.54% | 225.0 |  |  | 425.0 |
Uncommitted facilities, floating rate |  |  |  | 1.93% | 236.3 |  |  | 255.9 |
Promissory notes and other debt |  |  |  |  | 0.3 |  |  | 1.0 |
Unamortized discount and issuance costs |  |  |  |  | (11.3 | ) |  | (13.4 | )
Total debt |  |  |  |  | 1,750.3 |  |  | 1,968.5 |
Less: Short-term debt |  |  |  |  | 236.3 |  |  | 256.2 |
Long-term debt |  |  |  |  | $ | 1,514.0 |  |  | $ | 1,712.3 |
Each of the Company's debt agreements requires it to maintain compliance with certain debt covenants. The Company was in compliance with all its debt covenants at the end of the third quarter of fiscal 2019. Debt Maturities At the end of the third quarter of fiscal 2019, the Company's debt maturities based on outstanding principal were as follows (in millions):
Year Payable |
2019 (Remaining) | $ | 236.3 |
2020 | 0.3 |
2021 | 225.0 |
2022 | — |
2023 | 300.0 |
Thereafter | 1,000.0 |
Total | $ | 1,761.6 |
Senior Notes All series of Senior Notes in the above table bear interest that is payable semi-annually in June and December of each year. For the 2023 and 2028 Senior Notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes. Senior Notes are unsecured and rank equally in right of payment with all of the Company's other senior unsecured indebtedness. The Company may redeem the notes of each series of Senior Notes at its option in whole or in part at any time. Such indenture also contains covenants limiting the Company’s ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer or lease all or substantially all of the Company’s properties and assets, each subject to certain exceptions. 2018 Credit facilities The Credit Facility in the above table provides for unsecured credit facilities in the aggregate principal amount of $1.75 billion, which is comprised of $1.25 billion revolving credit facility maturing May 2023 and $500.0 million delayed draw term loan facility that matures on the third anniversary of the funding date. The Company may request an additional loan facility up to $500.0 million. Uncommitted Facilities The Company has two $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted (the "Uncommitted Facilities") at the end of the third quarter of fiscal 2019. For further information, refer to Note 7 of the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for fiscal year 2018.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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