XML 67 R14.htm IDEA: XBRL DOCUMENT
v3.20.1

Debt | 3 Months Ended
--- | ---
Apr. 03, 2020
Text Block [Abstract] |
DEBT, COMMITMENTS AND CONTINGENCIES | DEBT Debt consisted of the following:
As of |  |  |  | First Quarter of |  | Fiscal Year End
Instrument |  | Date of Issuance |  | 2020 |  | 2019
(In millions) |  |  |  | Effective interest rate |  |  |
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 July 2022 |  | May 2018 |  | 2.50% | 225.0 |  |  | 225.0 |
Revolving Credit Facility, due May 2023 |  | May 2018 |  | 2.89% | 180.0 |  |  | 110.0 |
Uncommitted facilities, floating rate |  |  |  | 1.40% | 280.4 |  |  | 218.7 |
Promissory notes and other debt |  |  |  |  | 0.3 |  |  | 0.3 |
Unamortized discount and issuance costs |  |  |  |  | (10.3 | ) |  | (10.8 | )
Total debt |  |  |  |  | 1,975.4 |  |  | 1,843.2 |
Less: Short-term debt |  |  |  |  | 280.7 |  |  | 219.0 |
Long-term debt |  |  |  |  | $ | 1,694.7 |  |  | $ | 1,624.2 |
Each of our debt agreements requires us to maintain compliance with certain debt covenants. We were compliant with all debt covenants at the end of the first quarter of fiscal 2020. Debt Maturities At the end of the first quarter of fiscal 2020, our debt maturities based on outstanding principal were as follows (in millions):
Year Payable |
2020 (Remaining) | $ | 280.7 |
2021 | — |
2022 | 225.0 |
2023 | 480.0 |
2024 | 400.0 |
Thereafter | 600.0 |
Total | $ | 1,985.7 |
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 our other senior unsecured indebtedness. We may redeem the notes of each series of Senior Notes at our option in whole or in part at any time. Such indenture also contains covenants limiting our 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 our 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 is fully prepayable. On May 4, 2020, we entered into a loan modification to extend the maturity date of the remaining term loan amount of $225.0 million to July 2, 2022. As part of the Credit Facility, we may request an additional loan facility up to $500.0 million prior to the maturity of the Credit Facility and subject to approval. Uncommitted Facilities On February 24, 2020 we entered into a line of credit to borrow an amount up to £55.0 million. At the end of the first quarter of fiscal 2020, we had one £55.0 million, two $75.0 million, and one €100.0 million revolving credit facilities, which are uncommitted (the "Uncommitted Facilities"). Generally, these uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet. 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 2019.

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration