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Debt | 6 Months Ended
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Jul. 04, 2025
Debt Disclosure [Abstract] |
Debt | NOTE 8. DEBT Debt consisted of the following:
|  |  |  | As of |
|  |  |  | Second Quarter of |  |  | Year End
Instrument |  | Date of Issuance |  | 2025 |  | 2024
(In millions) |  |  |  | Effective interest rate |  |  |  |  |
Senior Notes: |  |  |  |  |  |  |  |  |
Senior Notes, 4.90%, due June 2028 |  | June 2018 |  | 5.04% | $ | 600.0 |  |  |  | $ | 600.0 |  |
Senior Notes, 6.10%, due March 2033 |  | March 2023 |  | 6.13% | 800.0 |  |  |  | 800.0 |  |
Credit Facilities: |  |  |  |  |  |  |  |  |
2022 Revolving Credit Facility, due March 2027 |  | September 2022 |  | 5.54% | 50.0 |  |  |  | — |  |
Uncommitted Credit Facilities, floating rate |  |  |  | 5.60% | 71.0 |  |  |  | — |  |
Unamortized discount and issuance costs |  |  |  |  | (8.6) |  |  |  | (9.4) |  |
Total debt |  |  |  |  | $ | 1,512.4 |  |  |  | $ | 1,390.6 |  |
Less: Short-term debt |  |  |  |  | 71.0 |  |  |  | — |  |
Total long-term debt |  |  |  |  | $ | 1,441.4 |  |  |  | $ | 1,390.6 |  |
Debt Maturities At the end of the second quarter of 2025, our debt maturities based on the outstanding principal amounts were as follows (in millions):
Year Payable |
2025 (Remaining) | $ | 71.0 |
2026 | — |
2027 | 50.0 |
2028 | 600.0 |
2029 | — |
Thereafter | 800.0 |
Total | $ | 1,521.0 |
Senior Notes All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year for the 2028 senior notes and in March and September for the 2033 senior notes. Additional details are unchanged from the information disclosed in Note 8 “Debt” of the 2024 Form 10-K. Credit Facilities 2022 Credit Facility In 2022, we entered into a five-year, unsecured, revolving credit facility in the aggregate principal amount of up to $1.25 billion. Subject to approval, we may increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The variable interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets. At the end of the second quarter of 2025, we were in compliance with our debt covenants for the 2022 credit facility. Additional details are unchanged from the information disclosed in Note 8 “Debt” of the 2024 Form 10-K. Uncommitted Facilities At the end of the second quarter of 2025, we had two $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted. Generally, these variable-rate, uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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