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Long-Term Debt and Financing Arrangements | 9 Months Ended
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Sep. 28, 2019
Notes To Financial Statements [Abstract] |
Long-Term Debt and Financing Arrangements | LONG-TERM DEBT AND FINANCING ARRANGEMENTS Long-term debt and financing arrangements at September 28, 2019 and December 29, 2018 are as follows:
|  |  | September 28, 2019 |  | December 29, 2018
(Millions of Dollars) | Interest Rate |  | Original Notional |  | Unamortized Discount |  | Unamortized Gain/(Loss) Terminated Swaps 1 |  | Purchase Accounting FV Adjustment |  | Deferred Financing Fees |  | Carrying Value |  | Carrying Value 2
Notes payable due 2021 | 3.40% |  | $ | 400.0 |  |  | $ | (0.1 | ) |  | $ | 7.6 |  |  | $ | — |  |  | $ | (0.7 | ) |  | $ | 406.8 |  |  | $ | 409.1 |
Notes payable due 2022 | 2.90% |  | 754.3 |  |  | (0.2 | ) |  | — |  |  | — |  |  | (1.9 | ) |  | 752.2 |  |  | 751.6 |
Notes payable due 2026 | 3.40% |  | 500.0 |  |  | (0.7 | ) |  | — |  |  | — |  |  | (3.0 | ) |  | 496.3 |  |  | — |
Notes payable due 2028 | 7.05% |  | 150.0 |  |  | — |  |  | 9.6 |  |  | 9.2 |  |  | — |  |  | 168.8 |  |  | 170.4 |
Notes payable due 2028 | 4.25% |  | 500.0 |  |  | (0.4 | ) |  | — |  |  | — |  |  | (4.0 | ) |  | 495.6 |  |  | 495.7 |
Notes payable due 2040 | 5.20% |  | 400.0 |  |  | (0.2 | ) |  | (30.8 | ) |  | — |  |  | (2.9 | ) |  | 366.1 |  |  | 364.9 |
Notes payable due 2048 | 4.85% |  | 500.0 |  |  | (0.5 | ) |  | — |  |  | — |  |  | (5.4 | ) |  | 494.1 |  |  | 494.4 |
Notes payable due 2052 (junior subordinated) | 5.75% |  | 750.0 |  |  | — |  |  | — |  |  | — |  |  | (18.0 | ) |  | 732.0 |  |  | 731.6 |
Notes payable due 2053 (junior subordinated) | 7.08% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 396.7 |
Other, payable in varying amounts through 2022 | 0.00% - 4.50% |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.9 |
Total long-term debt, including current maturities |  |  | $ | 3,954.3 |  |  | $ | (2.1 | ) |  | $ | (13.6 | ) |  | $ | 9.2 |  |  | $ | (35.9 | ) |  | $ | 3,911.9 |  |  | $ | 3,822.3 |
Less: Current maturities of long-term debt |  |  |  |  |  |  |  |  |  |  |  |  | (3.1 | ) |  | (2.5 | )
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,908.8 |  |  | $ | 3,819.8 |
1Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments. 2Finance lease balances as of December 29, 2018 have been reclassified to lease liabilities in accordance with the adoption of the new lease standard in the first quarter of 2019. Refer to Note B, New Accounting Standards. In March 2019, the Company issued $500.0 million of senior unsecured notes, maturing on March 1, 2026 ("2026 Term Notes"). The 2026 Term Notes accrue interest at a fixed rate of 3.40% per annum with interest payable semi-annually in arrears. The 2026 Term Notes rank equally in right of payment with all of the Company's existing and future unsecured and unsubordinated debt. The Company received net cash proceeds of $496.2 million which reflects the notional amount offset by a discount, underwriting expenses, and other fees associated with the transaction. The Company used the net proceeds from the offering for general corporate purposes, including repayment of other borrowings. In February 2019, the Company redeemed all of the outstanding 2053 Junior Subordinated Debentures for $405.7 million representing 100% of the principal amount plus accrued and unpaid interest. The Company recognized a net pre-tax loss of $3.2 million from the redemption, which was comprised of a $7.8 million loss related to the write-off of deferred financing fees partially offset by a $4.6 million gain relating to an unamortized terminated interest rate swap as described in more detail in Note I, Financial Instruments. The Company has a $3.0 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of September 28, 2019, the Company had $1,448.0 million of borrowings outstanding, of which approximately $874.3 million in Euro denominated commercial paper was designated as a Net Investment Hedge. As of December 29, 2018, the Company had $373.0 million of borrowings outstanding, of which approximately $228.9 million in Euro denominated commercial paper was designated as a Net Investment Hedge. Refer to Note I, Financial Instruments, for further discussion. The Company has a five-year $2.0 billion committed credit facility (the “5 Year Credit Agreement”). Borrowings under the 5 Year Credit Agreement may be made in U.S. Dollars, Euros or Pounds Sterling. A sub-limit amount of $653.3 million is designated for swing line advances which may be drawn in Euros pursuant to the terms of the 5 Year Credit Agreement. Borrowings bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and specific terms of the 5 Year Credit Agreement. The Company must repay all advances under the 5 Year Credit Agreement by the earlier of September 12, 2023 or upon termination. The 5 Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.0 billion U.S. Dollar and Euro commercial paper program. As of September 28, 2019, and December 29, 2018, the Company had not drawn on its five-year committed credit facility. In September 2019, the Company terminated its 364-Day $1.0 billion committed credit facility and concurrently executed a new 364-Day $1.0 billion committed credit facility (the "364-Day Credit Agreement"). Borrowings under the 364-Day Credit Agreement may be made in U.S. Dollars or Euros and bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and pursuant to the terms of the 364-Day Credit Agreement. The Company must repay all advances under the 364-Day Credit Agreement by the earlier of September 9, 2020 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The 364-Day Credit Agreement serves as a liquidity back-stop for the Company’s $3.0 billion U.S. Dollar and Euro commercial paper program. As of September 28, 2019, and December 29, 2018, the Company had not drawn on its 364-Day committed credit facility.

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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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