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LONG-TERM DEBT AND FINANCING ARRANGEMENTS | 9 Months Ended
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Oct. 02, 2021
Debt Disclosure [Abstract] |
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | LONG-TERM DEBT AND FINANCING ARRANGEMENTS Long-term debt and financing arrangements at October 2, 2021 and January 2, 2021 are as follows:
|  |  | October 2, 2021 |  | January 2, 2021
(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
Notes payable due 2026 | 3.40% |  | $ | 500.0 |  |  | $ | (0.5) |  |  | $ | — |  |  | $ | — |  |  | $ | (1.9) |  |  | $ | 497.6 |  |  | $ | 497.2 |
Notes payable due 2028 | 7.05% |  | 150.0 |  |  | — |  |  | 7.4 |  |  | 7.1 |  |  | — |  |  | 164.5 |  |  | 166.1 |
Notes payable due 2028 | 4.25% |  | 500.0 |  |  | (0.3) |  |  | — |  |  | — |  |  | (3.1) |  |  | 496.6 |  |  | 496.2 |
Notes payable due 2030 | 2.30% |  | 750.0 |  |  | (2.1) |  |  | — |  |  | — |  |  | (4.4) |  |  | 743.5 |  |  | 742.9 |
Notes payable due 2040 | 5.20% |  | 400.0 |  |  | (0.2) |  |  | (27.9) |  |  | — |  |  | (2.6) |  |  | 369.3 |  |  | 368.1 |
Notes payable due 2048 | 4.85% |  | 500.0 |  |  | (0.5) |  |  | — |  |  | — |  |  | (5.0) |  |  | 494.5 |  |  | 494.3 |
Notes payable due 2050 | 2.75% |  | 750.0 |  |  | (1.9) |  |  | — |  |  | — |  |  | (8.1) |  |  | 740.0 |  |  | 739.9 |
Notes payable due 2060 (junior subordinated) | 4.00% |  | 750.0 |  |  | — |  |  | — |  |  | — |  |  | (9.1) |  |  | 740.9 |  |  | 740.7 |
Long-term debt 2 |  |  | $ | 4,300.0 |  |  | $ | (5.5) |  |  | $ | (20.5) |  |  | $ | 7.1 |  |  | $ | (34.2) |  |  | $ | 4,246.9 |  |  | $ | 4,245.4 |
1 Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note I, Financial Instruments. 2 There are no current maturities of long-term debt. In October 2021, the Company increased its commercial paper program from $3.0 billion to $3.5 billion, which includes Euro denominated borrowings in addition to U.S. Dollars. As of October 2, 2021, the Company had $147.0 million of borrowings outstanding. As of January 2, 2021, there were no borrowings outstanding. In September 2021, the Company amended and restated its existing five-year $2.0 billion committed credit facility with the concurrent execution of a new five-year $2.5 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 $814.3 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 8, 2026 or upon termination. The 5-Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.5 billion U.S. Dollar and Euro commercial paper program. As of October 2, 2021, and January 2, 2021, the Company had not drawn on its five-year committed credit facility. In September 2021, the Company terminated its 364-Day $1.0 billion 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 7, 2022 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 administrati ve agent for the account of each lender. The 364-Day Credit Agreement serves as part of the liquidity back-stop for the Company’s $3.5 billion U.S. Dollar and Euro commercial paper program. As of October 2, 2021, and January 2, 2021, 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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