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LONG-TERM DEBT AND FINANCING ARRANGEMENTS | 9 Months Ended
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Sep. 28, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT AND FINANCING ARRANGEMENTS | LONG-TERM DEBT AND FINANCING ARRANGEMENTS
|  | September 28, 2024 |  | December 30, 2023
(Millions of Dollars) | Interest Rate | Notional Value | Unamortized Discount | Unamortized Gain/(Loss) Terminated Swaps 1 | Purchase Accounting FV Adjustment | Deferred Financing Fees | Carrying Value |  | Carrying Value
Notes payable due 2025 | 2.30% | $ | 500.0 |  | $ | (0.1) |  | $ | — |  | $ | — |  | $ | (0.3) |  | $ | 499.6 |  |  | $ | 498.7 |
Notes payable due 2026 | 3.40% | 500.0 |  | (0.2) |  | — |  | — |  | (0.6) |  | 499.2 |  |  | 498.9 |
Notes payable due 2026 | 6.27% | 350.0 |  | — |  | — |  | — |  | (0.9) |  | 349.1 |  |  | 348.6 |
Notes payable due 2026 | 3.42% | 25.0 |  | — |  | — |  | 0.7 |  | — |  | 25.7 |  |  | 26.0 |
Notes payable due 2026 | 1.84% | 28.0 |  | — |  | — |  | 0.8 |  | (0.1) |  | 28.7 |  |  | 28.5 |
Notes payable due 2028 | 6.00% | 400.0 |  | (0.3) |  | — |  | — |  | (1.7) |  | 398.0 |  |  | 397.5 |
Notes payable due 2028 | 7.05% | 150.0 |  | — |  | 4.1 |  | 3.9 |  | — |  | 158.0 |  |  | 159.7 |
Notes payable due 2028 | 4.25% | 500.0 |  | (0.1) |  | — |  | — |  | (1.8) |  | 498.1 |  |  | 497.7 |
Notes payable due 2028 | 3.52% | 50.0 |  | — |  | — |  | 2.7 |  | (0.1) |  | 52.6 |  |  | 53.1 |
Notes payable due 2030 | 2.30% | 750.0 |  | (1.4) |  | — |  | — |  | (2.8) |  | 745.8 |  |  | 745.3 |
Notes payable due 2032 | 3.00% | 500.0 |  | (0.7) |  | — |  | — |  | (2.6) |  | 496.7 |  |  | 496.3 |
Notes payable due 2040 | 5.20% | 400.0 |  | (0.2) |  | (23.5) |  | — |  | (2.2) |  | 374.1 |  |  | 372.9 |
Notes payable due 2048 | 4.85% | 500.0 |  | (0.4) |  | — |  | — |  | (4.5) |  | 495.1 |  |  | 495.0 |
Notes payable due 2050 | 2.75% | 750.0 |  | (1.7) |  | — |  | — |  | (7.3) |  | 741.0 |  |  | 740.7 |
Notes payable due 2060 (junior subordinated) | 4.00% | 750.0 |  | — |  | — |  | — |  | (8.4) |  | 741.6 |  |  | 741.4 |
Other, payable in varying amounts 2024 through 2027 | 4.10%-4.31% | 1.0 |  | — |  | — |  | — |  | — |  | 1.0 |  |  | 1.8 |
Total Long-term debt, including current maturities |  | $ | 6,154.0 |  | $ | (5.1) |  | $ | (19.4) |  | $ | 8.1 |  | $ | (33.3) |  | $ | 6,104.3 |  |  | $ | 6,102.1 |
Less: Current maturities of long-term debt |  |  |  |  |  |  | (500.2) |  |  | (1.1) |
Long-term debt |  |  |  |  |  |  | $ | 5,604.1 |  |  | $ | 6,101.0 |
1 Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note H, Financial Instruments. The Company has a $3.5 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of September 28, 2024, the Company had commercial paper borrowings outstanding of $387.3 million, of which $387.1 million in Euro denominated commercial paper was designated as a net investment hedge. As of December 30, 2023, the Company had $1.1 billion of borrowings outstanding, of which $399.7 million in Euro denominated commercial paper was designated as a net investment hedge. Refer to Note H, Financial Instruments, for further discussion. In June 2024, the Company amended and restated its existing five-year $2.5 billion committed credit facility with the concurrent execution of a new five-year $2.25 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 of an amount equal to the Euro equivalent of $800.0 million is designated for swing line advances. 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 June 28, 2029 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 September 28, 2024 and December 30, 2023, the Company had not drawn on its five-year committed credit facility. In June 2024, the Company terminated its 364-Day $1.5 billion committed credit facility ("the 2023 Syndicated 364-Day Credit Agreement") dated September 2023. There were no outstanding borrowings under the 2023 Syndicated 364-Day Credit Agreement upon termination and as of December 30, 2023. Contemporaneously, the Company entered into a new $1.25 billion syndicated 364-Day Credit Agreement (the "2024 Syndicated 364-Day Credit Agreement") which is a revolving credit loan. The borrowings under the 2024 Syndicated 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 2024 Syndicated 364-Day Credit Agreement. The Company must repay all advances under the 2024 Syndicated 364-Day Credit Agreement by the earlier of June 27, 2025 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 2024 Syndicated 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 September 28, 2024, the Company had not drawn on its 2024 Syndicated 364-Day Credit Agreement. The 5-Year Credit Agreement and the 2024 Syndicated 364-Day Credit Agreement, as described above, contain customary affirmative and negative covenants, including but not limited to, maintenance of an interest coverage ratio. The interest coverage ratio tested for covenant compliance compares adjusted Earnings Before Interest, Taxes, Depreciation and Amortization to adjusted net Interest Expense ("Adjusted EBITDA"/"Adjusted Net Interest Expense"). The Company must maintain, for each period of four consecutive fiscal quarters of the Company, an interest coverage ratio of not less than 3.50 to 1.00, provided that the Company is only required to maintain an interest coverage ratio of not less than (i) 1.50 to 1.00 for any four quarter period ending on or before the end of the Company’s second fiscal quarter of 2024, and (ii) 2.50 to 1.00 for any four quarter period ending after the Company’s second fiscal quarter of 2024 through and including the Company’s second fiscal quarter of 2025. For purposes of calculating the Company’s compliance with the interest coverage ratio, as defined in each credit agreement, the Company is permitted to increase EBITDA to allow for additional adjustment addbacks incurred prior to the end of the Company’s second fiscal quarter of 2025, provided that (A) the sum of the applicable adjustment addbacks incurred through and including the Company’s second fiscal quarter of 2024 may not exceed $500 million in the aggregate, and (B) the sum of the applicable adjustment addbacks incurred from the Company’s third fiscal quarter of 2024 through and including the Company’s second fiscal quarter of 2025 may not exceed $250 million in the aggregate; provided, further, that the sum of the applicable adjustment addbacks for any four quarter period may not exceed $500 million in the aggregate.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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