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Debt | 3 Months Ended
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Mar. 28, 2025
Debt Disclosure [Abstract] |
Debt | Debt Following is a summary of the Company’s debt:
(in thousands) |  | Maturity Date |  | Interest Rate |  | Interest Paid |  | Public/ Nonpublic |  | March 28, 2025 |  | December 31, 2024
Senior bonds (the “2025 Senior Bonds”)(1) |  | 11/25/2025 |  | 3.800% |  | Semi-annually |  | Public |  | $ | 350,000 |  |  | $ | 350,000 |
Senior notes |  | 10/10/2026 |  | 3.930% |  | Quarterly |  | Nonpublic |  | 100,000 |  |  | 100,000 |
Senior bonds (the “2029 Senior Bonds”)(2) |  | 6/1/2029 |  | 5.250% |  | Semi-annually |  | Public |  | 700,000 |  |  | 700,000 |
Revolving credit facility(3) |  | 6/10/2029 |  | Variable |  | Varies |  | Nonpublic |  | — |  |  | — |
Senior notes |  | 3/21/2030 |  | 3.960% |  | Quarterly |  | Nonpublic |  | 150,000 |  |  | 150,000 |
Senior bonds (the “2034 Senior Bonds”)(4) |  | 6/1/2034 |  | 5.450% |  | Semi-annually |  | Public |  | 500,000 |  |  | 500,000 |
Unamortized discount on senior bonds(1)(2)(4) |  | Various |  |  |  |  |  |  |  | (1,412) |  |  | (1,482) |
Debt issuance costs |  |  |  |  |  |  |  |  |  | (11,639) |  |  | (12,170) |
Total debt |  |  |  |  |  |  |  |  |  | 1,786,949 |  |  | 1,786,348 |
Less: Current portion of debt(1) |  |  |  |  |  |  |  |  |  | 349,781 |  |  | 349,699 |
Total long-term debt |  |  |  |  |  |  |  |  |  | $ | 1,437,168 |  |  | $ | 1,436,649 |
(1)The 2025 Senior Bonds were issued at 99.975% of par. As of March 28, 2025 and December 31, 2024, the 2025 Senior Bonds, net of debt issuance costs and unamortized discount, were classified as current portion of debt in the condensed consolidated balance sheets. (2)The 2029 Senior Bonds were issued at 99.843% of par. (3)The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company. (4)The 2034 Senior Bonds were issued at 99.893% of par. The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis. The indentures under which the 2025 Senior Bonds, the 2029 Senior Bonds and the 2034 Senior Bonds were issued do not include financial covenants, but do limit the incurrence of certain liens and encumbrances as well as indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt, including its revolving credit facility, was issued include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio, each as defined in the respective agreement. The Company was in compliance with these covenants as of March 28, 2025. These covenants have not restricted the Company’s liquidity or capital resources. All outstanding debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.

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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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