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Debt | 6 Months Ended
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Jun. 28, 2025
Debt [Abstract] |
Debt | Note 8 – Debt Bank Credit Lines Bank credit lines consisted of the following: June 28, December 28, 2025 2024 Revolving credit agreement $ 200 $ - Other short-term bank credit lines 701 650 Total $ 901 $ 650 Revolving Credit Agreement On August 20, 2021 , we entered into a $ 1.0 billion revolving credit agreement (the “Revolving Credit Agreement”) which was amended and restated on July 11, 2023 to extend the maturity date to July 11, 2028 and update the interest rate provisions to reflect the current market approach for a multicurrency facility. On June 6, 2025, we amended and restated the Revolving Credit Agreement to, among other things, modify certain financial definitions and covenants. The interest rate on this revolving credit facility is based on Term Secured Overnight Financing Rate (“ Term SOFR ”) plus a spread based on our leverage ratio at the end of each financial reporting quarter. As of June 28, 2025 the interest rate on this revolving credit facility was 4.32 % plus 1.07 % for a combined rate of 5.39 %. As of December 28, 2024 the interest rate on this revolving credit facility was 4.45 % plus 1.18 %, for a combined rate of 5.63 %. The Revolving Credit Agreement requires, among other things, that we maintain certain maximum leverage ratios. Additionally, the Revolving Credit Agreement contains customary representations, warranties and affirmative covenants as well as customary negative covenants, subject to negotiated exceptions, on liens, indebtedness, significant corporate changes (including mergers), dispositions and certain restrictive agreements. As of June 28, 2025 and December 28, 2024, we had $ 200 million and $ 0 million in borrowings, respectively, under this revolving credit facility. During the six months ended June 28, 2025, the average outstanding balance under the Revolving Credit Agreement was approximately $ 151 million. As of June 28, 2025 and December 28, 2024, there were $ 10 million and $ 11 million of letters of credit, respectively, provided to third parties under the Revolving Credit Agreement. Other Short-Term Bank Credit Lines As of June 28, 2025 and December 28, 2024, we had various other short-term bank credit lines available, in various currencies, with a maximum borrowing capacity of $ 784 million and $ 790 million, respectively. As of June 28, 2025 and December 28, 2024, $ 701 million and $ 650 million, respectively, were outstanding. During the six months ended June 28, 2025, the average outstanding balances under our various other short-term bank credit lines was approximately $ 675 million. As of June 28, 2025 and December 28, 2024, borrowings under other short-term bank credit lines had weighted average interest rates of 5.18 % and 5.35 %, respectively. Long-term debt Long-term debt consisted of the following: June 28, December 28, 2025 2024 Private placement facilities $ 975 $ 975 Term loan 749 712 U.S. trade accounts receivable securitization 330 150 Various collateralized and uncollateralized loans payable with interest, in varying installments through 2031 at interest rates from 0.00 % to 9.42 % at June 28, 2025 and from 0.00 % to 9.42 % at December 28, 2024 57 43 Finance lease obligations 6 6 Total 2,117 1,886 Less current maturities (27) (56) Total long-term debt $ 2,090 $ 1,830 Private Placement Facilities Our private placement facilities provided by four insurance companies have a total facility amount of $ 1.5 billion, and are available on an uncommitted basis at fixed rate economic terms to be agreed upon at the time of issuance, from time to time through October 20, 2026 . The facilities allow us to issue senior promissory notes to the lenders at a fixed rate based on an agreed upon spread over applicable treasury notes at the time of issuance. The term of each possible issuance will be selected by us and can range from five to 15 years (with an average life no longer than 12 years ). The proceeds of any issuances under the facilities will be used for general corporate purposes, including working capital and capital expenditures, to refinance existing indebtedness, and/or to fund potential acquisitions. The agreements provide, among other things, that we maintain certain maximum leverage ratios, and contain restrictions relating to subsidiary indebtedness, liens, affiliate transactions, disposal of assets and certain changes in ownership. These facilities contain make-whole provisions in the event that we pay off the facilities prior to the applicable due dates. The components of our private placement facility borrowings as of June 28, 2025, which have a weighted average interest rate of 3.70 %, are presented in the following table: Amount of Date of Borrowing Borrowing Borrowing Outstanding Rate Due Date June 16, 2017 $ 100 3.42 % June 16, 2027 September 15, 2017 100 3.52 September 15, 2029 January 2, 2018 100 3.32 January 2, 2028 September 2, 2020 100 2.35 September 2, 2030 June 2, 2021 100 2.48 June 2, 2031 June 2, 2021 100 2.58 June 2, 2033 May 4, 2023 75 4.79 May 4, 2028 May 4, 2023 75 4.84 May 4, 2030 May 4, 2023 75 4.96 May 4, 2033 May 4, 2023 150 4.94 May 4, 2033 Total $ 975 The components of our private placement facility borrowings as of December 28, 2024, which have a weighted average interest rate of 3.70 %, are presented in the following table: Amount of Date of Borrowing Borrowing Borrowing Outstanding Rate Due Date June 16, 2017 $ 100 3.42 % June 16, 2027 September 15, 2017 100 3.52 September 15, 2029 January 2, 2018 100 3.32 January 2, 2028 September 2, 2020 100 2.35 September 2, 2030 June 2, 2021 100 2.48 June 2, 2031 June 2, 2021 100 2.58 June 2, 2033 May 4, 2023 75 4.79 May 4, 2028 May 4, 2023 75 4.84 May 4, 2030 May 4, 2023 75 4.96 May 4, 2033 May 4, 2023 150 4.94 May 4, 2033 Total $ 975 Term Loan On July 11, 2023, we entered into a three-year $ 750 million term loan credit agreement (the “Term Credit Agreement”), which was originally scheduled to mature on July 11, 2026 . On June 6, 2025, this agreement was amended and restated to, among other things, (i) extend the maturity date to June 6, 2030 , and (ii) modify certain financial definitions and covenants. The interest rate on this term loan is based on the Term SOFR plus a spread based on our leverage ratio at the end of each financial reporting quarter. Beginning in June 2026 and continuing through June 2027, we are required to make quarterly payments of $ 5 million. In September 2027, the quarterly payment amount increases to $ 9 million, continuing through June 2030 with the remaining balance due June 6, 2030. As of June 28, 2025, the borrowings outstanding under this term loan were $ 749 million. At June 28, 2025, the interest rate under the Term Credit Agreement was 4.31 % plus 1.25 %, for a combined rate of 5.56 %. As of December 28, 2024, the borrowings outstanding under this term loan were $ 712 million. At December 28, 2024, the interest rate under the Term Credit Agreement was 4.45 % plus 1.60 %, for a combined rate of 6.05 %. However, at December 28, 2024, we had a hedge in place creating an effective fixed rate of 6.05 %. After renewing the Term Credit Agreement in June of 2025, our hedged portion of the Term Credit Agreement was approximately 93 % of the notional total. As of June 28, 2025, the effective fixed rate was 5.69 % and the floating rate was 5.56 %, resulting in a weighted average rate of 5.68 %. The Term Credit Agreement requires, among other things, that we maintain certain maximum leverage ratios. Additionally, the Term Credit Agreement contains customary representations, warranties and affirmative covenants as well as customary negative covenants, subject to negotiated exceptions, on liens, indebtedness, significant corporate changes (including mergers), dispositions and certain restrictive agreements. U.S. Trade Accounts Receivable Securitization We have a facility agreement based on our U.S. trade accounts receivable that is structured as an asset-backed securitization program with pricing committed for up to three years . On December 6, 2024, we extended the expiration date of this facility agreement to December 6, 2027 (the previous maturity date was December 15, 2025 ). This facility agreement has a purchase limit of $ 450 million with two banks as agents. As of June 28, 2025 and December 28, 2024, the borrowings outstanding under this securitization facility were $ 330 million and $ 150 million, respectively. At June 28, 2025, the interest rate on borrowings under this facility was based on the asset-backed commercial paper rate of 4.48 % plus 0.75 %, for a combined rate of 5.23 %. At December 28, 2024, the interest rate on borrowings under this facility was based on the asset-backed commercial paper rate of 4.73 % plus 0.75 %, for a combined rate of 5.48 %. If our accounts receivable collection pattern changes due to customers either paying late or not making payments, our ability to borrow under this facility may be reduced. We are required to pay a commitment fee of 30 to 35 basis points depending upon program utilization.

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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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