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Debt
 9 Months Ended
Sep. 27, 2025
Debt [Abstract]  
Debt
Note 8 – Debt
Bank Credit Lines
Bank credit lines consisted of the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 27,
December 28,
2025
2024
Revolving credit agreement
$
250
$
-
Other short-term bank credit lines
663
650
Total
$
913
$
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
September 27, 2025 the interest rate on this revolving credit
 
facility was
4.14
% plus
1.07
% for a combined rate of
5.21
%.
 
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 September
27, 2025 and December 28, 2024, we had $
250
 
million and $
0
 
million in borrowings, respectively, under this
revolving credit facility.
 
During the nine months ended September 27, 2025, the
 
average outstanding balance under
the Revolving Credit Agreement was approximately $
181
 
million.
 
As of September 27, 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 September 27, 2025 and December 28, 2024, we had various other
 
short-term bank credit lines available, in
various currencies, with a maximum borrowing capacity of $
783
 
million and $
790
 
million, respectively.
 
As of
September 27, 2025 and December 28, 2024, $
663
 
million and $
650
 
million, respectively, were outstanding.
 
During the nine months ended September 27, 2025, the average outstanding
 
balances under our various other short-
term bank credit lines was approximately $
675
 
million.
 
As of September 27, 2025 and December 28, 2024,
borrowings under other short-term bank credit lines had weighted average
 
interest rates of
5.11
% and
5.35
%,
respectively.
Long-term debt
Long-term debt consisted of the following:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
September 27,
December 28,
2025
2024
Private placement facilities
 
$
975
$
975
Term loan
749
712
U.S. trade accounts receivable securitization
400
150
Various
 
collateralized and uncollateralized loans payable with interest,
in varying installments through 2031 at interest rates
from
0.00
% to
9.42
% at September 27, 2025 and
from
0.00
% to
9.42
% at December 28, 2024
52
43
Finance lease obligations
7
6
Total
 
2,183
1,886
Less current maturities
(30)
(56)
Total long-term debt
 
$
2,153
$
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
 
September 27, 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 September 27, 2025, the borrowings outstanding under this
 
term loan were $
749
 
million.
 
At
September 27, 2025, the interest rate under the Term Credit Agreement was
4.18
% plus
1.25
%, for a combined rate
of
5.43
%.
 
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
6.04
%.
 
After renewing the Term Credit Agreement in June of 2025, our hedged portion of the Term Credit Agreement was
approximately
91
% of the notional total.
 
As of September 27, 2025, the effective fixed rate was
5.69
% and the
floating rate was
5.43
%, resulting in a weighted average rate of
5.67
%.
 
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 September 27, 2025 and December 28, 2024, the borrowings
 
outstanding under this securitization facility
were $
400
 
million and $
150
 
million, respectively.
 
At September 27, 2025, the interest rate on borrowings under
this facility was based on the
asset-backed commercial paper rate
 
of
4.36
% plus
0.75
%, for a combined rate of
5.11
%.
 
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.