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External Debt and Financing Arrangements | 6 Months Ended
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Jun. 28, 2025
Debt Disclosure [Abstract] |
External Debt and Financing Arrangements | 6. External Debt and Financing Arrangements Senior Notes In June 2025, we repaid our 4.000% senior unsecured notes issued in June 2015 at their maturity date using a combination of cash on hand and commercial paper borrowings. At June 28, 2025, the Company had aggregate outstanding senior notes in the principal amount o f $2.2 billion, with varying maturities (the “Notes”). The Notes are unsecured senior obligations of the Company. The following table provides a summary of the Company’s outstanding Notes, including the net carrying value of the Notes, net of underwriting commissions, price discounts, and debt issuance costs as of June 28, 2025 and December 28, 2024:
|  |  |  |  |  |  |  | Net Carrying Value |
(in millions) | Principal Amount |  |  | Issuance Date |  | Maturity Date |  | June 28, 2025 |  |  | December 28, 2024 |
4.000% Senior Notes | $ | 500.0 |  |  | June 2015 |  | June 2025 |  | $ | - |  |  | $ | 499.6 |
3.250% Senior Notes | $ | 700.0 |  |  | September 2019 |  | September 2029 |  |  | 696.9 |  |  |  | 696.5 |
4.000% Senior Notes | $ | 450.0 |  |  | March 2022 |  | March 2032 |  |  | 446.9 |  |  |  | 446.7 |
4.500% Senior Notes | $ | 450.0 |  |  | March 2022 |  | March 2052 |  |  | 436.6 |  |  |  | 436.4 |
5.875% Senior Notes | $ | 600.0 |  |  | June 2023 |  | June 2033 |  |  | 594.5 |  |  |  | 594.1 |
Total Senior Notes |  |  |  |  |  |  |  | $ | 2,174.9 |  |  | $ | 2,673.3 |
Less: current portion |  |  |  |  |  |  |  |  | - |  |  |  | 499.6 |
Total Senior Notes long-term |  |  |  |  |  |  |  | $ | 2,174.9 |  |  | $ | 2,173.7 |
Credit Facilities In August 2022, the Company entered into a third amended and restated $1.25 billion revolving credit facility (the “Revolving Credit Agreement”), and borrowings thereunder will be used for general corporate purposes. The maturity date of the facility is August 2027. Interest rates under the Revolving Credit Agreement are variable based on the Secured Overnight Financing Rate (“SOFR”) at the time of the borrowing and the Company’s long-term credit rating and can range from SOFR + 1.02% to SOFR + 1.525%. Under the Revolving Credit Agreement, the Company is required to maintain a minimum ratio of consolidated EBITDA to consolidated interest expense of 3.0 to 1.0. Consolidated EBITDA is defined as consolidated net income before interest expense, income taxes, depreciation, amortization of intangible assets, losses from asset impairments, and certain other one-time adjustments. In addition, the Company's ratio of consolidated debt minus certain cash and cash equivalents to consolidated EBITDA generally may not exceed 3.5 to 1.0. There were no outstanding borrowings under this facility as of June 28, 2025 and December 28, 2024. As of June 28, 2025, we were in compliance with all covenants under this facility. We currently have uncommitted bank lines of credit in China, which provide for unsecured borrowings for working capital of up to $30.5 million in aggregate as of both June 28, 2025 and December 28, 2024. There were no outstanding balances as of June 28, 2025 and December 28, 2024. Commercial Paper The Company operates a commercial paper program (the “Commercial Paper Program”) pursuant to which the Company may issue unsecured commercial paper notes. The Company’s Revolving Credit Agreement is the liquidity backstop for the repayment of any notes issued under the Commercial Paper Program, and as such, borrowings under the Commercial Paper Program are included in Long-term debt in the condensed consolidated balance sheets. Amounts available under the Commercial Paper Program may be borrowed, repaid and re-borrowed, with the aggregate principal amount outstanding at any time, including borrowings under the Revolving Credit Agreement, not to exceed $1.25 billion. The Company will use any issuances under the Commercial Paper Program for general corporate purposes. Outstanding borrowings under the Commercial Paper Program as of June 28, 2025 and December 28, 2024 were $637.4 million and zero, respectively.

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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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