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v3.21.2

Debt | 9 Months Ended
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Oct. 02, 2021
Debt Disclosure [Abstract] |
Debt | Debt A summary of long-term debt, net of unamortized debt issuance costs and unamortized original issue premium (discount), and the related weighted average interest rates is shown below (in millions):
| October 2, 2021
Debt Instrument | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Premium (Discount) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
Credit Agreement — Term Loan Facility | $ | 206.3 |  |  | $ | (0.4) |  |  | $ | — |  |  | $ | 205.9 |  |  | 1.330%
3.8% Senior Notes due 2027 (the "2027 Notes") | 750.0 |  |  | (3.6) |  |  | (3.1) |  |  | 743.3 |  |  | 3.885%
4.25% Senior Notes due 2029 (the "2029 Notes") | 375.0 |  |  | (2.4) |  |  | (0.9) |  |  | 371.7 |  |  | 4.288%
3.5% Senior Notes due 2030 (the "2030 Notes") | 350.0 |  |  | (2.4) |  |  | (0.7) |  |  | 346.9 |  |  | 3.525%
5.25% Senior Notes due 2049 (the "2049 Notes") | 625.0 |  |  | (6.1) |  |  | 13.8 |  |  | 632.7 |  |  | 5.103%
Other | 1.3 |  |  | — |  |  | — |  |  | 1.3 |  |  | N/A
| $ | 2,307.6 |  |  | $ | (14.9) |  |  | $ | 9.1 |  |  | $ | 2,301.8 |  |  |
Less — Current portion |  |  |  |  |  |  | (206.0) |  |  |
Long-term debt |  |  |  |  |  |  | $ | 2,095.8 |  |  |
| December 31, 2020
Debt Instrument | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Premium (Discount) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
Credit Agreement — Term Loan Facility | $ | 220.3 |  |  | $ | (0.6) |  |  | $ | — |  |  | $ | 219.7 |  |  | 1.360%
2027 Notes | 750.0 |  |  | (4.1) |  |  | (3.5) |  |  | 742.4 |  |  | 3.885%
2029 Notes | 375.0 |  |  | (2.6) |  |  | (1.0) |  |  | 371.4 |  |  | 4.288%
2030 Notes | 350.0 |  |  | (2.6) |  |  | (0.7) |  |  | 346.7 |  |  | 3.525%
2049 Notes | 625.0 |  |  | (6.3) |  |  | 14.2 |  |  | 632.9 |  |  | 5.103%
Other | 1.4 |  |  | — |  |  | — |  |  | 1.4 |  |  | N/A
| $ | 2,321.7 |  |  | $ | (16.2) |  |  | $ | 9.0 |  |  | 2,314.5 |  |  |
Less — Current portion |  |  |  |  |  |  | (14.2) |  |  |
Long-term debt |  |  |  |  |  |  | $ | 2,300.3 |  |  |
Senior Notes The issuance, maturity and interest payment dates of the Company's senior unsecured 2027 Notes, 2029 Notes, 2030 Notes and 2049 Notes (collectively, the "Notes") are shown below:
Note | Issuance Date(s) | Maturity Date | Interest Payment Dates
2027 Notes | August 2017 | September 15, 2027 | March 15 and September 15
2029 Notes | May 2019 | May 15, 2029 | May 15 and November 15
2030 Notes | February 2020 | May 30, 2030 | May 30 and November 30
2049 Notes | May 2019 and February 2020 | May 15, 2049 | May 15 and November 15
In February 2020, the Company issued $350.0 million in aggregate principal amount at maturity of 2030 Notes and an additional $300.0 million in aggregate principal amount at maturity of 2049 Notes. The 2030 Notes have a stated coupon rate of 3.5% and were issued at 99.774% of par, resulting in a yield to maturity of 3.525%. The 2049 Notes have a stated coupon rate of 5.25% and were issued at 106.626% of par, resulting in a yield to maturity of 4.821%. The net proceeds from the offering were $669.1 million after original issue discount. The proceeds were used to redeem $650.0 million in aggregate principal amount of outstanding 5.25% senior notes due 2025 (the "2025 Notes") at a redemption price equal to 102.625% of the principal amount of such 2025 Notes, plus accrued interest. In connection with these transactions, the Company recognized a loss of $21.1 million on the extinguishment of debt and paid related issuance costs of $5.9 million in the nine months ended October 3, 2020. Covenants Subject to certain exceptions, the indentures governing the Notes contain certain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate, merge or sell all or substantially all of the Company’s assets. The indentures governing the Notes also provide for customary events of default. As of October 2, 2021, the Company was in compliance with all covenants under the indentures governing the Notes. Credit Agreement The Company's unsecured credit agreement (the "Credit Agreement"), dated August 8, 2017, consists of a $1.75 billion revolving credit facility (the "Revolving Credit Facility") and a $250.0 million term loan facility (the "Term Loan Facility"). In February 2020, the Company entered into an agreement to extend the maturity date of the Revolving Credit Facility by one year to August 8, 2024. The maturity date of the Term Loan Facility is August 8, 2022. In connection with the extension agreement, the Company paid related issuance costs of $1.0 million. As of October 2, 2021 and December 31, 2020, there were $206.3 million and $220.3 million, respectively, of borrowings outstanding under the Term Loan Facility. In March 2020, as a proactive measure in response to the COVID-19 pandemic, the Company borrowed $1.0 billion under the Revolving Credit Facility, which was repaid in full in September 2020. As of October 2, 2021 and December 31, 2020, there were no borrowings outstanding under the Revolving Credit Facility. In the first nine months of 2021, the Company made required principal payments of $14.1 million under the Term Loan Facility. Advances under the Revolving Credit Facility and the Term Loan Facility generally bear interest based on (i) the Eurocurrency Rate (as defined in the Credit Agreement) or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin, determined in accordance with a pricing grid. The ranges and rates as of October 2, 2021, are shown below (in percentages):
|  | Eurocurrency Rate |  | Base Rate
|  |  |  |  |  | Rate as of |  |  |  |  |  | Rate as of
|  | Minimum |  | Maximum |  | October 2, 2021 |  | Minimum |  | Maximum |  | October 2, 2021
Revolving Credit Facility |  | 1.00 | % |  | 1.60 | % |  | 1.10 | % |  | 0.00 | % |  | 0.60 | % |  | 0.10 | %
Term Loan Facility |  | 1.125 | % |  | 1.90 | % |  | 1.25 | % |  | 0.125 | % |  | 0.90 | % |  | 0.25 | %
A facility fee, which ranges from 0.125% to 0.30% of the total amount committed under the Revolving Credit Facility, is payable quarterly. Covenants The Credit Agreement contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness and liens. As of October 2, 2021, the Company was in compliance with all covenants under the Credit Agreement. Subsequent Event On October 28, 2021, the Company entered into an amended and restated unsecured credit agreement which increases available borrowings under the revolving credit facility to $2.0 billion and extends the maturity date to October 28, 2026. The amended and restated unsecured credit agreement maintains the Company's $250 million term loan facility maturing on August 8, 2022. Other As of October 2, 2021 and December 31, 2020, other long-term debt consists of amounts outstanding under a finance lease agreement. For further information related to the Company's debt, see Note 7, "Debt," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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