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v3.23.1

Debt | 3 Months Ended
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Apr. 01, 2023
Debt Disclosure [Abstract] |
Debt | Debt Short-Term Borrowings The Company utilizes uncommitted lines of credit as needed for its short-term working capital fluctuations. As of April 1, 2023 and December 31, 2022, the Company had lines of credit from banks totaling $300.9 million and $298.2 million, respectively. As of April 1, 2023 and December 31, 2022, the Company had short-term debt balances outstanding related to draws on the lines of credit of $16.6 million and $9.9 million, respectively. Long-Term 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):
| April 1, 2023
Debt Instrument | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Premium (Discount) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
3.8% Senior Notes due 2027 (the "2027 Notes") | $ | 550.0 |  |  | $ | (2.0) |  |  | $ | (1.7) |  |  | $ | 546.3 |  |  | 3.885%
4.25% Senior Notes due 2029 (the "2029 Notes") | 375.0 |  |  | (1.9) |  |  | (0.7) |  |  | 372.4 |  |  | 4.288%
3.5% Senior Notes due 2030 (the "2030 Notes") | 350.0 |  |  | (1.9) |  |  | (0.6) |  |  | 347.5 |  |  | 3.525%
2.6% Senior Notes due 2032 (the "2032 Notes") | 350.0 |  |  | (2.7) |  |  | (0.7) |  |  | 346.6 |  |  | 2.624%
5.25% Senior Notes due 2049 (the "2049 Notes") | 625.0 |  |  | (5.8) |  |  | 13.0 |  |  | 632.2 |  |  | 5.103%
3.55% Senior Notes due 2052 (the "2052 Notes") | 350.0 |  |  | (3.8) |  |  | (0.5) |  |  | 345.7 |  |  | 3.558%
Other | 6.0 |  |  | — |  |  | — |  |  | 6.0 |  |  | N/A
| $ | 2,606.0 |  |  | $ | (18.1) |  |  | $ | 8.8 |  |  | $ | 2,596.7 |  |  |
Less — Current portion |  |  |  |  |  |  | (5.1) |  |  |
Long-term debt |  |  |  |  |  |  | $ | 2,591.6 |  |  |
| December 31, 2022
Debt Instrument | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Premium (Discount) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
2027 Notes | $ | 550.0 |  |  | $ | (2.1) |  |  | $ | (1.8) |  |  | $ | 546.1 |  |  | 3.885%
2029 Notes | 375.0 |  |  | (2.0) |  |  | (0.7) |  |  | 372.3 |  |  | 4.288%
2030 Notes | 350.0 |  |  | (2.0) |  |  | (0.6) |  |  | 347.4 |  |  | 3.525%
2032 Notes | 350.0 |  |  | (2.8) |  |  | (0.7) |  |  | 346.5 |  |  | 2.624%
2049 Notes | 625.0 |  |  | (6.0) |  |  | 13.2 |  |  | 632.2 |  |  | 5.103%
2052 Notes | 350.0 |  |  | (3.8) |  |  | (0.5) |  |  | 345.7 |  |  | 3.558%
Other | 11.8 |  |  | — |  |  | — |  |  | 11.8 |  |  | N/A
| $ | 2,611.8 |  |  | $ | (18.7) |  |  | $ | 8.9 |  |  | 2,602.0 |  |  |
Less — Current portion |  |  |  |  |  |  | (10.8) |  |  |
Long-term debt |  |  |  |  |  |  | $ | 2,591.2 |  |  |
Senior Notes The issuance, maturity and interest payment dates of the Company's senior unsecured 2027 Notes, 2029 Notes, 2030 Notes, 2032 Notes, 2049 Notes and 2052 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
2032 Notes |  | November 2021 |  | January 15, 2032 |  | January 15 and July 15
2049 Notes |  | May 2019 and February 2020 |  | May 15, 2049 |  | May 15 and November 15
2052 Notes |  | November 2021 |  | January 15, 2052 |  | January 15 and July 15
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 April 1, 2023, the Company was in compliance with all covenants under the indentures governing the Notes. Credit Agreement The Company's $2.0 billion amended and restated unsecured revolving credit agreement ("Credit Agreement") expires on October 28, 2026. A s of April 1, 2023 and December 31, 2022, there were no borrowings outstanding under the Credit Agreement. Advances under the Credit Agreement 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. As of April 1, 2023, the ranges and rates are as follows (in percentages):
|  | Eurocurrency Rate |  | Base Rate
|  |  |  |  |  | Rate as of |  |  |  |  |  | Rate as of
|  | Minimum |  | Maximum |  | April 1, 2023 |  | Minimum |  | Maximum |  | April 1, 2023
Credit Agreement |  | 0.925 | % |  | 1.450 | % |  | 1.125 | % |  | 0.000 | % |  | 0.450 | % |  | 0.125 | %
A facility fee, which ranges from 0.075% to 0.20% of the total amount committed under the Credit Agreement, 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 April 1, 2023, the Company was in compliance with all covenants under the Credit Agreement. Delayed-Draw Term Loan Facility In December 2022, the Company entered into an unsecured $150 million committed delayed-draw term loan facility (the "Delayed-Draw Facility") that matures three years after the funding date. The Delayed-Draw Facility will be used to finance the acquisition of IGB. Advances under the Delayed-Draw Facility generally bear interest based on the Daily or Term Secured Overnight Financing Rate ("SOFR"), as defined in the Delayed-Draw Facility agreement, plus a margin determined in accordance with a pricing grid that ranges from 1.00% to 1.525%. As of April 1, 2023, there were no amounts drawn under the Delayed-Draw Facility. On April 26, 2023, the Company provided irrevocable notice to borrow $150 million under its Delayed-Draw Facility to finance the acquisition of IGB (see Note 3, "Acquisitions"). Covenants The Delayed-Draw Facility contains the same covenants as the Credit Agreement. As of April 1, 2023, the Company was in compliance with all covenants under the Delayed-Draw Facility. Other Long-Term Debt As of April 1, 2023 and December 31, 2022, other long-term debt, including the current portion, consists of amounts outstanding under an unsecured working capital loan and 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, 2022.

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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