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v3.25.2

Debt | 6 Months Ended
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Jun. 28, 2025
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 June 28, 2025 and December 31, 2024, the Company had lines of credit from banks totaling $380.5 million and $342.5 million, respectively. As of June 28, 2025 and December 31, 2024, the Company had short-term debt balances outstanding related to draws on its lines of credit of $27.2 million and $26.7 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):
|  | June 28, 2025
Debt Instrument |  | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Premium (Discount) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
Delayed-Draw Term Loan Facility (the "Term Loan") |  | $ | 100.0 |  |  | $ | (0.1) |  |  | $ | — |  |  | $ | 99.9 |  |  | 5.320%
3.8% Senior Notes due 2027 (the "2027 Notes") |  | 550.0 |  |  | (1.0) |  |  | (0.8) |  |  | 548.2 |  |  | 3.885%
4.25% Senior Notes due 2029 (the "2029 Notes") |  | 375.0 |  |  | (1.2) |  |  | (0.5) |  |  | 373.3 |  |  | 4.288%
3.5% Senior Notes due 2030 (the "2030 Notes") |  | 350.0 |  |  | (1.3) |  |  | (0.4) |  |  | 348.3 |  |  | 3.525%
2.6% Senior Notes due 2032 (the "2032 Notes") |  | 350.0 |  |  | (2.0) |  |  | (0.5) |  |  | 347.5 |  |  | 2.624%
5.25% Senior Notes due 2049 (the "2049 Notes") |  | 625.0 |  |  | (5.3) |  |  | 11.9 |  |  | 631.6 |  |  | 5.103%
3.55% Senior Notes due 2052 (the "2052 Notes") |  | 350.0 |  |  | (3.5) |  |  | (0.5) |  |  | 346.0 |  |  | 3.558%
Other |  | 69.4 |  |  | — |  |  | — |  |  | 69.4 |  |  | N/A
|  | $ | 2,769.4 |  |  | $ | (14.4) |  |  | $ | 9.2 |  |  | 2,764.2 |  |  |
Less — Current portion |  |  |  |  |  |  |  | (3.6) |  |  |
Long-term debt |  |  |  |  |  |  |  | $ | 2,760.6 |  |  |
|  | December 31, 2024
Debt Instrument |  | Long-Term Debt |  | Unamortized Debt Issuance Costs |  | Unamortized Original Issue Premium (Discount) |  | Long-Term Debt, Net |  | Weighted Average Interest Rate
Term Loan |  | $ | 100.0 |  |  | $ | (0.3) |  |  | $ | — |  |  | $ | 99.7 |  |  | 5.835%
2027 Notes |  | 550.0 |  |  | (1.2) |  |  | (1.1) |  |  | 547.7 |  |  | 3.885%
2029 Notes |  | 375.0 |  |  | (1.4) |  |  | (0.5) |  |  | 373.1 |  |  | 4.288%
2030 Notes |  | 350.0 |  |  | (1.5) |  |  | (0.4) |  |  | 348.1 |  |  | 3.525%
2032 Notes |  | 350.0 |  |  | (2.2) |  |  | (0.6) |  |  | 347.2 |  |  | 2.624%
2049 Notes |  | 625.0 |  |  | (5.4) |  |  | 12.2 |  |  | 631.8 |  |  | 5.103%
2052 Notes |  | 350.0 |  |  | (3.5) |  |  | (0.5) |  |  | 346.0 |  |  | 3.558%
Other |  | 41.9 |  |  | — |  |  | — |  |  | 41.9 |  |  | N/A
|  | $ | 2,741.9 |  |  | $ | (15.5) |  |  | $ | 9.1 |  |  | 2,735.5 |  |  |
Less — Current portion |  |  |  |  |  |  |  | (2.2) |  |  |
Long-term debt |  |  |  |  |  |  |  | $ | 2,733.3 |  |  |
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
Subject to certain exceptions, the indentures governing the Notes contain 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 June 28, 2025, 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 (the "Credit Agreement") expires on October 28, 2027. As of June 28, 2025 and December 31, 2024, there were no borrowings outstanding under the Credit Agreement. Advances under the Credit Agreement generally bear interest based on (i) Term Benchmark, Central Bank Rate and Risk Free Rate ("RFR") (in each case, as defined in the Credit Agreement) or (ii) Alternate Base Rate ("ABR") and Canadian Prime Rate (in each case, as defined in the Credit Agreement). As of June 28, 2025, the ranges and rates are as follows:
|  | Term Benchmark, Central Bank Rate and RFR Loans |  | ABR and Canadian Prime Rate Loans
|  | Minimum |  | Maximum |  | Rate as of June 28, 2025 |  | Minimum |  | Maximum |  | Rate as of June 28, 2025
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. 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 June 28, 2025, the Company was in compliance with all covenants under the Credit Agreement. Subsequent Event - On July 24, 2025, the Company amended and restated its Credit Agreement to extend the maturity date to July 24, 2030. Term Loan As of June 28, 2025, the Company had $100.0 million outstanding under its unsecured delayed-draw term loan facility (the "Term Loan"). On June 27, 2025, the Company amended the Term Loan to extend the maturity date to September 30, 2027, and reduce the pricing across the grid. In connection with this transaction, the Company recognized a loss on the extinguishment of debt and incurred related issuance costs totaling $0.5 million, which is reflected in other expense, net in the accompanying condensed consolidated statements of comprehensive income (loss) for the three and six months ended June 28, 2025. Advances under the Term Loan generally bear interest based on the Daily or Term SOFR (as defined in the Term Loan agreement) plus a margin determined in accordance with a pricing grid that ranges from 0.875% to 1.375%. As of June 28, 2025, the interest rate was 5.320%. The Term Loan contains the same covenants as the Credit Agreement. As of June 28, 2025, the Company was in compliance with all covenants under the Term Loan. Other As of June 28, 2025 and December 31, 2024, other long-term debt, including the current portion, consisted of amounts outstanding under an unsecured working capital loan and finance lease agreements. For further information related to the Company's debt, see Note 6, "Debt," to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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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 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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