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Debt
 6 Months Ended
Jul. 04, 2021
Debt Disclosure [Abstract]  
Debt Debt
Details of the Company's debt at July 4, 2021 and December 31, 2020 are as follows:
July 4,
2021		December 31,
2020
Commercial paper$128,000 $— 
1.0% Euro loan due May 2021
— 183,662 
9.2% debentures due August 2021
4,321 4,320 
4.375% debentures due November 2021
249,934 249,741 
3.125% debentures due May 2030
595,026 594,687 
5.75% debentures due November 2040
536,165 599,279 
Other foreign denominated debt17,816 15,522 
Finance lease obligations51,627 37,943 
Other notes15,203 15,070 
Total debt$1,598,092 $1,700,224 
Less current portion and short-term notes404,029 455,784 
Long-term debt$1,194,063 $1,244,440 

On April 28, 2021, the Company commenced a cash tender offer to purchase up to $300,000 of the $600,000 outstanding principal amount of its 5.75% notes due November 2040. Upon expiration of the tender on May 25, 2021, the Company repurchased 10.53% of its outstanding 5.75% notes for a total cash cost of $81,961, as shown below:
Principal Amount TenderedPremium and Other Amounts PaidTotal
Cash
Paid
5.75% debentures due November 2040
$63,206 $18,755 $81,961 
On April 28, 2021, the Company entered into a reverse treasury lock agreement intended to fix the cash cost to fund approximately $100,000 of the maximum $300,000 principal amount subject to being tendered. The settlement of the reverse treasury lock on May 13, 2021 resulted in a loss of $1,356. In addition, the Company wrote off a proportional share of unamortized bond issuance costs and unamortized original issue discounts associated with the 5.75% notes. These non-cash write-offs net to $73, which combined with the hedge loss and premium and other amounts paid, resulted in a pretax loss from the early extinguishment of debt totaling $20,184.
The Company's 1%, 150,000 euro-denominated debt matured on May 25, 2021, and a U.S. dollar equivalent cash payment of $177,780 was made to settle the debt. On April 7, 2021, the Company entered into two forward contracts to buy a total of 150,000 euros, to manage foreign currency risk related to the Company's funding of the debt repayment upon maturity. The Company recognized a gain of $4,387 upon the May 21, 2021 maturity of these forward contracts. The gain is included in "Selling, general and administrative expenses" on the Company's Condensed Consolidated Statements of Income for the three and six months ended July 4, 2021 and the proceeds from the settlement of the contracts and the debt maturity payment are reflected in "Net cash (used)/provided by financing activities" in the Company's Condensed Consolidated Statement of Cash Flows for the six months ended July 4, 2021.
On June 30, 2021, the Company entered into a new five-year $750,000, unsecured revolving credit facility which replaced an existing credit facility entered into on July 20, 2017, and reflects substantially the same terms and conditions. Consistent with prior facilities, the new revolving credit facility supports the Company's $500,000 commercial paper program. Based on the pricing grid, the Credit Agreement and Sonoco's current credit ratings, a London Interbank Offering Rate (LIBOR) borrowing has an all-in drawn margin of 125.0 basis points.
As of July 4, 2021, the Company has scheduled debt maturities through the next twelve months of $404,029. At July 4, 2021, the Company has $263,529 in cash and cash equivalents on hand and $750,000 in committed capacity under its revolving credit facility, of which $622,000 was available for draw down net of commercial paper balances of $128,000. The Company believes that these amounts, combined with expected net cash flows from operating activities,
provide ample liquidity to cover these debt maturities and other cash flow needs of the Company over the course of the next year.
Certain of the Company’s debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets. The most restrictive covenants currently require the Company to maintain a minimum level of interest coverage and a minimum level of net worth, as defined in the agreements. As of July 4, 2021, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.