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Debt
 9 Months Ended
Oct. 02, 2022
Debt Disclosure [Abstract]  
Debt Debt
Details of the Company's debt at October 2, 2022 and December 31, 2021 are as follows:
October 2,
2022		December 31,
2021
Commercial paper$285,000 $349,000 
Syndicated term loan due February 2025299,602 — 
1.800% notes due February 2025
398,168 — 
2.250% notes due February 2027
297,780 — 
2.850% notes due February 2032
495,132 — 
3.125% notes due May 2030
595,771 595,342 
5.750% notes due November 2040
536,206 536,182 
Other foreign denominated debt32,478 55,432 
Finance lease obligations103,027 60,282 
Other debt96,866 14,425 
Total debt$3,140,030 $1,610,663 
Less current portion and short-term notes416,929 411,557 
Long-term debt$2,723,101 $1,199,106 
On January 21, 2022, the Company completed a registered public offering of green bonds with an aggregate principal amount of $1,200,000. These unsecured notes (the “Notes”) consisted of the following:
Principal AmountIssuance Costs and DiscountsNet ProceedsInterest RateMaturity
2025 Notes$400,000 $(2,356)$397,644 1.800%February 1, 2025
2027 Notes300,000 (2,565)297,435 2.250%February 1, 2027
2032 Notes500,000 (5,220)494,780 2.850%February 1, 2032
Total$1,200,000 $(10,141)$1,189,859 
The Notes are senior unsecured obligations and rank equal in right of payment to the Company’s other senior unsecured debt from time to time outstanding. The indenture governing the Notes contains certain covenants with respect to the Company that, among other things, restrict the entry into additional secured indebtedness, sale and leaseback transactions and certain mergers, consolidations and transfers of all or substantially all of the Company’s assets. The Company used an amount equal to the net proceeds from the Notes to partially fund the January 26, 2022 acquisition of Metal Packaging.
Also on January 21, 2022, the Company entered into a $300,000 three-year term loan facility (the “Term Loan Facility”) with a syndicate of eight banks. The full $300,000 was drawn from this facility on January 26, 2022, and the proceeds used to partially fund the acquisition of Metal Packaging. Interest is assessed at the Secured Overnight Financing Rate (“SOFR”) plus a margin based on a pricing grid that uses the Company’s credit ratings. The current SOFR margin is 122.5 basis points. There is no required amortization and repayment can be accelerated at any time without penalty at the Company's discretion. Borrowings under the Term Loan Facility mature on January 27, 2025.
On April 28, 2021, the Company commenced a cash tender offer to purchase up to $300,000 of the $600,000 then-outstanding principal amount of its 5.750% notes due November 2040. Upon expiration of the tender offer on May 25, 2021, the Company repurchased 10.53% of its outstanding 5.750% notes for a total cash cost of $81,961, as shown below:
Principal Amount TenderedPremium and Other Amounts PaidTotal
Cash
Paid
 5.750% notes 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 5.750% notes. These non-cash writeoffs 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 during the second quarter of 2021.
The Company's 150,000 euro-denominated loan, which bore 1% annual interest, 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 in order 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” in the Company’s Condensed Consolidated Statements of Income for the nine-month period ended October 3, 2021 and the proceeds from the settlement of the contracts and the debt maturity payment are reflected in “Net cash provided/(used) by financing activities” in the Company’s Condensed Consolidated Statement of Cash Flows for the nine months ended October 3, 2021.
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 October 2, 2022, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.