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Debt
 9 Months Ended
Oct. 01, 2023
Debt Disclosure [Abstract]  
Debt
Details of the Company’s debt at October 1, 2023 and December 31, 2022 are as follows:
October 1,
2023		December 31, 2022
Syndicated term loan due December 2023$— $399,246 
Syndicated term loan due January 2025— 299,644 
Syndicated term loan due August 2028795,457 — 
1.800% notes due February 2025
398,955 398,369 
2.250% notes due February 2027
298,293 297,910 
2.850% notes due February 2032
495,655 495,264 
3.125% notes due May 2030
596,338 595,911 
5.750% notes due November 2040
536,238 536,214 
Other foreign denominated debt22,830 20,668 
Finance lease obligations96,054 102,920 
Other debt14,913 76,077 
Total debt$3,254,733 $3,222,223 
Less current portion and short-term notes42,279 502,440 
Long-term debt$3,212,454 $2,719,783 
On August 7, 2023, the Company entered into a credit agreement with a consortium of Farm Credit System institutions and CoBank, ACB, as Administrative Agent (the “Term Loan Agreement”). The Term Loan Agreement provides the Company with the ability to borrow up to $900,000 on an unsecured basis (the “Term Loan Facility”). A total of $600,000 was drawn from the Term Loan Facility on August 7, 2023 and used to repay the syndicated term loans that were due in December 2023 and January 2025, and to make certain capital expenditures and to reimburse the Company for certain capital expenditures it had made in its operation of waste disposal facilities in rural areas. An additional $270,000 was drawn from the Term Loan Facility on September 8, 2023 and used to partially fund the acquisitions of the remaining interest in RTS Packaging and the Chattanooga Mill (see Note 3 for more information). Borrowings under the Term Loan Facility, net of any prepayments, will become payable in full on August 7, 2028. As of October 1, 2023, the Company has repaid a total of $70,000 of the amounts drawn under the Term Loan Facility. Borrowings under the Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company’s option, (i) the forward-looking Secured Overnight Financing Rate term rate (“Term SOFR” and such borrowings, “Term SOFR Loans”), (ii) a base rate set forth in the Term Loan Agreement, or (iii) a combination thereof, plus, in each case, an applicable margin calculated based on the Company’s credit ratings and, in the of case of Term SOFR Loans, a SOFR Adjustment (as defined in the Term Loan Agreement) of 0.1%. The Company has designated its borrowings under the Term Loan Facility as Term SOFR Loans. The margin currently applicable to Term SOFR Loans based on the Company’s credit ratings, together with the SOFR Adjustment, is 1.90%. If Term SOFR ceases to be available, the benchmark rate shall switch to Daily Simple SOFR (as defined in the Term Loan Agreement). There is no required amortization under the Term Loan Facility, and voluntary prepayments are permissible without penalty, subject to certain conditions pertaining to minimum notice and minimum prepayment and reduction amounts as described in the Term Loan Agreement.
The Term Loan Agreement contains various customary representations and warranties and affirmative and negative covenants, as more fully described in the Term Loan Agreement. The Term Loan Agreement also contains various customary events of default (subject to grace periods, as applicable) including, among others: nonpayment of principal, interest or fees; breach of covenant; payment default on, or acceleration under, certain other material indebtedness; inaccuracy of the representations or warranties in any material respect; bankruptcy or insolvency; inability to pay debts; certain unsatisfied judgments; certain ERISA-related events; the invalidity or unenforceability of the Term Loan Agreement or certain other documents executed in connection therewith; and the occurrence of a change of control.
The Company entered into a five-year, $750,000 unsecured revolving credit facility on June 30, 2021. On August 7, 2023, the Company increased the commitments under this facility by $150,000 to an aggregate amount of $900,000.
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 1, 2023, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.