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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt Details of the Company’s debt at March 30, 2025 and December 31, 2024 are as follows:
| March 30, 2025 |  | December 31, 2024
Commercial paper | $ | 528,000 |  |  | $ | — |
364-Day term loan due December 2025 | 1,495,787 |  |  | 1,493,568 |
Term loan due December 2026 | 698,459 |  |  | 698,167 |
Syndicated term loan due August 2028 | 497,832 |  |  | 497,674 |
1.800% notes due February 2025 | — |  |  | 399,933 |
4.450% notes due September 2026 | 497,327 |  |  | 496,869 |
2.250% notes due February 2027 | 299,056 |  |  | 298,930 |
4.600% notes due September 2029 | 594,806 |  |  | 594,519 |
3.125% notes due May 2030 | 597,097 |  |  | 596,958 |
2.850% notes due February 2032 | 496,429 |  |  | 496,302 |
5.000% notes due September 2034 | 690,059 |  |  | 689,802 |
5.750% notes due November 2040 | 536,290 |  |  | 536,282 |
Other foreign denominated debt | 117,815 |  |  | 155,048 |
Finance lease obligations | 59,875 |  |  | 67,628 |
Other debt | 17,292 |  |  | 18,341 |
Total debt | 7,126,124 |  |  | 7,040,021 |
Less: Notes payable and current portion of long-term debt | (2,147,787) |  |  | (2,054,525) |
Long-term debt | $ | 4,978,337 |  |  | $ | 4,985,496 |
Included in “Other foreign denominated debt” at March 30, 2025 and December 31, 2024 are $51,949 and $73,487, respectively, of transfers of certain trade receivables of Eviosys to third-party financial institutions for which the requirements to be accounted for as true sale in accordance with the guidance under ASC 860, “Transfers and Servicing,” were not met. Additions to and settlements of these obligations are reflected as “Proceeds from issuance of debt” and “Principal repayment of debt,” respectively, in “Net cash provided/(used) by financing activities” in the Company’s Condensed Consolidated Statements of Cash Flows. On February 3, 2025, the Company repaid the $400,000 aggregate principal amount of its 1.800% notes due February 2025 upon maturity using proceeds from the issuance of commercial paper. The Company maintains a revolving credit facility with total commitments of $1,250,000 and a maturity date of May 3, 2029. The Company’s $1,250,000 commercial paper program is supported by the revolving credit facility. At March 30, 2025, the Company had $528,000 in commercial paper balances outstanding; accordingly, the committed capacity available for drawdown under its revolving credit facility at March 30, 2025 was $722,000. On April 1, 2025, subsequent to the end of the three-month period ended March 30, 2025, the Company completed the sale of TFP. On April 3, 2025, the Company used a portion of the cash proceeds from the sale to repay the outstanding $1,500,000 principal amount of borrowings under its 364-day term loan facility. 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 March 30, 2025, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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