v3.25.1
Long-Term Debt and Other Financing
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt and Other Financing Long-Term Debt and Other Financing
The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings are as follows:
March 30, 2025March 31, 2024December 29, 2024
Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value
3.90% Notes Due 2029
$900.0 $853.8 $900.0 $835.3 $900.0 $845.6 
3.55% Notes Due 2026
565.1 554.7 675.0 643.8 591.9 578.0 
6.05% Notes Due 2034
500.0 512.6 — — 500.0 502.2 
6.35% Notes Due 2040
500.0 512.5 500.0 511.5 500.0 507.5 
3.50% Notes Due 2027
476.4 462.5 500.0 470.7 500.0 481.5 
5.10% Notes Due 2044
300.0 260.6 300.0 257.3 300.0 261.3 
6.60% Debentures Due 2028
109.9 116.1 109.9 114.8 109.9 114.4 
3.00% Notes Due 2024
— — 500.0 491.0 — — 
Total long-term debt$3,351.4 $3,272.8 $3,484.9 $3,324.4 $3,401.8 $3,290.5 
Less: Deferred debt expenses19.9 — 18.0 — 21.0 — 
Less: Current portion— — 500.0 — — — 
Long-term debt$3,331.5 $3,272.8 $2,966.9 $3,324.4 $3,380.8 $3,290.5 
For the three months ended March 30, 2025, the Company repurchased $50.4 million of its 2026 and 2027 Notes and recorded a gain on extinguishment of $1.2 million, which was recorded in Other expense (income), net in the Consolidated Statements of Operations.
Other Financing Arrangements
The Company's third amended and restated revolving credit facility with Bank of America, as administrative agent, swing line lender, a letter of credit issuer and a lender and certain other financial institutions as lenders thereto (the "Amended Revolving Credit Facility") provides the Company with commitments having a maximum aggregate principal amount of $1.25 billion, of which the Company has zero outstanding borrowings as of March 30, 2025. The Amended Revolving Credit Agreement contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. It also provides for a potential additional incremental commitment increase of up to $500.0 million subject to agreement of the lenders.
The Company also has a supplier finance program which provides participating suppliers the option of receiving payment in advance of an invoice due date, to be paid by certain administering banks, on the basis of invoices that the Company has confirmed as valid and approved. The Company’s obligation is to make payment in the invoice amount negotiated with participating suppliers, to the administering banks on the invoice due date. The Company’s suppliers are not required to participate in the supplier finance program. The early payment transactions between the Company’s supplier and the administering bank are subject to an agreement between those parties, and the Company does not participate in any financial aspect of the agreements between the Company’s suppliers and the administering banks. The Company has not pledged any assets to the administering bank under the supplier financing program. The Company or the administering bank may terminate the agreement upon at least 30 days’ written notice. The amount of obligations confirmed under the program that remain unpaid by the Company were $51.2 million, $47.7 million, and $66.2 million as of March 30, 2025, March 31, 2024, and December 29, 2024, respectively. These obligations are presented within Accounts payable in our Consolidated Balance Sheets. The activity related to this program is reflected within the operating activities section of the Consolidated Statements of Cash Flows.