v3.25.2
Long-Term Debt and Other Financing
 6 Months Ended
Jun. 29, 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:
June 29, 2025June 30, 2024December 29, 2024
Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value
3.90% Notes Due 2029
$900.0 $866.4 $900.0 $830.9 $900.0 $845.6 
3.55% Notes Due 2026
554.9 547.2 675.0 644.8 591.9 578.0 
6.05% Notes Due 2034
500.0 514.9 500.0 500.1 500.0 502.2 
6.35% Notes Due 2040
500.0 507.3 500.0 512.1 500.0 507.5 
3.50% Notes Due 2027
475.0 463.9 500.0 471.5 500.0 481.5 
5.10% Notes Due 2044
300.0 258.5 300.0 258.0 300.0 261.3 
6.60% Debentures Due 2028
109.9 116.8 109.9 114.2 109.9 114.4 
3.00% Notes Due 2024
— — 500.0 494.6 — — 
Total long-term debt$3,339.8 $3,275.0 $3,984.9 $3,826.2 $3,401.8 $3,290.5 
Less: Deferred debt expenses18.9 — 23.5 — 21.0 — 
Less: Current portion— — 500.0 — — — 
Long-term debt$3,320.9 $3,275.0 $3,461.4 $3,826.2 $3,380.8 $3,290.5 
For the six months ended June 29, 2025, the Company repurchased $61.9 million of its 2026 and 2027 Notes. For the three and six months ended June 29, 2025, the Company recorded a gain on extinguishment of $0.2 million and $1.4 million, respectively, which were 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 June 29, 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 $67.8 million, $72.4 million, and $66.2 million as of June 29, 2025, June 30, 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.
In June 2025, the Company entered into an uncommitted money market line of credit agreement (the “Money Market Credit Facility”) to provide the Company with access to short-term cash advances with an aggregate principal amount of up to $100.0 million. The Money Market Credit Facility is intended to support the Company’s short-term liquidity needs, including working capital and general corporate purposes.
Under the terms of the Money Market Credit Facility, each loan borrowing is subject to the lender’s sole and absolute discretion with no obligation to fund and bears interest at a variable rate agreed upon at the time of each borrowing.
The Money Market Credit Facility has no commitment fee or termination fee. Each advance under the Money Market Credit Facility has a maturity date of less than 90 days from the borrowing date, and the Company may voluntarily prepay any outstanding advances without premium or penalty, subject to reimbursement of actual breakage costs, if any. The Money Market Credit Facility may be terminated by the lender at any time upon written notice and is subject to customary representations, warranties, and covenants. There was no outstanding balance as of June 29, 2025.