v3.26.1
Debt
 3 Months Ended
Apr. 03, 2026
Debt Disclosure [Abstract]  
Debt
NOTE 8. DEBT
Total outstanding debt consisted of the following:
As of
Effective interest rateFirst Quarter of Year End
InstrumentDate of Issuance20262025
(In millions)
Senior Notes:
   Senior Notes, 4.90%, due June 2028
June 20185.04%$600.0 $600.0 
   Senior Notes, 6.10%, due March 2033
March 20236.13%800.0 800.0 
Credit Facilities:
2025 Revolving Credit Facility, due March 2030
December 2025
6.88%10.0 — 
Uncommitted Credit Facilities, floating rate5.11%10.3 — 
Unamortized discount and issuance costs(7.5)(7.8)
Total debt$1,412.8 $1,392.2 
Less: Short-term debt10.3 — 
Total long-term debt
$1,402.5 $1,392.2 
Debt Maturities
At the end of the first quarter of 2026, our debt maturities based on outstanding principal were as follows (in millions):
Year Payable
2026 (Remaining)$10.3 
2027— 
2028600.0 
2029— 
203010.0 
Thereafter800.0 
Total$1,420.3 
Senior Notes
All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year for the 2028 senior notes and in March and September for the 2033 senior notes. Additional details are unchanged from the information disclosed in Note 9 Debt of the 2025 Form 10-K.
Credit Facilities
2025 Credit Facility
In 2025, we entered into a five-year, unsecured, revolving credit facility in the aggregate principal amount of $1.25 billion (the “2025 Credit Facility”), which replaced the prior 2022 Credit Facility maturing in March 2027. Subject to the satisfaction of certain conditions, we may increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The proceeds from the revolving loans may be used for working capital and general corporate purposes, including the financing of acquisitions. We may borrow, repay, and reborrow funds under the revolving facility until its maturity on December 4, 2030.
Subsequent to the end of the first quarter of 2026, we borrowed $200 million from the 2025 Credit Facility to finance an acquisition. See Note 14, Subsequent Events for further details.
At the end of the first quarter of 2026, we were in compliance with our debt covenants for the 2025 Credit Facility. Additional details are unchanged from the information disclosed in Note 9, Debt of the 2025 Form 10-K.
Uncommitted Facilities
At the end of the first quarter of 2026, we had one $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted. Generally, these variable-rate, uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Condensed Consolidated Balance Sheet.
Subsequent to the end of the first quarter of 2026, we borrowed $50 million from our $75 million uncommitted facility to finance an acquisition. See Note 14, Subsequent Events for further details. Additionally, we amended this uncommitted facility to increase the credit limit to $150 million.