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LONG-TERM DEBT AND FINANCING ARRANGEMENTS
 6 Months Ended
Jul. 04, 2026
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND FINANCING ARRANGEMENTS LONG-TERM DEBT AND FINANCING ARRANGEMENTS
July 4, 2026January 3, 2026
(Millions of Dollars)Interest RateNotional Value
Carrying Value1
Carrying Value
Notes payable due 20263.40%— — 499.9 
Notes payable due 20263.42%25.0 25.0 25.2 
Notes payable due 20261.84%28.6 28.5 29.5 
Notes payable due 20286.00%400.0 399.0 398.7 
Notes payable due 20287.05%150.0 154.3 155.3 
Notes payable due 20284.25%500.0 498.8 498.6 
Notes payable due 20283.52%50.0 51.4 51.7 
Notes payable due 20302.30%750.0 747.2 746.8 
Notes payable due 20323.00%500.0 497.4 497.2 
Notes payable due 20405.20%400.0 377.1 376.3 
Notes payable due 20484.85%500.0 495.5 495.4 
Notes payable due 20502.75%750.0 741.6 741.4 
Notes payable due 2060 (junior subordinated)6.71%750.0 742.0 741.9 
Other, payable due 20264.31%0.1 0.1 0.2 
Total Long-term debt, including current maturities$4,803.7 $4,757.9 $5,258.1 
Less: Current maturities of long-term debt(53.7)(554.8)
Long-term debt$4,704.2 $4,703.3 
1Carrying values are net of unamortized discounts of $(3.9) million, deferred issuance costs of $(26.6) million, unamortized terminated swaps of $(18.7) million, and purchase accounting fair value adjustments of $3.4 million. Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note H, Financial Instruments.

In March 2026, the Company redeemed its $500 million 3.40% notes, at maturity. The redemption was funded through the issuance of commercial paper. In August 2025, the Company redeemed its $350 million 6.272% notes at par prior to maturity. The redemption was funded through the issuance of commercial paper. The Company recognized a pre-tax loss of $0.3 million from the redemption related to the write-off of unamortized deferred financing fees.
The Company has a $3.5 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of July 4, 2026, the Company had no commercial paper borrowings outstanding. In the second quarter of 2026, the Company utilized the majority of the net proceeds from the CAM divestiture to repay commercial paper borrowings. As of January 3, 2026, the Company had $605.6 million commercial paper borrowings outstanding, of which $555.6 million in Euro denominated commercial paper was designated as a net investment hedge. Refer to Note H, Financial Instruments, for further discussion.

In June 2026, the Company amended and restated its existing five-year $2.25 billion committed credit facility with the concurrent execution of a new five-year $2.0 billion committed credit facility (the “5-Year Credit Agreement”). Borrowings under the 5-Year Credit Agreement may be made in U.S. Dollars, Euros or Pounds Sterling. A sub-limit of an amount equal to the Euro equivalent of $800.0 million is designated for swing line advances. Borrowings bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and specific terms of the 5-Year Credit Agreement. The Company must repay all advances under the 5-Year Credit Agreement by the earlier of June 18, 2031 or upon termination. The 5-Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.5 billion U.S. Dollar and Euro commercial paper program. As of July 4, 2026 and January 3, 2026, the Company had not drawn on its five-year committed credit facility.

In June 2026, the Company terminated its 364-Day $1.25 billion committed credit facility ("the 2025 Syndicated 364-Day Credit Agreement") dated June 2025. There were no outstanding borrowings under the 2025 Syndicated 364-Day Credit Agreement upon termination and as of January 3, 2026. Contemporaneously, the Company entered into a new $1.0 billion syndicated 364-Day Credit Agreement (the "2026 Syndicated 364-Day Credit Agreement") which is a revolving credit loan. The borrowings under the 2026 Syndicated 364-Day Credit Agreement may be made in U.S. Dollars or Euros and bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and pursuant to the terms of the 2026 Syndicated 364-Day Credit Agreement. The Company must repay all advances under the 2026 Syndicated 364-Day Credit Agreement by the earlier of June 17, 2027 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The 2026 Syndicated 364-Day Credit Agreement serves as part of the liquidity back-stop for the Company’s $3.5 billion U.S. Dollar and Euro commercial paper program. As of July 4, 2026, the Company had not drawn on its 2026 Syndicated 364-Day Credit Agreement.

The 5-Year Credit Agreement and the 2026 Syndicated 364-Day Credit Agreement, as described above, contain customary affirmative and negative covenants, including but not limited to, maintenance of an interest coverage ratio. The interest coverage ratio tested for covenant compliance compares adjusted Earnings Before Interest, Taxes, Depreciation and Amortization to adjusted net Interest Expense ("Adjusted EBITDA"/"Adjusted Net Interest Expense"). The Company must maintain, for each period of four consecutive fiscal quarters of the Company, an interest coverage ratio of not less than 3.50 to 1.00, provided that the Company is only required to maintain an interest coverage ratio of not less than 2.50 to 1.00 for any four fiscal quarter period ending on or before the end of the Company’s second fiscal quarter of 2026. For purposes of calculating the Company’s compliance with the interest coverage ratio, the Company is permitted to increase EBITDA by an amount equal to the Applicable Adjustment Addbacks (as defined in the 5-Year Credit Agreement and 2026 Syndicated 364-Day Credit Agreement, respectively), provided that the sum of the Applicable Adjustment Addbacks incurred in any four consecutive fiscal quarter periods ending on or before the end of the Company’s second fiscal quarter of 2026 shall not exceed $250,000,000 in the aggregate.