v3.26.1
Long-Term Debt and Other Financing
 6 Months Ended
Jun. 28, 2026
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 28, 2026June 29, 2025December 28, 2025
Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value
3.90% Notes Due 2029
$900.0 $876.7 $900.0 $866.4 $900.0 $885.2 
6.05% Notes Due 2034
500.0 525.1 500.0 514.9 500.0 530.7 
3.55% Notes Due 2026
497.0 495.7 554.9 547.2 497.0 495.3 
6.35% Notes Due 2040
470.0 493.8 500.0 507.3 500.0 526.1 
3.50% Notes Due 2027
415.0 410.5 475.0 463.9 475.0 470.3 
4.65% Notes Due 2031
400.0 396.0 — — — — 
5.10% Notes Due 2044
265.0 238.0 300.0 258.5 300.0 267.5 
6.60% Debentures Due 2028
109.9 114.2 109.9 116.8 109.9 116.4 
Total long-term debt3,556.9 3,550.0 3,339.8 3,275.0 3,281.9 3,291.5 
Less: deferred debt expenses18.7 — 18.9 — 17.0 — 
Less: Current portion of long-term debt497.0 495.7 — — 497.0 495.3 
Long-term debt$3,041.2 $3,054.3 $3,320.9 $3,275.0 $2,767.9 $2,796.2 
During the three and six months ended June 28, 2026, the Company repurchased $55.2 million and $125.0 million, respectively, of its 2027, 2040, and 2044 Notes and recorded a gain on extinguishment of $0.2 million and $1.7 million, respectively, in Other expense (income), net in the Consolidated Statements of Operations. For the three and six months ended June 29, 2025, the Company repurchased $11.5 million and $61.9 million, respectively, of its 2026 and 2027 Notes and 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.
2031 Notes
In March 2026, the Company issued an aggregate of $400.0 million in senior unsecured debt securities that bear a fixed interest rate of 4.65% due 2031 (the "2031 Notes"). The 2031 Notes were issued with an original issuance discount of $0.6 million and the Company capitalized $3.7 million of debt issuance costs. The original issuance discount and debt issuance costs will be amortized over the term of the 2031 Notes.
Other Financing Arrangements
On February 20, 2026, the Company entered into a Fourth Amended and Restated Revolving Credit Agreement (the "Amended Agreement") with Bank of America, N.A., as administrative agent, swing line lender, Letter of Credit issuer and lender, and certain other financial institutions, as Letter of Credit issuers and/or lenders. The Amended Agreement amends and restates the Borrower's Third Amended and Restated Revolving Credit Agreement dated as of September 5, 2023.
The Amended Agreement provides the Company with a senior unsecured revolving credit facility (the “Revolving Facility”) with commitments in an aggregate principal amount of $1.1 billion. The Amended Agreement also provides for a potential additional incremental commitment increase of up to $550.0 million. Additionally, the Amended Agreement extends the term of the Revolving Facility from September 5, 2028 to February 20, 2031. The Amended Agreement contains sub-facilities that permit the Borrower to use up to $75.0 million of the Revolving Facility for the issuance of letters of credit and up to $50.0 million for swing line loans.
The Amended Agreement contains affirmative and negative covenants typical of this type of facility, including: (a) restrictions on the Company’s and its domestic subsidiaries’ ability to allow liens on their assets, (b) restrictions on the incurrence of indebtedness, (c) restrictions on the Company’s and certain of its subsidiaries’ ability to engage in certain mergers, (d) the requirement that the Company maintain a Consolidated Interest Coverage Ratio of no less than 3.00:1.00 as of the end of any fiscal quarter and (e) the requirement that the Company maintain: a Consolidated Net Total Leverage Ratio of no more than (i) 3.75:1.00 for each of the first, second and fourth fiscal quarters of each year and (ii) 4.00:1.00 for the third fiscal quarter of each year. The Company has no outstanding borrowings under the Amended Agreement as of June 28, 2026. In connection with the execution of the Amended Agreement, the Company capitalized $1.8 million of deferred financing costs.
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 $56.5 million, $67.8 million, and $45.7 million as of June 28, 2026, June 29, 2025, and December 28, 2025, 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.