Long-Term Debt - (Tables)

6 Months Ended

Jul. 01, 2022

The Company's long-term debt consists of the following (annualized interest rates, dollars in millions):


	As of
	July 1, 2022		December 31, 2021
Amended Credit Agreement:
Revolving Credit Facility due 2024, interest payable monthly at 2.92% and —%, respectively	$	500.0	$	—
Term Loan "B" Facility due 2026, interest payable monthly at 3.67% and 2.10%, respectively	1,091.4		1,598.2
0% Notes due 2027	805.0		805.0
3.875% Notes due 2028 (1)	700.0		700.0

1.625% Notes due 2023 (2)	155.1		155.1
Gross long-term debt, including current maturities	$	3,251.5	$	3,258.3
Less: Debt discount (3)	(10.0)		(149.0)
Less: Debt issuance costs (4)	(28.9)		(34.7)
Net long-term debt, including current maturities	$	3,212.6	$	3,074.6
Less: Current maturities	(165.2)		(160.7)
Net long-term debt	$	3,047.4	$	2,913.9

(1)Interest is payable on March 1 and September 1 of each year at 3.875% annually.

(2)Interest is payable on April 15 and October 15 of each year at 1.625% annually.

(3)Debt discount of $4.7 million and $7.5 million for the Term Loan "B" Facility and $5.3 million and $5.8 million for the 3.875% Notes, in each case as of July 1, 2022 and December 31, 2021, respectively. Debt discount of $126.1 million for the 0% Notes and $9.6 million for the 1.625% Notes, in each case as of December 31, 2021. No debt discount as of July 1, 2022 for the 0% Notes and the 1.625% Notes due to the adoption of ASU 2020-06.

(4)Debt issuance costs of $10.9 million and $17.7 million for the Term Loan "B" Facility, $15.5 million and $14.1 million for the 0% Notes, $1.8 million and $2.0 million for the 3.875% Notes and $0.7 million and $0.9 million for the 1.625% Notes, in each case as of July 1, 2022 and December 31, 2021, respectively.

Schedule of Annual Maturities Relating To Long-Term Debt

Expected maturities of gross long-term debt (including current portion - see section regarding 1.625% Notes below) as of July 1, 2022 were as follows (in millions):


Period	Expected Maturities
Remainder of 2022	$	160.6
2023	10.9
2024	511.0
2025	10.9
2026	1,053.1
Thereafter	1,505.0
Total	$	3,251.5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details