FINANCING

9 Months Ended

Sep. 29, 2023

Debt Disclosure [Abstract]

FINANCING

NOTE 5. FINANCING

The components of our debt were as follows ($ in millions):

	September 29, 2023		December 31, 2022
U.S. dollar-denominated commercial paper	$	151.1	$	405.0
Delayed-Draw Term Loan due 2023	750.0		1,000.0
Euro Term Loan due 2025	290.8		294.4
Yen Term Loan due 2025	96.4		109.8
3.15% senior unsecured notes due 2026	900.0		900.0
4.30% senior unsecured notes due 2046	550.0		550.0
Long-term debt, principal amounts	2,738.3		3,259.2
Less: aggregate unamortized debt discounts, premiums, and issuance costs	6.3		7.9
Long-term debt, carrying value	2,732.0		3,251.3
Less: current portion of long-term debt, carrying value	749.9		999.7
Long-term debt, net of current maturities	$	1,982.1	$	2,251.6

Refer to Note 11 of our 2022 Annual Report on Form 10-K for further details of our debt financing.

Delayed-Draw Term Loan due 2023

On August 24, 2023, we repaid $250 million of the Delayed-Draw Term Loan Due 2023, which is prepayable at our option without premium or penalty. The amount repaid may not be reborrowed. The remaining principal is due on December 14, 2023.

Other Liquidity Sources

We generally satisfy any short-term liquidity needs that are not met through operating cash flows and available cash primarily through issuances of commercial paper under our U.S. dollar and Euro-denominated commercial paper programs (“Commercial Paper Programs”). Under these programs, we may issue unsecured promissory notes with maturities not exceeding 397 and 183 days, respectively.

Interest expense on commercial paper is paid at maturity and is generally based on our credit ratings at the time of issuance and prevailing short-term interest rates.

The details of our outstanding Commercial Paper Programs as of September 29, 2023 were as follows ($ in millions):

	Carrying value (a)		Annual effective rate		Weighted average maturity (in days)
U.S. dollar-denominated commercial paper	$	150.9	5.54	%	18
(a) Net of unamortized debt discount.

Credit support for the Commercial Paper Programs is provided by a five-year $2.0 billion senior unsecured revolving credit facility that expires on October 18, 2027 (the “Revolving Credit Facility”) which, to the extent not otherwise providing credit support for our commercial paper programs, can also be used for working capital and other general corporate purposes. As of September 29, 2023, no borrowings were outstanding under the Revolving Credit Facility.

We classified our borrowings outstanding under the Commercial Paper Programs as Long-term debt in the accompanying Consolidated Condensed Balance Sheets as we had the intent and ability, as supported by availability under the Revolving Credit Facility, to refinance these borrowings for at least one year from the balance sheet date.