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Debt
 12 Months Ended
Jan. 02, 2022
Debt Disclosure [Abstract]  
Debt Debt
 The Company’s debt consisted of the following:

January 2,
2022
Outstanding Principal
Unamortized Debt Discount
Unamortized Debt Issuance Costs
Net Carrying Amount
(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility$— $— $(3,362)$(3,362)
Unsecured Term Loan Credit Facility500,000 (14)(658)499,328 
0.550% Senior Unsecured Notes due in 2023500,000 (152)(2,093)497,755 
0.850% Senior Unsecured Notes due in 2024800,000 (447)(4,945)794,608 
1.875% Senior Unsecured Notes due in 2026 ("2026 Notes")568,600 (2,538)(2,280)563,782 
1.900% Senior Unsecured Notes due in 2028500,000 (348)(4,200)495,452 
3.3% Senior Unsecured Notes due in 2029 ("2029 Notes")850,000 (2,252)(6,234)841,514 
2.55% Senior Unsecured Notes due in 2031400,000 (126)(3,294)396,580 
2.250% Senior Unsecured Notes due in 2031500,000 (1,485)(4,380)494,135 
3.625% Senior Unsecured Notes due in 2051400,000 (4)(4,335)395,661 
Other Debt Facilities, non-current4,284 — — 4,284 
Total Long-Term Debt5,022,884 (7,366)(35,781)4,979,737 
Current Portion of Long-term Debt:
Other Debt Facilities, current4,240 — — 4,240 
Total Debt$5,027,124 $(7,366)$(35,781)$4,983,977 

January 3,
2021
Outstanding Principal
Unamortized Debt Discount
Unamortized Debt Issuance Costs
Net Carrying Amount
(In thousands)
Long-Term Debt:
Senior Unsecured Revolving Credit Facility$158,595 $— $(2,621)$155,974 
2026 Notes610,750 (3,253)(2,782)604,715 
2029 Notes850,000 (2,496)(6,908)840,596 
Other Debt Facilities, non-current8,416 — — 8,416 
Total Long-Term Debt1,627,761 (5,749)(12,311)1,609,701 
Current Portion of Long-term Debt:
0.6% Senior Unsecured Notes due in 2021 ("2021 Notes")366,450 (16)(229)366,205 
Other Debt Facilities, current14,743 — — 14,743 
Total Current Portion of Long-Term Debt381,193 (16)(229)380,948 
Total Debt$2,008,954 $(5,765)$(12,540)$1,990,649 

Senior Unsecured Revolving Credit Facility. On August 24, 2021, the Company terminated its previous senior unsecured revolving credit facility and entered into a new senior unsecured revolving credit facility with a five-year term and a borrowing capacity of $1.5 billion available through August 24, 2026. As of January 2, 2022, undrawn letters of credit in the aggregate amount of $11.0 million were treated as issued and outstanding when calculating the borrowing availability under the facility. As of January 2, 2022, the Company had $1.49 billion available for additional borrowing under the facility. Borrowings will bear interest, payable quarterly or, if earlier, at the end of any interest period, at the Company's option at either (a) the base rate
(as defined in the credit agreement), or (b) the eurocurrency rate (a publicly published rate), in each case plus a percentage spread based on the credit rating of the Company's debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," and (c) the Eurocurrency Rate plus 1.00%. The credit agreement for the new facility contains customary affirmative, negative and financial covenants and events of default. The financial covenants include a debt-to-capital ratio that remains applicable for so long as the Company's debt is rated as investment grade. In the event that the Company's debt is not rated as investment grade, the debt-to-capital ratio covenant is replaced with leverage ratio and interest coverage ratio covenants.
Unsecured Term Loan Credit Facility. The Company entered into an unsecured delayed draw term loan credit facility on August 11, 2021 that provided for $500.0 million of term loans available through the earlier of (i) the consummation of the Company's acquisition of BioLegend (with such transaction acquiring BioLegend being the “Acquisition”) and (ii) the date that is five (5) business days after October 25, 2021, and as could be extended through January 31, 2022 in the event that the outside date under the definitive agreement with respect to the Acquisition was extended. On September 16, 2021, the Company borrowed the full $500.0 million from the term loan facility and used the proceeds to partially fund the Acquisition. The interest rates under the senior unsecured term loan credit facility are at either (a) the base rate, as described in the credit agreement, or (b) the eurocurrency rate (a publicly published rate), in each case plus a percentage spread based on the credit rating of the Company’s debt. The base rate is the highest of (a) the Federal Funds Rate (as defined in the credit agreement) plus 0.50%, (b) the rate of interest in effect for such day as publicly announced from time to time by Bank of America as its "prime rate," and (c) the Eurocurrency Rate plus 1.00%. The Eurocurrency margin as of January 2, 2022 was 113.0 basis points. The weighted average Eurocurrency interest rate as of January 2, 2022 was 0.10%, resulting in a weighted average effective Eurocurrency Rate, including the margin, of 1.23%, which was the interest applicable to the borrowings outstanding as of January 2, 2022. The credit agreement for the facility contains customary affirmative, negative and financial covenants and events of defaults which are substantially similar to those contained in the senior unsecured revolving credit facility.
Senior Unsecured Notes. On September 10, 2021, the Company issued the following notes:
•$500.0 million aggregate principal amount of 0.550% senior unsecured notes due in 2023 (the "2023 Notes”),
•$800.0 million aggregate principal amount of 0.850% senior unsecured notes due in 2024 (the "2024 Notes”),
•$500.0 million aggregate principal amount of 1.900% senior unsecured notes due in 2028 (the "2028 Notes”), and
•$500.0 million aggregate principal amount of 2.250% senior unsecured notes due in September 2031 (the "September 2031 Notes”).
On March 8, 2021, the Company issued the following notes:
•$400.0 million aggregate principal amount of 2.550% senior unsecured notes due in March 2031 (the "March 2031 Notes”), and
•$400.0 million aggregate principal amount of 3.625% senior unsecured notes due in 2051 (the "2051 Notes”).
Interest on each series of notes is payable semi-annually on March 15th and September 15th each year. The notes include optional redemption features, which allow the Company to redeem the notes, at the Company's option and subject to terms, conditions and limitations specified in the indentures governing the notes, at redemption prices set forth in the indentures governing the notes, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption. Upon a change of control repurchase event (as defined in the indentures governing the notes) of the Company, the Company will, in certain circumstances, make an offer to repurchase the notes at a price equal to 101% of their principal amount plus any accrued and unpaid interest, if any, to, but excluding, the date of repurchase.
The following table summarizes the maturities of the Company’s indebtedness as of January 2, 2022: