Subsequent Event (Notes)

12 Months Ended

Dec. 28, 2019

Subsequent Event [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENT

On January 31, 2020, the company entered into an amended and restated five-year, $3.5 billion multi-currency senior secured credit agreement. This facility replaces the company's pre-existing $3.0 billion Credit Facility, which had an original maturity of July 2021. The Amended Facility consists of (i) a $750.0 million term loan facility and (ii) a $2.75 billion multi-currency revolving credit facility, with the potential under certain circumstances, to increase the amount of the credit facility to up to a total of $4.0 billion (plus additional amounts, subject to compliance with a senior secured net leverage ratio). The Amended Facility matures on January 31, 2025. At inception, the Amended Facility bears an interest rate of LIBOR plus a margin of 1.625%, which is adjusted quarterly based upon the company's leverage ratio. The term loan facility will amortize in equal quarterly installments due on the last day of each fiscal quarter, commencing with the first full fiscal quarter after January 31, 2020, in an aggregate annual amount equal to 2.50% of the original aggregate principal amount of the term loan facility, with the balance, plus any accrued interest, due and payable on January 31, 2025. The Amended Facility provides for availability to provide working capital, capital expenditures, to support the issuance of letters of credit and other general corporate purposes.