Debt

12 Months Ended

Jan. 01, 2021

Long-term Debt, Current and Noncurrent [Abstract]

Debt

DEBT

Debt consisted of the following:

At the End of Fiscal Year		Effective interest rate
(In millions, except percentages)	Date of Issuance	for fiscal 2020	2020		2019
Senior Notes:
2023 Senior Notes, 4.15%, due June 2023	June 2018	4.36%	$	300.0	$	300.0
2028 Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0		600.0
2024 Senior Notes, 4.75%, due December 2024	November 2014	4.95%	400.0		400.0
Credit Facilities:
2018 Credit Facility, floating rate:
Term Loan, due July 2022	May 2018	—	—		225.0
Revolving Credit Facility, due May 2023	May 2018	—	—		110.0
Uncommitted facilities, floating rate		1.16%	255.8		218.7
Promissory notes and other debt			0.1		0.3
Unamortized discount and issuance costs			(8.7)		(10.8)
Total debt			1,547.2		1,843.2
Less: Short-term debt			255.8		219.0
Long-term debt			$	1,291.4	$	1,624.2

Each of our debt agreements requires us to maintain compliance with certain debt covenants, all of which we complied with at the end of fiscal 2020.

Debt Maturities:

At the end of fiscal 2020, our debt maturities based on outstanding principal were as follows (in millions):

Year Payable
2021	$	255.8
2022	—
2023	300.1
2024	400.0
2025	—
Thereafter	600.0
Total	$	1,555.9

Senior Notes:

All series of senior notes in the above table bear interest that is payable semi-annually in June and December of each year. For the 2023 and 2028 senior notes, the interest rate is subject to adjustment from time to time if Moody’s or S&P (or, if applicable, a substitute rating agency) downgrades (or subsequently upgrades) its rating assigned to the notes.

Senior Notes are unsecured and rank equally in right of payment with all of our other senior unsecured indebtedness. We may redeem the notes of each series of senior notes at our option in whole or in part at any time. Such indenture also contains covenants limiting our ability to create certain liens, enter into sale and lease-back transactions, and consolidate or merge with or into, or convey, transfer, or lease all or substantially all of our properties and assets, each subject to certain exceptions.

2018 Credit Facility:

At the end of fiscal 2020, we had access to a $1.25 billion unsecured revolving credit facility maturing in May 2023, which may be used for working capital and general corporate purposes, including permitted acquisitions. As part of the credit facility, we may request an additional term loan facility up to $500.0 million prior to the maturity of the credit facility and subject to approval. There were no amounts outstanding under the revolving credit facility at the end of fiscal 2020.

Uncommitted Facilities:

On February 24, 2020, we entered into a line of credit to borrow an amount up to £55.0 million. At the end of fiscal 2020, we had one £55.0 million, two $75.0 million, and one €100.0 million revolving credit facilities, which are uncommitted (the "Uncommitted Facilities"). Generally, these uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in our Consolidated Balance Sheet.

Promissory Notes and Other Debt

At the end of fiscal 2020 and 2019, we had promissory notes and other notes payable totaling approximately $0.1 million and $0.3 million, classified as long-term debt and short-term debt in our Consolidated Balance Sheet, respectively.