Debt

6 Months Ended

Jul. 02, 2021

Debt Disclosure [Abstract]

DEBT

DEBT

Debt consisted of the following:

As of		Second Quarter of			Fiscal Year End
Instrument	Date of Issuance	2021			2020
(In millions)		Effective interest rate
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:
Uncommitted facilities, floating rate		0.72%	89.1		255.8
Promissory notes and other debt			0.1		0.1
Unamortized discount and issuance costs			(7.8)		(8.7)
Total debt			1,381.4		1,547.2
Less: Short-term debt			89.1		255.8
Long-term debt			$	1,292.3	$	1,291.4

Each of our debt agreements requires us to maintain compliance with certain debt covenants, all of which we complied with at the end of the second quarter of fiscal 2021.

Debt Maturities

At the end of the second quarter of fiscal 2021, our debt maturities based on outstanding principal were as follows (in millions):

Year Payable
2021 (Remaining)	$	89.1
2022	—
2023	300.1
2024	400.0
2025	—
Thereafter	600.0
Total	$	1,389.2

Senior Notes

All of our senior notes are unsecured obligations. Interest on the senior notes is payable semi-annually in June and December of each year. Additional details are unchanged from the information disclosed in Note 6, “Debt” of the 2020 Form 10-K.

2018 Credit Facilities

At the end of the second quarter of fiscal 2021, 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.

Uncommitted Facilities

At the end of the second quarter of fiscal 2021, we had two $75.0 million, one €100.0 million, and one £55.0 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 the Condensed Consolidated Balance Sheet.

For further information, refer to Note 6 “Debt” of the 2020 Form 10-K.