Debt

6 Months Ended

Jul. 01, 2022

Debt Disclosure [Abstract]

Debt

DEBT

Debt consisted of the following:

		Second Quarter of			Year End
Instrument	Date of Issuance	2022			2021
(In millions)		Effective interest rate
Senior Notes:
2023 Senior Notes, 4.15%, due June 2023	June 2018	4.36%	$	300.0	$	300.0
2024 Senior Notes, 4.75%, due December 2024	November 2014	4.95%	400.0		400.0
2028 Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0		600.0
Unamortized discount and issuance costs			(5.9)		(6.8)
Total debt			$	1,294.1	$	1,293.2
Less: Short-term debt			300.0		—
Long-term debt			$	994.1	$	1,293.2

Each of our debt agreements, including our credit facilities, requires us to maintain compliance with certain debt covenants, all of which we complied with at the end of the second quarter of 2022.

Debt Maturities

At the end of the second quarter of 2022, our debt maturities based on outstanding principal were as follows (in millions):

Year Payable
2022 (Remaining)	$	—
2023	300.0
2024	400.0
2025	—
2026	—
Thereafter	600.0
Total	$	1,300.0

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 2021 Form 10-K.

Credit Facilities

In March 2022, we entered into a credit agreement (the “2022 Credit Facility”) maturing in March 2027. The 2022 Credit Facility provides for a five-year, unsecured revolving credit facility in the aggregate principal amount of $1.25 billion, and permits us, subject to the satisfaction of certain conditions, to increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets. As of July 1, 2022, no amounts were outstanding under the 2022 Credit Facility.

Uncommitted Facilities

At the end of the second quarter of 2022, 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.