Debt

12 Months Ended

Jan. 03, 2025

Debt Disclosure [Abstract]

Debt

NOTE 8: DEBT

Debt consisted of the following:

At the End of Year		Effective interest rate
(In millions, except percentages)	Date of Issuance	End of 2024	2024		2023
Senior Notes:
Senior Notes, 4.75%, due December 2024	November 2014		$	—	$	400.0
Senior Notes, 4.90%, due June 2028	June 2018	5.04%	600.0		600.0
Senior Notes, 6.10%, due March 2033	March 2023	6.13%	800.0		800.0
Credit Facilities:
2022 Revolving Credit Facility, due March 2027	September 2022		—		150.0
Term Loan, due April 2026	April 2023		—		500.0
Term Loan, due April 2028	April 2023		—		500.0
Uncommitted Credit Facilities, floating rate			—		130.4
Unamortized discount and issuance costs			(9.4)		(13.8)
Total debt			$	1,390.6	$	3,066.6
Less: Short-term debt			—		530.4
Long-term debt			$	1,390.6	$	2,536.2

Debt Maturities

At the end of 2024, our debt maturities based on outstanding principal were as follows (in millions):

Year Payable
2025	$	—
2026	—
2027	—
2028	600.0
2029	—
Thereafter	800.0
Total	$	1,400.0

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 for the 2028 senior notes and in March and September for the 2033 senior notes. For both the 2028 and 2033 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 at optional redemption prices. 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.

Credit Facilities

2022 Credit Facility

In 2022, we entered into a five-year, unsecured, revolving credit facility in the aggregate principal amount of $1.25 billion. Subject to approval, we may increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The variable interest rate and commitment fees are based on our current long-term, senior unsecured debt ratings, our leverage ratio, and certain specified sustainability targets.

The 2022 credit facility contains customary covenants, including, among other requirements, limitations that restrict our and our subsidiaries’ ability to create liens and enter into sale and leaseback transactions, and restrictions on the ability of the subsidiaries to incur indebtedness. The facility contains financial covenants that require the maintenance of maximum leverage

and minimum interest coverage ratios, as well as the timely delivery of quarterly financial reports and compliance certificates. At the end of 2024, we were in compliance with our debt covenants under a waiver of the financial reporting covenants.

Uncommitted Facilities

At the end of 2024, we had two $75.0 million and one €100.0 million revolving credit facilities, which are uncommitted. Generally, these variable-rate uncommitted facilities may be redeemed upon demand. Borrowings under uncommitted facilities are classified as short-term debt in the Consolidated Balance Sheet.