Debt

3 Months Ended

Apr. 04, 2025

Debt Disclosure [Abstract]

Debt

NOTE 8. DEBT

Debt consisted of the following:

		As of
		First Quarter of			Year End
Instrument	Date of Issuance	2025			2024
(In millions)		Effective interest rate
Senior Notes:
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
Unamortized discount and issuance costs			(9.0)		(9.4)
Total long-term debt			$	1,391.0	$	1,390.6

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. Additional details are unchanged from the information disclosed in Note 8 “Debt” of the 2024 Form 10-K.

Credit Facilities

2022 Credit Facility

In 2022, we entered into a five-year, unsecured, revolving credit facility in the aggregate principal amount of up to $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.

At the end of the first quarter of 2025, we were in compliance with our debt covenants for the 2022 credit facility. Additional details are unchanged from the information disclosed in Note 8 “Debt” of the 2024 Form 10-K.

Uncommitted Facilities

At the end of the first quarter of 2025, 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 Condensed Consolidated Balance Sheet.