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Debt
 9 Months Ended
Oct. 02, 2026
Debt Disclosure [Abstract]  
Debt
NOTE 9. DEBT
Total outstanding debt consisted of the following:
As of
Effective interest rateThird Quarter of Year End
InstrumentDate of Issuance20262025
(In millions)
Senior Notes:
   Senior Notes, 4.90%, due June 2028
June 20185.04%$600.0 $600.0 
   Senior Notes, 6.10%, due March 2033
March 20236.13%800.0 800.0 
Credit Facilities:
2025 Revolving Credit Facility, due December 2030
December 2025
5.02%50.0 — 
Uncommitted Credit Facilities, floating rate5.35%90.2 — 
Unamortized discount and issuance costs(6.7)(7.8)
Total debt$1,533.5 $1,392.2 
Less: Short-term debt90.2 — 
Total long-term debt
$1,443.3 $1,392.2 
Debt Maturities
At the end of the third quarter of 2026, our debt maturities based on outstanding principal were as follows (in millions):
Year Payable
2026 (Remaining)$90.2 
2027— 
2028600.0 
2029— 
203050.0 
Thereafter800.0 
Total$1,540.2 
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 for the 2028 senior notes and in March and September of each year for the 2033 senior notes. Additional details are unchanged from the information disclosed in Note 9, Debt of the 2025 Form 10-K.
Credit Facilities
2025 Credit Facility
In 2025, we entered into a five-year, unsecured, revolving credit facility in the aggregate principal amount of $1.25 billion (the “2025 Credit Facility”), which replaced the prior 2022 Credit Facility maturing in March 2027. Subject to the satisfaction of certain conditions, we may increase the commitments for revolving loans by an aggregate principal amount of up to $500.0 million. The proceeds from the revolving loans may be used for working capital and general corporate purposes, including the financing of acquisitions. We may borrow, repay, and reborrow funds under the revolving facility until its maturity on December 4, 2030. At the end of the third quarter of 2026, $50.0 million remained outstanding under the 2025 Credit Facility.
At the end of the third quarter of 2026, we were in compliance with our debt covenants for the 2025 Credit Facility. Additional details are unchanged from the information disclosed in Note 9, Debt of the 2025 Form 10-K.
Uncommitted Facilities
At the end of the third quarter of 2026, we had one $150.0 million revolving credit facility, which was increased during the second quarter from a previous credit limit of $75.0 million, and one €100.0 million revolving credit facility. Both of these facilities 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.
At the end of the third quarter of 2026, $90.2 million remained outstanding under such uncommitted facilities.
2026 Term Loan
On October 2, 2026, we entered into a term loan credit agreement (the “2026 Term Loan”) providing for an unsecured delayed draw term loan facility in the aggregate principal amount of $500.0 million. The proceeds of the 2026 Term Loan may be used for general corporate purposes. The 2026 Term Loan permits up to four separate draws on or prior to January 29, 2027, and each loan would mature two years after the initial borrowing date. The 2026 Term Loan is prepayable without premium or penalty.
Borrowings under the 2026 Term Loan will bear interest, at the Company’s option, at either: (i) the alternate base rate plus a margin that ranges from 0.000% to 0.750%, or (ii) the adjusted term secured overnight financing rate (SOFR) plus a margin that ranges from 0.875% to 1.750%. The Company will pay a ticking fee on daily undrawn commitments accruing from December 1, 2026 to, but excluding, the commitment termination date, ranging from 0.075% to 0.275% per annum. Both the actual interest margin and ticking fee are based on the Company’s applicable credit rating or leverage ratio, whichever results in more favorable pricing to the Company.
As of October 2, 2026, no amounts have been drawn under the 2026 Term Loan.
The 2026 Term Loan contains customary covenants, including, among other requirements, limitations that restrict the Company and its subsidiaries’ ability to create liens and restrictions on the ability of the Company’s subsidiaries to incur indebtedness. Further, the 2026 Term Loan contains a financial covenant that requires the maintenance of a maximum leverage ratio. At the end of the third quarter of 2026, we were in compliance with our debt covenants for the 2026 Term Loan.