Debt

3 Months Ended

Mar. 30, 2024

Debt Disclosure [Abstract]

Debt

Debt

In the first quarter of 2024, we reclassified our €500 million senior notes due in the first quarter of 2025 from "Long-term debt and finance leases" to "Short-term borrowings and current portion of long-term debt and finance leases" in the unaudited Condensed Consolidated Balance Sheets.

The estimated fair value of our long-term debt is primarily based on the credit spread above U.S. Treasury securities or euro government bond securities, as applicable, on notes with similar rates, credit ratings and remaining maturities. The fair value of short-term borrowings, which include commercial paper issuances and short-term lines of credit, approximates their carrying value given the short duration of these obligations. The fair value of our total debt was $3.08 billion at March 30, 2024 and $3.11 billion at December 30, 2023. Fair values were determined based primarily on Level 2 inputs, which are inputs other than quoted prices in active markets that are either directly or indirectly observable.

Our $1.20 billion revolving credit facility (the “Revolver”) contains a financial covenant requiring that we maintain a specified ratio of total debt to a certain measure of income. As of both March 30, 2024 and December 30, 2023, we were in compliance with this financial covenant. No balance was outstanding under the Revolver as of March 30, 2024 or December 30, 2023.