Debt

9 Months Ended

Sep. 27, 2020

Details of the Company's debt at September 27, 2020 and December 31, 2019 are as follows:


	September 27, 2020		December 31, 2019
Commercial paper	$	—	$	250,000

U.S. Bank term loan due March 2021	100,000		—
Wells Fargo term loan due May 2021	200,000		200,000
Syndicated bank term loan due July 2022	140,022		146,569
1.0% Euro loan due May 2021	174,416		167,272
9.2% debentures due August 2021	4,320		4,318
4.375% debentures due November 2021	249,660		249,428
3.125% debentures due May 2030	594,539		—
5.75% debentures due November 2040	599,270		599,244
Other foreign denominated debt	15,277		16,734
Finance lease obligations	44,046		33,077
Other notes	14,447		14,727
Total debt	$	2,135,997	$	1,681,369
Less current portion and short-term notes	508,960		488,234
Long-term debt	$	1,627,037	$	1,193,135

The Company has taken several actions in 2020 to secure liquidity in light of volatility in the credit markets and economic uncertainty caused by the COVID-19 pandemic.

On March 18, 2020, the Company closed and funded a 364-day, $150,000 term loan with Wells Fargo Bank, National Association, using the proceeds to repay a portion of outstanding commercial paper. Interest was assessed at the London Interbank Offered Rate (LIBOR) plus a margin based on a pricing grid that used the Company’s credit ratings. There was no required amortization and repayment could be accelerated at any time at the discretion of the Company. The Company repaid this loan on July 20, 2020.

On April 1, 2020, the Company accessed $250,000 from its $500,000 revolving credit facility with a syndicate of eight banks committed through July 2022. The Company used $85,000 of the proceeds to fully repay its then outstanding commercial paper balance and the remaining proceeds were invested in short-term cash equivalents with maturities of 30 days or less. The Company repaid the $250,000 borrowed under its revolving credit facility on May 5, 2020.

On April 6, 2020, the Company borrowed $100,000, pursuant to a new 364-day term loan with U.S. Bank, National Association. Interest is assessed at LIBOR plus a margin based on a pricing grid that uses the Company's credit ratings. The margin above LIBOR at September 27, 2020 was 125 basis points. There is no required amortization and repayment can be accelerated at any time at the discretion of the Company.

On April 22, 2020, the Company sold through a public offering $600,000 of 3.125% notes due May 1, 2030. The offering was made pursuant to an effective shelf registration statement. This action was taken largely to mitigate the risk of possible future credit market dislocations triggered by the economic impact of the COVID-19 pandemic. The Company is using the net proceeds from the offering of approximately $594,200 for general corporate purposes, including the repayment of existing debt.

In May 2020, the Company exercised a conditional, one-time option to extend its $200,000 term loan with Wells Fargo Bank, National Association, for an additional 364 days to May 2021. Interest is assessed at LIBOR plus a margin based on a pricing grid that uses the Company's credit ratings. The margin above LIBOR at September 27, 2020 was 112.5 basis points. There is no required amortization and the repayment can be accelerated at any time at the discretion of the Company.

As of September 27, 2020, the Company has scheduled debt maturities through December 31, 2021 of approximately $760,000. At September 27, 2020, the Company has $782,679 in cash and cash equivalents on hand and $500,000 in committed availability under its revolving credit facility. The Company believes that these amounts,

combined with expected net cash flows from operating activities, provide ample liquidity to cover the 2021 debt maturities and other cash flow needs of the Company over the course of the next year.

On October 22, 2020, subsequent to quarter end, the Company fully repaid the $200,000 term loan with Wells Fargo Bank, National Association, and the $100,000 term loan with U.S. Bank, National Association using existing cash on hand.

Certain of the Company’s debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets. The most restrictive covenants currently require the Company to maintain a minimum level of interest coverage and a minimum level of net worth, as defined in the agreements. As of September 27, 2020, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.