Long-Term Debt

12 Months Ended

Jan. 02, 2022


Long-Term Debt (dollars in millions, except as noted):	January 2, 2022		January 3, 2021
$1.15 billion credit facility, due March 2026, weighted average variable rate of 1.20% at January 2, 2022 and 1.05% at January 3, 2021	$	125.0	$	125.0



Term loan due October 2024, variable rate of 1.35% at January 2, 2022 and 1.150% at January 3, 2021, swapped to a Euro fixed rate of 0.612%	150.6		150.0
0.65% Fixed Rate Senior Notes due April 2023	300.0		—
0.95% Fixed Rate Senior Notes due April 2024, callable after April 2022	450.0		—
1.60% Fixed Rate Senior Notes due April 2026	450.0		—
2.25% Fixed Rate Senior Notes due April 2028	700.0		—
2.50% Fixed Rate Senior Notes due April 2030	500.0		—
2.75% Fixed Rate Senior Notes due April 2031	1,100.0		—
Term loan due May 2026, variable rate of 1.35% at January 2, 2022	355.0		—

3.09% Fixed Rate Senior Notes due December 2021	—		95.0
3.28% Fixed Rate Senior Notes due November 2022	—		100.0
0.70% €50 Million Fixed Rate Senior Notes due April 2022	—		61.1
0.92% €100 Million Fixed Rate Senior Notes due April 2023	—		122.1
1.09% €100 Million Fixed Rate Senior Notes due April 2024	—		122.1
Other debt	0.7		4.0
Debt issuance costs	(31.9)		(0.8)
Total long-term debt	4,099.4		778.5
Current portion of long-term debt and other debt	—		(97.6)
Total long-term debt, net of current portion	$	4,099.4	$	680.9

Maturities of long-term debt as of January 2, 2022 (in millions):


Fiscal year
2022	$	—
2023	300.2
2024	600.7
2025	0.1
2026	930.2
Thereafter	2,300.1
Total principal payments	4,131.3
Debt issuance costs	(31.9)
Total debt	$	4,099.4

The Company has no sinking fund requirements.

In the first quarter of 2021, Teledyne completed various financing activities related to the then pending acquisition of FLIR. These activities included entering into a $4.5 billion short term stand-by bridge facility on January 4, 2021, as required by the definitive agreement, resulting in debt expense of $17.2 million. In addition, on March 17, 2021 Teledyne called $493.3 million of existing fixed rate senior notes and incurred debt extinguishment expenses of $13.4 million, which is included in interest and debt expense, net. On March 22, 2021, Teledyne completed all permanent financing for the acquisition of FLIR and terminated the $4.5 billion stand-by bridge facility. The permanent financing consists of $3.0 billion investment-grade bonds (the “Notes”), including $300.0 million aggregate principal amount of 0.65% Notes due 2023, $450.0 million aggregate principal amount of 0.95% Notes due 2024, $450.0 million aggregate principal amount of 1.60% Notes due 2026, $700.0 million aggregate principal amount of 2.25% Notes due 2028 and $1.1 billion aggregate principal amount of 2.75% Notes due 2031. Teledyne may redeem the $450.0 million of 0.95% Notes due 2024 at any time or from time to time, in whole or in part, at the Company’s option, from and after April 1, 2022, at a redemption price equal to 100% of the principal amount of the Notes redeemed. In addition, we guaranteed FLIR’s $500.0 million, 2.50% Fixed Rate Senior Notes due August 2030. Previously on March 4, 2021, Teledyne entered into a $1.0 billion Term Loan Credit Agreement (maturing May 2026) and an Amended and Restated Credit Agreement (maturing March 2026) with capacity of $1.15 billion. The terms of the $1.0 billion Term Loan Credit Agreement allow for prepayments, at the Company’s option, at any time or from time to time, in whole or in part without premium or penalty. Teledyne used the proceeds from the Notes together with the proceeds from the $1.0 billion Term Loan Credit Agreement and cash on hand to pay the cash portion of the consideration for the FLIR acquisition and refinance certain existing debt.

Excluding interest and fees, no payments are due under the $1.15 billion unsecured credit facility (“credit facility”) until it matures in March 2026. Borrowings under our credit facility and term loans are at variable rates which are, at our option, tied to a base rate, Eurocurrency rate or equivalent as defined in our credit agreements. Available borrowing capacity under the credit facility, which is reduced by borrowings and certain outstanding letters of credit, was $759.2 million at January 2, 2022. The credit agreement and term loans requires the Company to comply with various financial and operating covenants and at January 2, 2022, the Company was in compliance with these covenants. At January 2, 2022, Teledyne had $281.9 million in outstanding letters of credit. Of this amount, $244.6 million was released in February 2022.

Total interest expense including credit facility fees and other bank charges was $104.8 million in 2021, $15.8 million in 2020 and $22.0 million in 2019.