XML 48 R37.htm IDEA: XBRL DOCUMENT v3.23.3
Debt and Other Credit Facilities (Tables)
 9 Months Ended
Sep. 29, 2023
Debt Disclosure [Abstract]  
Schedule of Outstanding Debt
Our outstanding debt consisted of the following at the dates indicated:
Dollars in millionsSeptember 29, 2023December 31, 2022
Term Loan A$593 $398 
Term Loan B502 506 
Senior Notes250 250 
Senior Credit Facility220 260 
Convertible Senior Notes (a)250 350 
Unamortized debt issuance costs and discount - Convertible Senior Notes (a)(40)(2)
Unamortized debt issuance costs - Term Loan A(8)(9)
Unamortized debt issuance costs and discount - Term Loan B(9)(10)
Unamortized debt issuance costs and discount - Senior Notes(3)(3)
Total debt1,755 1,740 
Less: current portion239 364 
Total long-term debt, net of current portion$1,516 $1,376 
(a) The unamortized debt issuance costs related to the Convertible Notes were impacted by the cash election and repurchase of Convertible Notes that occurred in the second quarter of 2023. See Note 18 "Cash Election and Repurchase of Convertible Notes" for additional information regarding these transactions.
The details of the applicable margins and commitment fees under the amended Senior Credit Facility are based on the Company's consolidated net leverage ratio as follows:
Revolver and Term Loan A
Consolidated Net Leverage RatioReference Rate (a)Base RateCommitment Fee
Greater than or equal to 4.25 to 1.002.25 %1.25 %0.33 %
Less than 4.25 to 1.00 but greater than or equal to 3.25 to 1.002.00 %1.00 %0.30 %
Less than 3.25 to 1.00 but greater than or equal to 2.25 to 1.001.75 %0.75 %0.28 %
Less than 2.25 to 1.00 but greater than or equal to 1.25 to 1.001.50 %0.50 %0.25 %
Less than 1.25 to 1.001.25 %0.25 %0.23 %
(a)The reference rate for the Revolver and the U.S. dollar tranches of Term Loan A is SOFR plus 10 bps Credit Spread Adjustment and the British pound sterling tranche is SONIA plus 12 bps Credit Spread Adjustment.