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Debt
 6 Months Ended
Jun. 29, 2019
Debt Disclosure [Abstract]  
Debt Debt
A summary of long-term debt, net of unamortized debt issuance costs, and the related weighted average interest rates is shown below (in millions):
 
June 29, 2019
Debt Instrument
Long-Term Debt
 
Unamortized Debt Issuance Costs
 
Unamortized Original Issue Discount
 
Long-Term
Debt, Net
 
Weighted
Average
Interest
Rate
Credit Agreement — Term Loan Facility
$
239.0

 
$
(1.2
)
 
$
—

 
$
237.8

 
3.62%
5.25% Senior Notes due 2025 (the "2025 Notes")
650.0

 
(4.6
)
 
—

 
645.4

 
5.25%
3.8% Senior Notes due 2027 (the "2027 Notes")
750.0

 
(5.0
)
 
(4.3
)
 
740.7

 
3.885%
4.25% Senior Notes due 2029 (the "2029 Notes")
375.0

 
(3.0
)
 
(1.2
)
 
370.8

 
4.288%
5.25% Senior Notes due 2049 (the "2049 Notes")
325.0

 
(3.3
)
 
(5.4
)
 
316.3

 
5.363%
Other
3.8

 
—

 
—

 
3.8

 
N/A
 
$
2,342.8

 
$
(17.1
)
 
$
(10.9
)
 
2,314.8

 
 
Less — Current portion
 
 
 
 
 
 
(14.7
)
 
 
Long-term debt
 
 
 
 
 
 
$
2,300.1

 
 
 
December 31, 2018
Debt Instrument
Long-Term Debt
 
Unamortized Debt Issuance Costs
 
Unamortized Original Issue Discount
 
Long-Term
Debt, Net
 
Weighted
Average
Interest
Rate
Credit Agreement — Term Loan Facility
$
242.2

 
$
(1.5
)
 
$
—

 
$
240.7

 
3.92%
5.375% Senior Notes due 2024 (the "2024 Notes")
325.0

 
(2.0
)
 
—

 
323.0

 
5.375%
2025 Notes
650.0

 
(5.0
)
 
—

 
645.0

 
5.25%
2027 Notes
750.0

 
(5.3
)
 
(4.6
)
 
740.1

 
3.885%
Other
5.1

 
—

 
—

 
5.1

 
N/A
 
$
1,972.3

 
$
(13.8
)
 
$
(4.6
)
 
1,953.9

 
 
Less — Current portion
 
 
 
 
 
 
(12.9
)
 
 
Long-term debt
 
 
 
 
 
 
$
1,941.0

 
 

Senior Notes
The issuance date, maturity date and interest payment dates of the Company's senior unsecured 2025 Notes, 2027 Notes, 2029 Notes and 2049 Notes (together, the "Notes") are as shown below:
Note
Issuance Date
 
Maturity Date
 
Interest Payment Dates
2025 Notes
November 2014
 
January 15, 2025
 
January 15 and July 15
2027 Notes
August 2017
 
September 15, 2027
 
March 15 and September 15
2029 Notes
May 2019
 
May 15, 2029
 
May 15 and November 15
2049 Notes
May 2019
 
May 15, 2049
 
May 15 and November 15

In May 2019, the Company issued $375.0 million in aggregate principal amount at maturity of 2029 Notes and $325.0 million in aggregate principal amount at maturity of 2049 Notes. The 2029 Notes have a stated coupon rate of 4.25% and were priced at 99.691% of par, resulting in a yield to maturity of 4.288%. The 2049 Notes have a stated coupon rate of 5.25% and were priced at 98.32% of par, resulting in a yield to maturity of 5.363%.
The net proceeds from the offering were $693.3 million after original issue discount. The proceeds were used to redeem the $325.0 million in aggregate principal amount of the 2024 Notes at a redemption price equal to equal to 102.688% of the principal amount of such 2024 Notes, plus accrued interest, as well as to finance the acquisition of Xevo (Note 2, “Acquisition”) and for general corporate purposes.
In connection with these transactions, the Company recognized a loss of $10.6 million on the extinguishment of debt in the three and six months ended June 29, 2019, and paid related issuance costs of $6.3 million.
Covenants
Subject to certain exceptions, the indentures governing the Notes contain restrictive covenants that, among other things, limit the ability of the Company to: (i) create or permit certain liens and (ii) consolidate, merge or sell all or substantially all of the Company’s assets. The indentures governing the Notes also provide for customary events of default.
As of June 29, 2019, the Company was in compliance with all covenants under the indentures governing the Notes.
Credit Agreement
The Company's unsecured credit agreement (the "Credit Agreement"), dated August 8, 2017, consists of a $1.75 billion revolving credit facility (the "Revolving Credit Facility") and a $250.0 million term loan facility (the "Term Loan Facility"). The maturity date of the Revolving Credit Facility is August 8, 2023, and the maturity date of the Term Loan Facility is August 8, 2022.
As of June 29, 2019 and December 31, 2018, there were no borrowings outstanding under the Revolving Credit Facility and $239.0 million and $242.2 million, respectively, of borrowings outstanding under the Term Loan Facility. In the first six months of 2019, the Company made required principal payments of $3.1 million under the Term Loan Facility.
Advances under the Revolving Credit Facility and the Term Loan Facility generally bear interest based on (i) the Eurocurrency Rate (as defined in the Credit Agreement) or (ii) the Base Rate (as defined in the Credit Agreement) plus a margin, determined in accordance with a pricing grid. The range and the rate as of June 29, 2019, are shown below (in percentages):
 
 
Eurocurrency Rate
 
Base Rate
 
 
 
 
 
 
Rate as of
 
 
 
 
 
Rate as of
 
 
Minimum
 
Maximum
 
June 29, 2019
 
Minimum
 
Maximum
 
June 29, 2019
Revolving Credit Facility
 
1.00
%
 
1.60
%
 
1.10
%
 
0.00
%
 
0.60
%
 
0.10
%
Term Loan Facility
 
1.125
%
 
1.90
%
 
1.25
%
 
0.125
%
 
0.90
%
 
0.25
%

A facility fee, which ranges from 0.125% to 0.30% of the total amount committed under the Revolving Credit Facility, is payable quarterly.
Covenants
The Credit Agreement contains various customary representations, warranties and covenants by the Company, including, without limitation, (i) covenants regarding maximum leverage, (ii) limitations on fundamental changes involving the Company or its subsidiaries and (iii) limitations on indebtedness and liens.
As of June 29, 2019, the Company was in compliance with all covenants under the Credit Agreement.
Other
As of June 29, 2019, other long-term debt consists of amounts outstanding under finance leases.
For further information related to the Company's debt, see Note 6, "Debt," to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.