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LONG-TERM DEBT AND FINANCING ARRANGEMENTS
 3 Months Ended
Mar. 30, 2024
Debt Disclosure [Abstract]  
LONG-TERM DEBT AND FINANCING ARRANGEMENTS LONG-TERM DEBT AND FINANCING ARRANGEMENTS
March 30, 2024December 30, 2023
(Millions of Dollars)Interest RateNotional ValueUnamortized Discount
Unamortized Gain/(Loss) Terminated Swaps 1
Purchase Accounting FV AdjustmentDeferred Financing FeesCarrying Value
Carrying Value
Notes payable due 20252.30%$500.0 $(0.2)$— $— $(0.8)$499.0 $498.7 
Notes payable due 20263.40%500.0 (0.2)— — (0.8)499.0 498.9 
Notes payable due 20266.27%350.0 — — — (1.2)348.8 348.6 
Notes payable due 20263.42%25.0 — — 0.9 — 25.9 26.0 
Notes payable due 20261.84%27.0 — — 0.9 (0.1)27.8 28.5 
Notes payable due 20286.00%400.0 (0.4)— — (2.0)397.6 397.5 
Notes payable due 20287.05%150.0 — 4.7 4.5 — 159.2 159.7 
Notes payable due 20284.25%500.0 (0.1)— — (2.0)497.9 497.7 
Notes payable due 20283.52%50.0 — — 3.1 (0.2)52.9 53.1 
Notes payable due 20302.30%750.0 (1.5)— — (3.1)745.4 745.3 
Notes payable due 20323.00%500.0 (0.7)— — (2.8)496.5 496.3 
Notes payable due 20405.20%400.0 (0.2)(24.3)— (2.2)373.3 372.9 
Notes payable due 20484.85%500.0 (0.5)— — (4.5)495.0 495.0 
Notes payable due 20502.75%750.0 (1.7)— — (7.5)740.8 740.7 
Notes payable due 2060 (junior subordinated)4.00%750.0 — — — (8.5)741.5 741.4 
Other, payable in varying amounts 2024 through 2027
4.10%-4.31%
1.5 — — — — 1.5 1.8 
Total Long-term debt, including current maturities$6,153.5 $(5.5)$(19.6)$9.4 $(35.7)$6,102.1 $6,102.1 
Less: Current maturities of long-term debt(500.0)(1.1)
Long-term debt$5,602.1 $6,101.0 
1Unamortized gain/(loss) associated with interest rate swaps are more fully discussed in Note H, Financial Instruments.

In March 2023, the Company issued $350.0 million of senior unsecured term notes maturing March 6, 2026 ("2026 Term Notes") and $400.0 million of senior unsecured term notes maturing March 6, 2028 (“2028 Term Notes”). The 2026 Term Notes accrue interest at a fixed rate of 6.272% per annum and the 2028 Term Notes at a fixed rate of 6.0% per annum, with interest payable semi-annually in arrears, and both notes rank equally in right of payment with all of the Company's existing and future unsecured, unsubordinated debt. The Company received total net proceeds from this offering of $745.3 million, net of $4.7 million of underwriting expenses and other fees associated with the transaction. The Company used the net proceeds from the offering for general corporate purposes, including repayment of indebtedness under the commercial paper program.
The Company has a $3.5 billion commercial paper program which includes Euro denominated borrowings in addition to U.S. Dollars. As of March 30, 2024, the Company had commercial paper borrowings outstanding of $1.7 billion, of which $357.1 million in Euro denominated commercial paper was designated as a net investment hedge. As of December 30, 2023, the Company had $1.1 billion of borrowings outstanding, of which $399.7 million in Euro denominated commercial paper was designated as a net investment hedge. Refer to Note H, Financial Instruments, for further discussion.

The Company has a five-year $2.5 billion committed credit facility (the “5-Year Credit Agreement”). Borrowings under the 5-Year Credit Agreement may be made in U.S. Dollars, Euros or Pounds Sterling. A sub-limit amount of $814.3 million is designated for swing line advances which may be drawn in Euros pursuant to the terms of the 5-Year Credit Agreement. Borrowings bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and specific terms of the 5-Year Credit Agreement. The Company must repay all advances under the 5-Year Credit Agreement by the earlier of September 8, 2026 or upon termination. The 5-Year Credit Agreement is designated to be a liquidity back-stop for the Company's $3.5 billion U.S. Dollar and Euro commercial paper program. As of March 30, 2024 and December 30, 2023, the Company had not drawn on its five-year committed credit facility.

The Company has a $1.5 billion syndicated 364-Day Credit Agreement (the "2023 Syndicated 364-Day Credit Agreement") which is a revolving credit loan. The borrowings under the 2023 Syndicated 364-Day Credit Agreement may be made in U.S. Dollars or Euros and bear interest at a floating rate plus an applicable margin dependent upon the denomination of the borrowing and pursuant to the terms of the 2023 Syndicated 364-Day Credit Agreement. The Company must repay all advances under the 2023 Syndicated 364-Day Credit Agreement by the earlier of September 4, 2024 or upon termination. The Company may, however, convert all advances outstanding upon termination into a term loan that shall be repaid in full no later than the first anniversary of the termination date provided that the Company, among other things, pays a fee to the administrative agent for the account of each lender. The 2023 Syndicated 364-Day Credit Agreement serves as part of the liquidity back-stop for the Company’s $3.5 billion U.S. Dollar and Euro commercial paper program. As of March 30, 2024 and December 30, 2023, the Company had not drawn on its 2023 Syndicated 364-Day Credit Agreement.

In September 2023, the Company terminated its $0.5 billion revolving credit loan (the "Club 364-Day Credit Agreement") dated September 2022, as amended. There were no outstanding borrowings under the Club 364-Day Credit Agreement upon termination.
The Company has an interest coverage covenant that must be maintained to permit continued access to its committed credit facilities described above. The interest coverage ratio tested for covenant compliance compares adjusted Earnings Before Interest, Taxes, Depreciation and Amortization to adjusted net Interest Expense ("Adjusted EBITDA"/"Adjusted Net Interest Expense"). In February 2023, the Company entered into an amendment to its 5-Year Credit Agreement to: (a) amend the definition of Adjusted EBITDA to allow for additional adjustment addbacks, not to exceed $500 million in the aggregate, for amounts incurred during each four fiscal quarter period beginning with the period ending in the third quarter of 2023 through the period ending in the second quarter of 2024, and (b) amend the minimum interest coverage ratio from 3.5 times to not less than 1.5 to 1.0 times computed quarterly, on a rolling twelve months (last twelve months) basis, for the period from and including the third quarter of 2023 through the second quarter of 2024. The minimum interest coverage ratio will revert back to 3.5 times for periods after the second quarter of 2024. The amended provisions described above also apply to the 2023 Syndicated 364-Day Credit Agreement.