Borrowings

6 Months Ended

Jun. 27, 2021

Debt Disclosure [Abstract]

Borrowings

Borrowings

Our borrowings at June 27, 2021 and December 31, 2020 were as follows:

	June 27, 2021		December 31, 2020
Senior Credit Facility:
Revolving credit facility, at a rate of 1.59% at June 27, 2021, due 2024	$	600,500	$	350,000
Term loan facility, at a rate of 1.59% at June 27, 2021, due 2024	647,500		673,000
4.875% Senior Notes due 2026	—		400,000
4.625% Senior Notes due 2027	500,000		500,000
4.25% Senior Notes due 2028	500,000		500,000
Securitization program, at a rate of 1.20% at June 27, 2021	75,000		75,000
	2,323,000		2,498,000
Less: Unamortized debt issuance costs	(14,834)		(19,612)
	2,308,166		2,478,388
Current borrowings	(92,500)		(100,500)
Long-term borrowings	$	2,215,666	$	2,377,888

Redemption of 4.875% Senior Notes due 2026

On April 29, 2021, we issued a notice of redemption to holders of our outstanding $400 million aggregate principal amount of 4.875% Senior Notes due 2026 (the “2026 Notes”). Pursuant to the notice of redemption, the 2026 Notes were redeemed on June 1, 2021 (the “Redemption Date”) at a redemption price equal to 102.438% of the principal amount of the 2026 Notes plus accrued and unpaid interest up to, but not including, the Redemption Date (the “Redemption Price”). We recognized a loss on extinguishment of debt of $13.0 million as a result of the redemption of the 2026 Notes.

Subsequent event

On July 6, 2021, we repaid $259 million in borrowings under our revolving credit facility using funds primarily consisting of proceeds we received from the initial close of the Respiratory business divestiture described in Note 4.