Borrowings

9 Months Ended

Sep. 26, 2021

Debt Disclosure [Abstract]

Borrowings

Borrowings

Our borrowings at September 26, 2021 and December 31, 2020 were as follows:

	September 26, 2021		December 31, 2020
Senior Credit Facility:
Revolving credit facility, at a rate of 1.46% at September 26, 2021, due 2024	$	341,500	$	350,000
Term loan facility, at a rate of 1.46% at September 26, 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 0.84% at September 26, 2021	75,000		75,000
	2,064,000		2,498,000
Less: Unamortized debt issuance costs	(14,084)		(19,612)
	2,049,916		2,478,388
Current borrowings	(101,250)		(100,500)
Long-term borrowings	$	1,948,666	$	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”) using borrowings under the revolving credit facility and cash on hand 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.

Repayment of revolving credit facility due 2024

During the third quarter of 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.