Debt | Note 8 – Debt Bank Credit Lines Bank credit lines consisted of the following: March 30, December 30, 2024 2023 Revolving credit agreement $ 50 $ 200 Other short-term bank credit lines 214 64 Total $ 264 $ 264 Revolving Credit Agreement On August 20, 2021 , we entered a $ 1.0 which was subsequently amended and restated on July 11, 2023 July 11, 2028 update the interest rate provisions to reflect the current market approach rate on this revolving credit facility is based on Term Secured Overnight Financing Rate (“Term SOFR”) plus a spread based on our leverage ratio at the end of each financial reporting rate on this revolving credit agreement was 5.32 % plus 1.10 % for a combined rate of 6.42 %. Agreement requires, among other things, that we maintain certain maximum Revolving Credit Agreement contains customary representations, warranties customary negative covenants, subject to negotiated exceptions, on changes (including mergers), dispositions and certain restrictive agreements. 30, 2023, we had $ 50 200 During the three months ended March 30, 2024, the average outstanding balance Agreement was approximately $ 100 10 million and $ 10 Agreement. Other Short-Term Bank Credit As of March 30, 2024 and December 30, 2023, we had various other short-term various currencies, with a maximum borrowing capacity of $ 383 368 March 30, 2024 and December 30, 2023, $ 214 64 three months ended March 30, 2024, the average outstanding balances under credit lines was approximately $ 96 short-term bank credit lines had weighted average interest rates of 6.08 % and 6.02 %, respectively. Long-term debt Long-term debt consisted of the following: March 30, December 30, 2024 2023 Private placement facilities $ 1,024 $ 1,074 Term loan 736 741 U.S. trade accounts receivable securitization 300 210 Various in varying installments through 2030 at interest rates from 0.00 % to 9.42 % at March 30, 2024 and from 0.00 % to 9.42 % at December 30, 2023 46 54 Finance lease obligations 7 8 Total 2,113 2,087 Less current maturities (103) (150) Total long-term debt $ 2,010 $ 1,937 Private Placement Facilities Our private placement facilities include four 1.5 are available on an uncommitted basis at fixed rate economic time to time through October 20, 2026 . fixed rate based on an agreed upon spread over applicable treasury notes possible issuance will be selected by us and can range from five 15 years 12 years ). working capital and capital expenditures, to refinance existing indebtedness, The agreements provide, among other things, that we maintain restrictions relating to subsidiary indebtedness, liens, affiliate transactions, disposal ownership. applicable due dates. The components of our private placement facility borrowings, which 3.66 %, as of March 30, 2024 are presented in the following table: Amount of Date of Borrowing Borrowing Borrowing Outstanding Rate Due Date December 24, 2012 $ 50 3.00 % December 24, 2024 June 16, 2017 100 3.42 June 16, 2027 September 15, 2017 100 3.52 September 15, 2029 January 2, 2018 100 3.32 January 2, 2028 September 2, 2020 100 2.35 September 2, 2030 June 2, 2021 100 2.48 June 2, 2031 June 2, 2021 100 2.58 June 2, 2033 May 4, 2023 75 4.79 May 4, 2028 May 4, 2023 75 4.84 May 4, 2030 May 4, 2023 75 4.96 May 4, 2033 May 4, 2023 150 4.94 May 4, 2033 Less: Deferred debt issuance costs (1) Total $ 1,024 Term Loan On July 11, 2023, we entered into a three-year 750 Agreement”). ratio at the end of each financial reporting quarter. We are required to make quarterly payments of $ 5 payments of $ 9 of March 30, 2024, the borrowings outstanding under this term loan were 736 interest rate under the Term Credit Agreement was 5.32 % plus 1.47 % for a combined rate of 6.79 %. December 30, 2023, the borrowings outstanding under this term loan were 741 the interest rate under the Term Credit Agreement was 5.36 % plus 1.35 % for a combined rate of 6.71 %. we have a hedge in place that ultimately creates an effective fixed rate of 5.91 % and 5.79 % at March 30, 2024 and December 30, 2023, respectively. certain maximum leverage ratios. warranties and affirmative covenants as well as customary negative covenants, subject liens, indebtedness, significant corporate changes (including mergers), dispositions agreements. U.S. Trade Accounts Receivable Securitization We have a facility agreement based on our U.S. trade accounts receivable that is structured as an asset-backed securitization program with pricing committed for up to three years . $ 450 two December 15, 2025 . As of March 30, 2024 and December 30, 2023, the borrowings outstanding $ 300 210 was based on the asset-backed commercial paper rate of 5.47 % plus 0.75 %, for a combined rate of 6.22 %. December 30, 2023, the interest rate on borrowings under this facility was paper rate of 5.67 % plus 0.75 %, for a combined rate of 6.42 %. If our accounts receivable collection pattern changes due to customers our ability to borrow under this facility may be reduced. We are required to pay a commitment fee of 30 35 |