Subsequent Event |
9 Months Ended |
|---|---|
Sep. 25, 2020 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | SUBSEQUENT EVENT In October 2020, the Company extinguished a portion of its long-term debt. As of September 25, 2020, the extinguished notes had a carrying value of $3,306 million. The general terms of the notes that were extinguished are as follows:
•€348 million total principal amount of notes due March 9, 2021, at a fixed interest rate of 0.000 percent;
•$880 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 3.300 percent;
•$665 million total principal amount of notes due September 1, 2021, at a fixed interest rate of 1.550 percent;
•$316 million total principal amount of notes due May 25, 2022, at a fixed interest rate of 2.200 percent;
•€481 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 1.125 percent; and
•€402 million total principal amount of notes due September 22, 2022, at a fixed interest rate of 0.125 percent.
The notes were redeemed at a redemption price of 100 percent of the principal amount of the applicable notes, plus accrued and unpaid interest and the applicable make-whole premiums. As a result of the extinguishment, the Company incurred charges of approximately $80 million.
|