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Long-Term Debt | 9 Months Ended
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Sep. 27, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt The following table shows the carrying value of the Company’s debt (in millions):
| September 27, 2025 |  | December 31, 2024
Term Loan A | $ | 1,575 |  |  | $ | 1,575 |
Senior Notes | 500 |  |  | 500 |
Receivables Financing Facility | 108 |  |  | 108 |
Total debt | $ | 2,183 |  |  | $ | 2,183 |
Less: Debt issuance costs | (8) |  |  | (9) |
Less: Unamortized discounts | (2) |  |  | (3) |
Less: Current portion of debt | (66) |  |  | (79) |
Total long-term debt | $ | 2,107 |  |  | $ | 2,092 |
As of September 27, 2025, the future maturities of debt are as follows (in millions):
2025 (3 months remaining) |  | $ | — |
2026 |  | 88 |
2027 |  | 1,595 |
2028 |  | — |
2029 |  | — |
Thereafter |  | 500 |
Total future maturities of debt |  | $ | 2,183 |
All borrowings as of September 27, 2025 were denominated in U.S. Dollars. The estimated fair value of the Company’s debt approximated $2.2 billion as of both September 27, 2025 and December 31, 2024. These fair value amounts, developed based on inputs classified as Level 2 within the fair value hierarchy, represent the estimated value at which the Company’s lenders could trade its debt within the financial markets and do not represent the settlement value of these liabilities to the Company. The fair value of debt will continue to vary each period based on a number of factors, including fluctuations in market interest rates as well as changes to the Company’s credit ratings. Term Loan A The principal on Term Loan A is due in quarterly installments, with the next quarterly installment due in the first quarter of 2026 and the majority due upon maturity on May 25, 2027. The Company has made and may make prepayments in whole or in part, without premium or penalty, and would be required to prepay certain outstanding amounts in the event of certain circumstances or transactions. As of September 27, 2025, the Term Loan A interest rate was 5.42%. Interest payments are made monthly and are subject to variable rates plus an applicable margin. Senior Notes In the second quarter of 2024, the Company completed a private offering of $500 million senior unsecured notes (the “Senior Notes”) with a 6.5% fixed interest rate. The Senior Notes mature on June 1, 2032, and interest is payable semi-annually in arrears in June and December of each year. The Company has the option to or could be required to prepay certain outstanding amounts in the event of certain circumstances or transactions. The Senior Notes are fully and unconditionally guaranteed on a senior unsecured basis by certain of Zebra’s existing and future subsidiaries. The Senior Notes contain covenants that, among other things, limit the ability of Zebra to: (i) grant or incur liens; (ii) have its subsidiaries guarantee debt without becoming guarantors; and (iii) merge or consolidate with another company or sell all or substantially all of its assets. Revolving Credit Facility The Company has a Revolving Credit Facility that is available for working capital and other general business purposes, including letters of credit. As of September 27, 2025, the Company had letters of credit totaling $10 million, which reduced funds available for borrowings under the Revolving Credit Facility from $1,500 million to $1,490 million. As of September 27, 2025 and December 31, 2024, there were no borrowings under the Revolving Credit Facility. Upon borrowing, interest payments are made monthly and are subject to variable rates plus an applicable margin. The Revolving Credit Facility matures on May 25, 2027. Receivables Financing Facility As of September 27, 2025, the Company has a Receivables Financing Facility with a borrowing limit of up to $180 million. As collateral, the Company pledges perfected first-priority security interests in its U.S. domestically originated accounts receivable. The Company has accounted for transactions under this facility as secured borrowings. The receivables financing facility matures on March 19, 2027. As of September 27, 2025, the Company’s Consolidated Balance Sheets included $715 million of gross receivables that were pledged under the facility. As of September 27, 2025, $108 million had been borrowed and was classified as non-current. Borrowings under the facility bear interest at a variable rate plus an applicable margin. As of September 27, 2025, the facility had an average interest rate of 5.21%. Interest is paid monthly on these borrowings. The Company’s borrowings described above include terms and conditions that limit the incurrence of additional borrowings and require that certain financial ratios be maintained at designated levels. As of September 27, 2025, the Company was in compliance with all debt covenants.

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