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Debt | 3 Months Ended
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Jul. 04, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes components of our debt:
(In millions, except percentages) | July 4, 2025 |  | March 28, 2025 |  | Effective Interest Rate
12.50% ROAR 2 SPV Credit Facility due December 2025 | $ | 49 |  |  | $ | — |  |  | 12.50 | %
Term A Facility due September 12, 2027 | 3,346 |  |  | 3,519 |  |  | SOFR + %
6.75% Senior Notes due September 30, 2027 | 900 |  |  | 900 |  |  | 6.75 | %
Term B Facility due September 12, 2029 | 2,368 |  |  | 2,386 |  |  | SOFR + %
7.125% Senior Notes due September 30, 2030 | 600 |  |  | 600 |  |  | 7.13 | %
Incremental Term B Facility due April 16, 2032 | 750 |  |  | — |  |  | SOFR + %
6.25% Senior Notes due April 1, 2033 | 950 |  |  | 950 |  |  | 6.25 | %
Total principal amount | 8,963 |  |  | 8,355 |  |  |
Less: unamortized discount and issuance costs | (100) |  |  | (96) |  |  |
Total debt | 8,863 |  |  | 8,259 |  |  |
Less: current portion | (288) |  |  | (291) |  |  |
Total long-term debt | $ | 8,575 |  |  | $ | 7,968 |  |  |
As of July 4, 2025, the future contractual maturities of debt by fiscal year are as follows:
(In millions) |
Remainder of 2026 | $ | 229 |
2027 | 240 |
2028 | 3,949 |
2029 | 44 |
2030 | 2,237 |
Thereafter | 2,264 |
Total future maturities of debt | $ | 8,963 |
Other Debt In December 2021, ROAR 2 SPV Finance LLC, an indirect wholly owned VIE of MoneyLion Inc. (the ROAR 2 SPV Borrower), entered into a $125 million credit agreement, which was subsequently reduced to $75 million (the ROAR 2 SPV Credit Facility), with a lender for the funding of notes receivables, which secure the ROAR 2 SPV Credit Facility. The ROAR 2 SPV Credit Facility allows for increases in maximum borrowings under the agreement of up to $300 million, bears interest at a rate of 12.5% and matures on December 21, 2025, unless it is extended to December 21, 2026. Debt covenant compliance The Amended Credit Agreement contains customary representations and warranties, affirmative and negative covenants. Each of the Revolving Facility and Term A Facility are subject to a covenant that we maintain a consolidated leverage ratio less than or equal to (i) 6.0 to 1.0 from the second quarter of fiscal 2023 through the last day of the second quarter of fiscal 2024, (ii) 5.75 to 1.0 following the last day of the second quarter of fiscal 2024 through the last day of the second quarter of fiscal 2025 and (iii) 5.25 to 1.0 for each fiscal quarter thereafter; provided that such maximum consolidated leverage ratio will increase to 5.75 to 1.0 for the four fiscal quarters ending immediately should we acquire property, business or assets in an aggregate amount greater than $250 million. In addition, the Amended Credit Agreement contains customary events of default under which our payment obligations may be accelerated, including, among others, non-payment of principal, interest or other amounts when due, inaccuracy of representations and warranties, violation of certain covenants, payment and acceleration cross defaults with certain other indebtedness, certain undischarged judgments, bankruptcy, insolvency or inability to pay debts, change of control, the occurrence of certain events related to the Employee Retirement Income Security Act of 1974 (ERISA), and the Company experiencing a change of control. Under the terms of the ROAR 2 SPV Credit Facility, the ROAR 2 SPV Borrower is subject to certain covenants including minimum asset requirements to be held by ROAR 2 SPV Borrower. Assets held by the ROAR 2 SPV Borrower include $93 million of accounts receivable, net in our Condensed Consolidated Balance Sheets. As of July 4, 2025, we were in compliance with all financial debt covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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