v3.25.4

Debt | 9 Months Ended
--- | ---
Jan. 02, 2026
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes components of our debt:
(In millions, except percentages) | January 2, 2026 |  | March 28, 2025 |  | Effective Interest Rate
Term A Facility due September 12, 2027 | $ | 2,949 |  |  | $ | 3,519 |  |  | SOFR + %
6.75% Senior Notes due September 30, 2027 | 900 |  |  | 900 |  |  | 6.75 | %
Term B Facility due September 12, 2029 | 2,349 |  |  | 2,386 |  |  | SOFR + %
7.125% Senior Notes due September 30, 2030 | 600 |  |  | 600 |  |  | 7.13 | %
Incremental Term B Facility due April 16, 2032 | 746 |  |  | — |  |  | SOFR + %
6.25% Senior Notes due April 1, 2033 | 950 |  |  | 950 |  |  | 6.25 | %
Total principal amount | 8,494 |  |  | 8,355 |  |  |
Less: unamortized discount and issuance costs | (87) |  |  | (96) |  |  |
Total debt | 8,407 |  |  | 8,259 |  |  |
Less: current portion | (240) |  |  | (291) |  |  |
Total long-term debt | $ | 8,167 |  |  | $ | 7,968 |  |  |
As of January 2, 2026, the future contractual maturities of debt by fiscal year are as follows:
(In millions) |
Remainder of 2026 | $ | 60 |
2027 | 240 |
2028 | 3,649 |
2029 | 44 |
2030 | 2,237 |
Thereafter | 2,264 |
Total future maturities of debt | $ | 8,494 |
Other debt In December 2021, ROAR 2 SPV Finance LLC, a wholly owned indirect subsidiary of MoneyLion Inc. that was previously consolidated as a variable interest entity (VIE) (the ROAR 2 SPV Borrower), entered into a credit agreement (the ROAR 2 SPV Credit Facility) to finance a portion of MoneyLion’s notes receivables. Under this arrangement, MoneyLion sold certain originated loans and receivables to the ROAR 2 SPV Borrower, which pledged these receivables and related cash flows, along with required cash collateral, to secure borrowings under the ROAR 2 SPV Credit Facility. The underlying loans and receivables were originated and serviced by other wholly owned subsidiaries. The ROAR 2 SPV Borrower was evaluated for consolidation and previously was determined to be a VIE requiring consolidation. In December 2025, the ROAR 2 SPV Credit Facility was repaid and expired in accordance with its terms and there is no longer a variable interest. We continue to consolidate ROAR 2 SPV Finance LLC as a wholly-owned subsidiary under the voting equity interest model. Debt covenant compliance The Amended Credit Agreement, which includes our Term Loans and Revolving Facility, 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 a change of control event. As of January 2, 2026, we were in compliance with all financial debt covenants.

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