XML 21 R11.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Debt | 6 Months Ended
--- | ---
Jun. 30, 2024
Debt Disclosure [Abstract] |
Debt | Debt Debt for the Company consists of the following:
| June 30, 2024 |  | December 31, 2023 |  |
(in millions, except percentages) | Amount |  | Rate |  | Amount |  | Rate |  | Maturity Date
2023 Credit Agreement: |  |  |  |  |  |  |  |  |
Term A Facility | $ | 487.5 |  |  | (1) |  | $ | 500.0 |  |  | (1) |  | October 10, 2028
Revolver | 76.5 |  |  | (1) |  | 183.0 |  |  | (1) |  | October 10, 2028
2031 Senior Notes | 800.0 |  |  | 3.875% |  | 800.0 |  |  | 3.875% |  | October 15, 2031
2029 Senior Notes | 800.0 |  |  | 4.000% |  | 800.0 |  |  | 4.000% |  | April 15, 2029
Securitized debt | 182.8 |  |  | (2) |  | 157.6 |  |  | (2) |  | April 7, 2025
Finance lease obligations (3) | 98.2 |  |  |  |  | 92.1 |  |  |  |  | Various
Other | 60.8 |  |  |  |  | 60.9 |  |  |  |  | Various
Total debt | 2,505.8 |  |  |  |  | 2,593.6 |  |  |  |  |
Less: Deferred financing costs | 19.3 |  |  |  |  | 21.7 |  |  |  |  |
Total debt, net | 2,486.5 |  |  |  |  | 2,571.9 |  |  |  |  |
Less: Current portion | 48.4 |  |  |  |  | 44.9 |  |  |  |  |
Total long-term debt, net | $ | 2,438.1 |  |  |  |  | $ | 2,527.0 |  |  |  |  |
(1) | Interest at SOFR index plus 10 basis points of credit spread adjustment, plus applicable margin of 1.250%.
(2) | Interest at one month SOFR index plus 10 basis points of credit spread adjustment, plus 85 basis points.
(3) | New finance lease obligations are a non-cash financing activity.
As of June 30, 2024, the Company was in compliance with all applicable debt covenants. 2023 Credit Agreement On October 10, 2023, the Company entered into the 2023 Credit Agreement with a syndicate of banks. The 2023 Credit Agreement provides for a $1.15 billion revolving credit facility, a $500.0 million term loan facility, and an incremental facility in an aggregate amount of up to the greater of $850.0 million and additional amounts subject to the conditions set forth in the 2023 Credit Agreement, plus the amount of certain prepayments, plus an additional unlimited amount subject to compliance with a maximum consolidated secured leverage ratio test. The 2023 Credit Agreement has a $60.0 million sub-facility for the issuance of letters of credit. On February 6, 2024, the Company and certain other parties thereto entered into an amendment to the 2023 Credit Agreement which provides for a $625.0 million delayed draw term loan and a $40.0 million increase in availability on the existing revolving loan. Once drawn, the instruments will have the same terms and conditions as the Company's existing term loans and revolving loans, respectively, under the 2023 Credit Agreement. This amendment was executed in connection with the Company's financing strategy for the pending acquisition of Mattress Firm. The Company had $76.5 million in outstanding borrowings under the revolving credit facility as of June 30, 2024. Total availability under the revolving facility was $1,112.9 million, after a $0.6 million reduction for outstanding letters of credit, as of June 30, 2024. Securitized Debt The Company and certain of its subsidiaries are party to a securitization transaction with respect to certain accounts receivable due to the Company and certain of its subsidiaries (as amended, the "Accounts Receivable Securitization"). As of June 30, 2024, the Company had completely drawn on the outstanding availability of the Accounts Receivable Securitization with borrowings of $182.8 million. While subject to a $200.0 million overall limit, the availability of revolving loans varies over the course of the year based on the seasonality of the Company's accounts receivable. Borrowings under this facility are classified as long-term debt within the Condensed Consolidated Balance Sheets at June 30, 2024, based on the Company's ability and intent to refinance on a long-term basis.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration