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Leverage Ratio | 3 Months Ended
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Mar. 24, 2024
Leverage Ratio [Abstract] |
Leverage Ratio | 5. Leverage Ratio In accordance with the Company’s debt agreements, the payment of principal on the outstanding senior notes may be suspended if the Holdco Leverage Ratio is less than or equal to 5.0 x total debt to adjusted EBITDA, as defined in the related agreements, and no catch-up provisions are applicable. As of the end of the first quarter of 2024, the Company had a Holdco Leverage Ratio of less than 5.0 x, and accordingly, did not make the previously scheduled debt amortization payment for its outstanding notes beginning in the second quarter of 2024. Accordingly, all principal amounts of the Company’s outstanding notes have been classified as long-term debt in the condensed consolidated balance sheet as of March 24, 2024.

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