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Debt | 6 Months Ended
--- | ---
Jun. 29, 2024
Debt Disclosure [Abstract] |
Debt Disclosure | The Company’s debt as of June 29, 2024 and December 31, 2023 consisted of the following:
(In thousands) | June 29, 2024 |  | December 31, 2023
Senior secured term loans B due 2029 at 4.71% (1) | 900,000 |  |  | 1,373,774 |
Senior secured notes due 2029 at 4.75% | 1,600,000 |  |  | 1,600,000 |
Senior unsecured notes due 2030 at 5.95% | 895,000 |  |  | 895,000 |
Senior unsecured notes due 2029 at 3.625% | 400,000 |  |  | 400,000 |
Senior unsecured notes due 2028 at 4.375% | 400,000 |  |  | 400,000 |
Revolving facility due 2027 at 7.08% (2) | — |  |  | — |
Total debt (par value) | 4,195,000 |  |  | 4,668,774 |
Unamortized discount and debt issuance costs | 72,767 |  |  | 91,633 |
Total debt, net | 4,122,233 |  |  | 4,577,141 |
Less short-term debt, including current portion of long-term debt | — |  |  | — |
Total long-term debt, net | $ | 4,122,233 |  |  | $ | 4,577,141 |
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of June 29, 2024 were as follows:
(In thousands) | Remaining 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Contractual debt obligation maturities* | $ | — |  |  | — |  |  | — |  |  | — |  |  | 400,000 |  |  | 3,795,000 |  |  | 4,195,000 |
* Senior secured term loans B subject to Excess Cash Flow payments to the lenders. (1) The Company entered into a floating-to-fixed swap contract on its variable rate debt under our senior secured term loan facility due 2029. The effective interest rate after consideration of this floating-to-fixed swap contract was 4.71%. Refer to Note 9 for a description of our interest rate swap contract. (2) Our senior secured revolving credit facility due 2027 (the “Revolving Facility”) bears interest at a rate per annum equal to SOFR, plus an applicable margin of 1.75%. The Revolving Facility has commitments of $575.0 million. Senior secured term loans B due 2029 On March 28, 2024, the Company and certain of its subsidiaries entered into Amendment No. 3 (the “Third Amendment”), with the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent, which amended the Credit and Guaranty Agreement, dated as of November 6, 2018 (as amended and restated as of July 6, 2022 and as subsequently amended on each of March 10, 2023 and September 11, 2023, the “Existing Credit Agreement” and, the Existing Credit Agreement as amended by the Third Amendment, the “Amended Credit Agreement”), by and among the Company, as borrower, certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and collateral agent. The Third Amendment provides for, among other things, the reduction of the applicable rate of the Company’s outstanding senior secured term loans B under the Existing Credit Agreement. After giving effect to the Third Amendment, such outstanding term loans B bear interest, at a rate per annum equal to, at the Company’s option, either (i) Term SOFR plus an applicable margin of 1.75% or (ii) a base rate plus an applicable margin of 0.75%. Other than as described herein (and more fully described in the Third Amendment), the terms of the Amended Credit Agreement are substantially similar to the terms of the Existing Credit Agreement. In connection with the Third Amendment, the Company made a prepayment of $354.5 million on the term loans B. During the three and six months ended June 29, 2024, the Company repaid a total of $55.0 million and $473.8 million of the outstanding borrowings under the term loans B. In connection with these repayments and entry into the Third Amendment, the Company incurred a pre-tax loss on extinguishment and modification of debt of $0.8 million and $12.3 million for the three and six months ended June 29, 2024, respectively, which is included in Other expense, net in the condensed consolidated statements of operations.

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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 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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