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v3.25.1

Debt | 3 Months Ended
--- | ---
Mar. 29, 2025
Debt Disclosure [Abstract] |
Debt Disclosure | The Company’s debt as of March 29, 2025 and December 31, 2024 consisted of the following:
(In millions) | March 29, 2025 |  | December 31, 2024
Senior secured term loans B due 2029 at 4.71% (1) | $ | 750.0 |  |  | $ | 750.0 |
Senior secured notes due 2029 at 4.75% | 1,600.0 |  |  | 1,600.0 |
Senior unsecured notes due 2030 at 5.95% | 895.0 |  |  | 895.0 |
Senior unsecured notes due 2029 at 3.625% | 400.0 |  |  | 400.0 |
Senior unsecured notes due 2028 at 4.375% | 400.0 |  |  | 400.0 |
Revolving facility due 2027 (2) | — |  |  | — |
Total debt (par value) | 4,045.0 |  |  | 4,045.0 |
Less: Unamortized discount and debt issuance costs | (60.5) |  |  | (63.9) |
Total long-term debt, net | $ | 3,984.5 |  |  | $ | 3,981.1 |
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of March 29, 2025 were as follows:
(In millions) | Remaining 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Long-term debt obligation maturities* | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 400.0 |  |  | $ | 2,750.0 |  |  | $ | 895.0 |  |  | $ | 4,045.0 |
* 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, at the Company’s option, either (i) SOFR, plus an applicable margin of 1.75%, or (ii) a base rate plus an applicable margin of 0.75%. The Revolving Facility has commitments of $575.0 million. There were no borrowings outstanding under the Revolving Facility as of March 29, 2025 and December 31, 2024.

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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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