XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.3
DEBT
 9 Months Ended
Sep. 27, 2025
Debt Disclosure [Abstract]  
DEBT
7. DEBT
The Company’s debt as of September 27, 2025 and December 31, 2024 consisted of the following:

(In millions)September 27, 2025December 31, 2024
Senior secured term loans B due 2029 at 5.01% (1)
$600.0 $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)3,895.0 4,045.0 
Less: Unamortized discount and debt issuance costs(52.2)(63.9)
Total debt, net3,842.8 3,981.1 
Less: Current portion of long-term debt— — 
Total long-term debt, net$3,842.8 $3,981.1 
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of September 27, 2025 were as follows:
(In millions)Remaining 2025 2026202720282029ThereafterTotal
Long-term debt obligation maturities*
$— $— $— $400.0 $2,600.0 $895.0 $3,895.0 
* 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 “Term Loan Facility”). The effective interest rate after consideration of this floating-to-fixed swap contract was 5.01%. 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 September 27, 2025 and December 31, 2024.
During the three and nine months ended September 27, 2025, the Company repaid a total of $150.0 million and $150.0 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 of debt of $1.7 million and $1.7 million for the three and nine months ended September 27, 2025, respectively, which is included in Other expense, net in the condensed consolidated statements of operations.