XML 64 R23.htm IDEA: XBRL DOCUMENT
v3.25.4

Debt | 12 Months Ended
--- | ---
Jan. 03, 2026
Debt Disclosure [Abstract] |
Debt | 15. Debt
(in millions) | January 3, 2026 |  | December 28, 2024
Term loan - current portion | $ | 6.3 |  |  | $ | 15.0 |
Short-term debt | 6.3 |  |  | 15.0 |
Revolver - long-term | 280.0 |  |  | 456.0 |
Term loan - long-term | 238.0 |  |  | 258.3 |
Long-term debt | 518.0 |  |  | 714.3 |
Total debt | $ | 524.3 |  |  | $ | 729.3 |
2022 Credit Facility On April 11, 2022, the Company entered into an unsecured credit agreement (the 2022 Credit Facility) with financial institutions as initial lenders, Citibank, N.A., as Administrative Agent, Citibank, N.A., JPMorgan Chase Bank, N.A., Bank of the West and BofA Securities, Inc., as joint lead arrangers and joint bookrunners, and JPMorgan Chase Bank, N.A., Bank of the West and BofA Securities, Inc., as co-syndication agents. The 2022 Credit Facility provided a $300.0 million term loan (the 2022 Term Loan) and $500.0 million of in revolving commitments, with an accordion feature allowing for up to $400.0 million in additional commitments, (plus unlimited amounts if certain incurrence tests were met), subject to certain conditions. The Company recorded debt issuance costs of $8.4 million as a reduction to the carrying amount of the 2022 Credit Facility, and amortized them to interest expense using the straight-line amortization method. On September 23, 2025, the Company repaid the $270.0 million outstanding balance on the 2022 Term Loan balance and recorded a charge of $0.9 million for the associated unamortized debt issuance costs. 2025 Credit Facility On December 1, 2025, the Company entered into a five-year unsecured credit agreement (the 2025 Credit Facility) with financial institutions as initial lenders, Bank of America, N.A. as Administrative Agent. BofA Securities, Inc., JPMorgan Chase Bank, N.A., Citibank, N.A., U.S. Bank National Association, and PNC Capital Markets LLC as joint lead arrangers and joint bookrunners. BofA Securities, Inc., JPMorgan Chase Bank, N.A., Citibank, N.A., U.S. Bank National Association, and PNC Bank National Association as co-syndication agents. BMO Bank N.A., DNB Bank ASA, New York Branch, and KeyBank National Association as co-documentation agents. The 2025 Credit Facility consists of a $250.0 million term loan (the Term Loan) and a $750.0 million revolving credit facility (the Revolver), with an accordion feature allowing for up to $400.0 million in additional commitments (plus unlimited amounts if certain incurrence tests are met), subject to certain conditions. The 2025 Credit Facility includes a $50.0 million letter of credit sublimit, and matures on December 1, 2030. The Company recorded a charge of $0.4 million for debt issuance costs related to lenders that did not continue from the 2022 Credit Facility, and recorded debt issuance costs of $4.6 million as a reduction to the carrying amount of the 2022 Credit Facility and amortized them to interest expense using the straight-line amortization method. The Company used initial proceeds from the Term Loan and Revolver to pay off the remaining obligations under the 2022 Credit Facility and related fees. Subsequent Revolver borrowings will be used for general corporate purposes. Borrowings under the 2025 Credit Facility will bear interest, at the Company’s election, at either: (a) an Alternate Base Rate (ABR) Loan, plus a spread of 0.000% to 0.750%, or (b) a Term SOFR Loan plus a spread of 1.000% to 1.750%, based on the Company’s net leverage ratios as set forth in the 2025 Credit Facility. ABR equals, for any day, a fluctuating rate per annum equal to the highest of (a) the Federal Funds Effective Rate plus 1/2 of 1%, (b) Bank of America’s prime rate, (c) Term SOFR plus 1.00%, or (d) a floor of 0.00%. Term SOFR equals the Term SOFR Screen Rate (as defined in the 2025 Credit Facility) for the applicable interest period, with a 0% floor. As of January 3, 2026, the effective interest rate on the 2025 Credit Facility was 4.7%. The Company pays an unused fee ranging from 0.150% to 0.275% per annum on the unutilized Revolver balance, based on the Company’s net leverage ratios under the 2025 Credit Facility. The 2025 Credit Facility contains financial covenants related to a net leverage ratio and an interest coverage ratio, and customary negative covenants, affirmative covenants, representations and warranties, and events of default. Upon any event of default, the Administrative Agent may, and at the request of required lenders shall take either or both of the following actions: (a) immediately terminate the commitments, or (b) declare the outstanding loans immediately due and payable in full. The Company was in compliance with all covenants related to the 2025 Credit Facility as of January 3, 2026. As of January 3, 2026, the Company had approximately $467.6 million of available borrowing capacity (net of approximately $2.4 million in outstanding letters of credit) under the Credit Facility. For the years ended January 3, 2026, December 28, 2024 and December 30, 2023, the Company incurred total interest expense of $33.2 million, $41.2 million and $47.1 million, respectively, under the Credit Facilities. As of January 3, 2026, the aggregate maturities of principal on the Credit Facility for each of the next five years and thereafter are as follows:
Fiscal year | Amount (in millions)
2026 | $ | 6.3 |
2027 | 6.3
2028 | 6.3
2029 | 6.3 |
2030 | 499.1
Thereafter | 0.0
Total | $ | 524.3 |

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 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 -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 405 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477092/405-40-50-1 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration