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DEBT AND OTHER FINANCING ARRANGEMENTS
 12 Months Ended
Dec. 28, 2024
Debt Disclosure [Abstract]  
DEBT AND OTHER FINANCING ARRANGEMENTS DEBT AND OTHER FINANCING ARRANGEMENTS
Long-term debt, net and finance leases consists of the following:
December 28, 2024December 30, 2023
(in thousands)
Revolving credit facility$714,948 $1,129,243 
4.25% Senior Notes due 2028
500,000 500,000 
3.75% Senior Notes due 2029
500,000 500,000 
4.00% Senior Notes due 2031
500,000 500,000 
Other debt15,603 9,575 
Finance leases 28,444 28,550 
Total debt and finance leases2,258,995 2,667,368 
Less:
Current portion of long-term debt155 3,172 
Current portion of finance leases2,774 2,398 
Current portion of long-term debt and finance leases2,929 5,570 
Long-term debt and finance leases2,256,066 2,661,798 
Debt discount and debt issuance costs(15,861)(14,651)
Long-term debt, net and finance leases$2,240,205 $2,647,147 
As of December 28, 2024 and December 30, 2023, the weighted average interest rate on the Company’s debt was 4.48% and 4.93%, respectively.
Revolving Credit Facility
On December 13, 2024, the Company modified its revolving credit facility “Credit Facility”. The Credit Facility provides for up to $2.0 billion (reduced from $3.0 billion) and has a maturity date of December 2029 (previously April 2026), with no required scheduled payment before that date. The terms of the Credit Facility are substantially the same with the interest rates equal to (A) for revolving loans denominated in U.S. dollars, at the Company’s option, either the base rate (which is the higher of (1) the prime rate, (2) the federal funds rate plus 0.50%, or (3) the one-month adjusted SOFR rate plus 1.0%) or the adjusted SOFR rate, (B) for revolving loans denominated in euros, the adjusted EURIBOR rate and (C) for revolving loans denominated in sterling, the daily simple SONIA rate, in each case, plus an interest rate margin based upon the Company’s leverage ratio.
The Credit Facility includes certain customary representations and warranties, events of default, notices of material adverse changes to the Company’s business and negative and affirmative covenants. These covenants include (1) maintenance of a ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) less capital expenditures to consolidated cash interest expense, for any period of four consecutive fiscal quarters, of no less than 3.50 to 1.0 as well as (2) maintenance of a ratio of consolidated indebtedness plus principal outstanding in connection with any permitted receivables financing to consolidated EBITDA for any period of four consecutive fiscal quarters, of no more than 4.25 to 1.0. As of December 28, 2024, the Company was compliant with all financial covenants under the Credit Facility. The obligations of the Company under the Credit Facility are collateralized by substantially all of the assets of the Company.
The Company concluded that the transaction represented a modification of existing debt and capitalized approximately $5.0 million of debt issuance costs incurred as a reduction to total outstanding debt.
2028 Senior Notes
In fiscal year 2019, the Company issued $500 million of 4.25% Senior Notes due in 2028 (2028 Senior Notes) in an unregistered offering. Interest on the 2028 Senior Notes is payable semi-annually.
2029 Senior Notes and 2031 Senior Notes
In fiscal year 2021, the Company issued $1 billion of debt split between $500 million of 3.75% Senior Notes due in 2029 (2029 Senior Notes), and $500 million of 4.00% Senior Notes due in 2031 (2031 Senior Notes), in an unregistered offering. Interest on the 2029 and 2031 Senior Notes is payable semi-annually.
Foreign currency transactions
During fiscal year 2022, the Company had multiple U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Prior Credit Facility, which were between $250 million and $400 million each. To limit this foreign currency exposure, the Company entered into foreign exchange forward contracts, which are not designated as hedging instruments. The gains and losses incurred on these transactions were as follows:
December 31, 2022Affected Line Item in the Consolidated Statements of Income
(in thousands)
Gain on foreign exchange forward contract$49,712 Interest expense
Loss on foreign debt remeasurement(46,529)Other income (expense)
The Company did not have any U.S. dollar denominated loans borrowed by a non-U.S. Euro functional currency entity under the Credit Facility during fiscal years 2024 or 2023.
Principal Maturities
Principal maturities of existing debt for the periods set forth in the table below, are as follows:
Fiscal YearPrincipal
(in thousands)
2025$800 
20261,509 
20272,826 
2028502,909 
20291,217,932 
Thereafter504,575 
Total$2,230,551 
Letters of Credit
As of December 28, 2024 and December 30, 2023, the Company had $22.4 million and $21.6 million, respectively, in outstanding letters of credit.