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Debt and Other Credit Facilities (Tables) | 6 Months Ended
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Jul. 04, 2025
Debt Disclosure [Abstract] |
Schedule of Outstanding Debt | Our outstanding debt consisted of the following at the dates indicated:
Dollars in millions |  | July 4, 2025 |  | January 3, 2025
Term Loan A |  | $ | 1,004 |  |  | $ | 1,006 |
Term Loan B |  | 988 |  |  | 993 |
Senior Notes |  | 250 |  |  | 250 |
Revolver |  | 395 |  |  | 345 |
Unamortized debt issuance costs and discounts |  | (23) |  |  | (25) |
Total debt |  | 2,614 |  |  | 2,569 |
Less: current portion |  | 43 |  |  | 36 |
Total long-term debt, net of current portion |  | $ | 2,571 |  |  | $ | 2,533 |
The details of the applicable margins and commitment fees under the Revolver, Term Loan A-1 and Term Loan A-3 are based on our consolidated net leverage ratio as follows:
|  | Revolver, Term Loan A-1 and Term Loan A-3 |  |  |  |
Consolidated Net Leverage Ratio |  | Reference Rate (a) |  | Base Rate |  |  |  | Commitment Fee
Greater than or equal to 4.25 to 1.00 |  | 2.25 | % |  | 1.25 | % |  |  |  | 0.33 | %
Less than 4.25 to 1.00 but greater than or equal to 3.25 to 1.00 |  | 2.00 | % |  | 1.00 | % |  |  |  | 0.30 | %
Less than 3.25 to 1.00 but greater than or equal to 2.25 to 1.00 |  | 1.75 | % |  | 0.75 | % |  |  |  | 0.28 | %
Less than 2.25 to 1.00 but greater than or equal to 1.25 to 1.00 |  | 1.50 | % |  | 0.50 | % |  |  |  | 0.25 | %
Less than 1.25 to 1.00 |  | 1.25 | % |  | 0.25 | % |  |  |  | 0.23 | %
(a)The reference rate for the Revolver and the U.S. dollar tranches of Term Loan A-1 is SOFR plus 10 bps Credit Spread Adjustment and the British pound sterling tranche of Term Loan A-3 is SONIA plus 12 bps Credit Spread Adjustment. The details of the applicable margins and commitment fees under Term Loan A-2 are based on our consolidated net leverage ratio as follows:
|  | Term Loan A-2 |  |  |  |
Consolidated Net Leverage Ratio |  | Reference Rate (a) |  | Base Rate |  |  |  | Commitment Fee
Greater than or equal to 4.25 to 1.00 |  | 2.13 | % |  | 1.13 | % |  |  |  | 0.33 | %
Less than 4.25 to 1.00 but greater than or equal to 3.25 to 1.00 |  | 1.88 | % |  | 0.88 | % |  |  |  | 0.30 | %
Less than 3.25 to 1.00 but greater than or equal to 2.25 to 1.00 |  | 1.63 | % |  | 0.63 | % |  |  |  | 0.28 | %
Less than 2.25 to 1.00 but greater than or equal to 1.25 to 1.00 |  | 1.38 | % |  | 0.38 | % |  |  |  | 0.25 | %
Less than 1.25 to 1.00 |  | 1.13 | % |  | 0.13 | % |  |  |  | 0.23 | %
(a)The reference rate for Term Loan A-2 is SOFR.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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