XML 27 R16.htm IDEA: XBRL DOCUMENT v3.25.3
Borrowings
 9 Months Ended
Sep. 28, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
Our borrowings at September 28, 2025 and December 31, 2024 were as follows:
 September 28, 2025December 31, 2024
Senior Credit Facility (at a rate of 5.63% at September 28, 2025, due 2027):
  
Revolving credit facility
$450,000 $113,000 
Term loan facility
456,250 475,000 
Delayed draw term loan
700,000 — 
4.625% Senior Notes due 2027
500,000 500,000 
4.250% Senior Notes due 2028
500,000 500,000 
Securitization program, at a rate of 5.01% at September 28, 2025
75,000 75,000 
2,681,250 1,663,000 
Less: Unamortized debt issuance costs(9,746)(7,129)
 2,671,504 1,655,871 
Current portion of borrowings
(100,000)(100,000)
Long-term borrowings$2,571,504 $1,555,871 
Concurrent with the execution of the agreement to acquire the VI Business described in Note 4, we entered into an amendment to our Third Amended and Restated Credit Agreement (the “Credit Agreement”), which, among other things, (a) provides for a delayed draw term loan facility in an aggregate principal amount of $500 million, to be available to be drawn on the date on which the VI Business acquisition is consummated and (b) permits us to borrow up to $550 million under the revolving facility provided for under the Credit Agreement on a limited condition basis on the date on which the VI Business acquisition is consummated. Borrowings under the delayed draw term loan are to bear interest at a rate per annum equal to the applicable margin plus, at our option, either (1) the highest of (i) the “Prime Rate” in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight euro transactions denominated in U.S. dollars and (iii) 1.00% above the Term SOFR Rate for a one-month interest period, plus an applicable margin ranging from 0.125% to 1.00%, in each case subject to adjustments based on our total net leverage ratio, or (2) a Term Secured Overnight Financing Rate (“SOFR”) rate (which includes a credit spread adjustment of 10 basis points). The applicable margin for borrowings under the delayed draw term loan range from 1.125% to 2.00% for SOFR borrowings and from 0.125% to 1.00% for base-rate borrowings, in each case, depending on, at our election, either (x) our public corporate family rating or (y) our consolidated total net leverage ratio, in each case, based on the most recently ended fiscal quarter. The obligations under the delayed draw term loan will be guaranteed and secured on the same basis as the facilities provided for under the Credit Agreement. The delayed draw term loan will not amortize and will mature on the earlier of (x) the date that is two years after the date on which such loans are funded and (y) the maturity date for the revolving facility provided for under the Credit Agreement.
Subsequently, on June 24, 2025, we executed a further amendment to the Credit Agreement, increasing the aggregate principal amount of the delayed term loan facility by $200 million. After giving effect to the amendment, the delayed draw term loan facility provides for an aggregate amount of delayed draw term loan commitments of $700 million. On June 30, 2025, the first day of the third fiscal quarter of 2025, we drew $700 million under the delayed draw term loan facility to fund the VI Business acquisition, inclusive of transaction-related costs and other associated requirements.
As of September 28, 2025, we have capitalized $5.0 million in transaction fees, including underwriters' discounts and commissions incurred in connection with the delayed draw term loan facility.