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Borrowings | 12 Months Ended
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Dec. 29, 2024
Debt Disclosure [Abstract] |
Borrowings | Borrowings The components of borrowings were as follows:
(In millions) | December 29, 2024 |  | December 31, 2023
Term Loan | $ | 2,282.7 |  |  | $ | 2,420.2 |
Revolving Credit Facility | 198.0 |  |  | — |
Financing lease obligation | 7.9 |  |  | 0.4 |
Other short-term borrowings | — |  |  | 1.6 |
Other long-term borrowings | — |  |  | 0.4 |
Unamortized deferred financing costs | (5.5) |  |  | (8.0) |
Total borrowings | 2,483.1 |  |  | 2,414.6 |
Less: current portion | (341.8) |  |  | (139.8) |
Long-term borrowings | $ | 2,141.3 |  |  | $ | 2,274.8 |
The Credit Agreement consists of a $2,750.0 million Term Loan and an $800.0 million Revolving Credit Facility. Availability under the Revolving Credit Facility, after deducting letters of credit of $13.0 million and $198.0 million borrowings outstanding, was $589.0 million as of December 29, 2024. In connection with the Credit Agreement, the Company incurred $15.4 million of debt issuance costs, of which $11.9 million was related to the Term Loan and $3.5 million was related to the Revolving Credit Facility. Debt issuance costs related to the issuance of the Term Loan were recorded as a reduction of the principal amount of the borrowings and are amortized using the effective interest method as a component of Interest expense, net over the life of the Term Loan. Debt issuance costs related to the Revolving Credit Facility were recorded as Other assets and are amortized on a straight-line basis over the term of the Revolving Credit Facility. During the year ended December 29, 2024, the Company made $137.5 million in payments on the Term Loan. The Term Loan is subject to quarterly amortization of the principal amount on the last business day of each fiscal quarter of the Company (commencing on September 30, 2022). The required quarterly payments are 1.875% of the aggregate initial principal amount of the Term Loan through the fiscal second quarter of 2024, and 1.250% thereafter. The final remaining principal installment is due on the maturity date. The Term Loan and the Revolving Credit Facility will mature on May 27, 2027. The Credit Agreement contains affirmative and negative covenants that are customary for credit agreements of this nature. The negative covenants include, among other things, limitations on asset sales, mergers, indebtedness, liens, investments and transactions with affiliates. On April 25, 2024, the Company entered into Amendment No. 2 to the Credit Agreement, by and among the Company, the lenders party thereto, and Bank of America, N.A., as administrative agent. The amendment sets a maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) for the applicable measurement period as of the last day of each fiscal quarter of (a) 4.50 to 1.00 on or prior to June 30, 2023, (b) 4.00 to 1.00 after June 30, 2023 and on or prior to June 30, 2024, (c) 4.25 to 1.00 after June 30, 2024 and on or prior to December 31, 2024, (d) 4.00 to 1.00 after December 31, 2024 and on or prior to June 30, 2025 and (e) 3.75 to 1.00 each fiscal quarter after June 30, 2025. The Credit Agreement contains a minimum Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of 3.00 to 1.00 as of the end of any fiscal quarter for the most recently completed four fiscal quarters. The Company was in compliance with the financial covenants as of December 29, 2024. The following table provides the detailed amounts within Interest expense, net for fiscal years ended 2024, 2023 and 2022:
| Fiscal Year Ended
(In millions) | 2024 |  | 2023 |  | 2022
Term Loan | $ | 171.9 |  |  | $ | 175.6 |  |  | $ | 73.0 |
Revolving Credit Facility | 16.4 |  |  | 3.3 |  |  | 1.5 |
Amortization of deferred financing costs | 3.2 |  |  | 3.3 |  |  | 2.1 |
Derivative instruments and other | (25.4) |  |  | (29.1) |  |  | 0.4 |
Interest income | (2.6) |  |  | (5.5) |  |  | (1.3) |
Interest expense, net | $ | 163.5 |  |  | $ | 147.6 |  |  | $ | 75.7 |
The following table provides a schedule of required future repayments of all borrowings outstanding as of December 29, 2024:
(In millions) |
2025 | $ | 341.8 |
2026 | 173.5 |
2027 | 1,973.3 |
2028 | — |
2029 | — |
Total | $ | 2,488.6 |

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- 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 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 2: 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