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Borrowings
 12 Months Ended
Dec. 29, 2024
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of borrowings were as follows:
(In millions)December 29, 2024December 31, 2023
Term Loan$2,282.7 $2,420.2 
Revolving Credit Facility198.0 — 
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 borrowings2,483.1 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)202420232022
Term Loan$171.9 $175.6 $73.0 
Revolving Credit Facility16.4 3.3 1.5 
Amortization of deferred financing costs3.2 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 
2026173.5 
20271,973.3 
2028— 
2029— 
Total$2,488.6