XML 56 R42.htm IDEA: XBRL DOCUMENT v3.23.1
Debt - Additional Information (Details)
$ in Thousands
3 Months Ended
Feb. 28, 2023
USD ($)
Dec. 30, 2022
USD ($)
Jul. 05, 2022
USD ($)
Mar. 31, 2023
USD ($)
Apr. 01, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]            
Prepayment premium on early redemption of debt       $ 1,600 $ 0  
Letters of credit | 2023 Credit Agreement            
Debt Instrument [Line Items]            
Outstanding borrowings       $ 14,900    
Secured Debt | First Lien Initial Term Tranche            
Debt Instrument [Line Items]            
Face amount     $ 925,000      
Debt voluntary repayment $ 258,700          
Interest expense 11,900          
Interest rate       9.11%    
Secured Debt | First Lien Incremental Term Tranche            
Debt Instrument [Line Items]            
Face amount     260,000      
Secured Debt | Vertex Second Lien Term Facility            
Debt Instrument [Line Items]            
Debt voluntary repayment 160,000 $ 25,000        
Interest expense 7,100          
Total     185,000      
Prepayment premium on early redemption of debt $ 1,600          
Secured Debt | Vertex First Lien Credit Agreement            
Debt Instrument [Line Items]            
Face amount     1,185,000      
Proceeds from sale of debt     54,000      
Quarterly amortization     2,300      
Total       $ 915,800    
Deferred debt issuance costs       (40,800)    
Fair value       910,000    
Secured Debt | Vertex First Lien Term Facility            
Debt Instrument [Line Items]            
Face amount     $ 864,900      
Secured Debt | Fed Funds Effective Rate Overnight Index Swap Rate | First Lien Initial Term Tranche            
Debt Instrument [Line Items]            
Spread on variable rate     0.50%      
Secured Debt | London Interbank Offered Rate (LIBOR) | Minimum | First Lien Initial Term Tranche            
Debt Instrument [Line Items]            
Spread on variable rate     3.50%      
Secured Debt | London Interbank Offered Rate (LIBOR) | Maximum | First Lien Initial Term Tranche            
Debt Instrument [Line Items]            
Spread on variable rate     3.75%      
Secured Debt | Eurodollar | First Lien Initial Term Tranche            
Debt Instrument [Line Items]            
Spread on variable rate 1.00%   1.00%      
Secured Debt | Eurodollar | Minimum | First Lien Initial Term Tranche            
Debt Instrument [Line Items]            
Spread on variable rate     2.50%      
Secured Debt | Eurodollar | Maximum | First Lien Initial Term Tranche            
Debt Instrument [Line Items]            
Spread on variable rate     2.75%      
Line of Credit | 2023 Credit Agreement            
Debt Instrument [Line Items]            
Outstanding borrowings       185,000    
Deferred debt issuance costs       (4,900)    
Remaining borrowing capacity       300,100    
Covenant terms, ratio of total indebtedness to combined EBITDA 5.00          
Covenant terms, ratio of EBITDA to interest expense, net, 2.00          
Senior secured credit facilities            
Debt Instrument [Line Items]            
Credit facility, maximum borrowing capacity $ 750,000     $ 270,000    
Senior secured credit facilities | Minimum            
Debt Instrument [Line Items]            
Quarterly amortization 1,600          
Senior secured credit facilities | Maximum            
Debt Instrument [Line Items]            
Quarterly amortization $ 3,100          
Senior secured credit facilities | Secured Debt            
Debt Instrument [Line Items]            
Interest rate       8.15%    
Senior secured credit facilities | Secured Debt | Fed Funds Effective Rate Overnight Index Swap Rate            
Debt Instrument [Line Items]            
Spread on variable rate 0.50%          
Senior secured credit facilities | Secured Debt | SOFR | Minimum            
Debt Instrument [Line Items]            
Spread on variable rate 2.00%          
Senior secured credit facilities | Secured Debt | SOFR | Maximum            
Debt Instrument [Line Items]            
Spread on variable rate 3.25%          
Senior secured credit facilities | Secured Debt | Eurodollar | Minimum            
Debt Instrument [Line Items]            
Spread on variable rate 1.00%          
Senior secured credit facilities | Secured Debt | Eurodollar | Maximum            
Debt Instrument [Line Items]            
Spread on variable rate 2.25%          
Amended revolver            
Debt Instrument [Line Items]            
Outstanding borrowings       $ 40,000   $ 50,000
Term facility            
Debt Instrument [Line Items]            
Credit facility, maximum borrowing capacity $ 250,000          
Outstanding borrowings       50,200   $ 55,400
Face amount $ 203,100          
Debt instrument, term 5 years          
Term facility | 2023 Credit Agreement            
Debt Instrument [Line Items]            
Face amount       250,000    
Deferred debt issuance costs       2,500    
Fair value       $ 246,300    
Term facility | Secured Debt            
Debt Instrument [Line Items]            
Interest rate       8.35%    
Term facility | Short-term debt            
Debt Instrument [Line Items]            
Credit facility, maximum borrowing capacity $ 50,000          
Term Facility And Amended Revolver            
Debt Instrument [Line Items]            
Total       $ 1,350,750    
Revolver            
Debt Instrument [Line Items]            
Outstanding borrowings $ 500,000          
Debt instrument, term 5 years          
Revolver | Letters of credit            
Debt Instrument [Line Items]            
Credit facility, maximum borrowing capacity $ 50,000          
Revolver | Letters of credit | Vertex ABL Credit Agreement            
Debt Instrument [Line Items]            
Credit facility, maximum borrowing capacity     $ 30,000      
Revolver | Short-term debt | Vertex ABL Credit Agreement            
Debt Instrument [Line Items]            
Credit facility, maximum borrowing capacity     10,000      
Debt voluntary repayment 67,500          
Interest expense $ 1,500          
Revolver | Line of Credit | Vertex ABL Credit Agreement            
Debt Instrument [Line Items]            
Credit facility, maximum borrowing capacity     $ 200,000      
Fronting fee     0.125%      
Revolver | Line of Credit | Minimum | 2023 Credit Agreement | Equal To Or Less Than 50%            
Debt Instrument [Line Items]            
Commitment fee percentage 0.25%          
Revolver | Line of Credit | Maximum | 2023 Credit Agreement | Equal To Or Less Than 50%            
Debt Instrument [Line Items]            
Commitment fee percentage 0.50%