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v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 28, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table provides a summary of the Company’s debt as of September 28, 2025 and December 29, 2024, including the carrying value of the debt less debt issuance costs:
|  |  |  | September 28, 2025 |  |  |  | December 29, 2024
(U.S. Dollars presented in millions) |  |  |  | Long-term |  |  |  | Long-term
Revolving credit facility due June 2029 |  |  |  | $ | 265.0 |  |  |  |  | $ | 320.0 |
7.00% Senior Notes due 2032 |  |  |  | 700.0 |  |  |  |  | 700.0 |
|  |  |  | 965.0 |  |  |  |  | 1,020.0 |
Less: Unamortized debt issuance costs |  |  |  | (10.9) |  |  |  |  | (12.2) |
Total |  |  |  | $ | 954.1 |  |  |  |  | $ | 1,007.8 |
2024 Refinancing Transaction On June 27, 2024, the Company completed a private offering (the “Offering”) of $700.0 million aggregate principal amount of 7.00 percent Senior Notes due 2032 (the “Senior Notes”) and entered into an amended and restated credit agreement (the “2024 Credit Agreement”), which amended and restated the Company’s 2022 credit agreement. The Company used the funds from the refinancing transaction, and cash on-hand, to: 1) refinance the 2022 credit agreement (including repaying all amounts outstanding under the existing term loan, inclusive of accrued and unpaid interest), 2) fund the acquisition of Supreme on July 10, 2024, and 3) pay all fees and expenses related to the foregoing transactions. The Senior Notes were issued under the Indenture dated as of June 27, 2024 (the “Indenture”) at par. The Senior Notes are the Company’s unsecured and unsubordinated debt obligations and are guaranteed, on a senior unsecured basis, by each of the Company’s existing and future subsidiaries that are borrowers under or guarantors of the 2024 Credit Agreement. The Senior Notes will mature on July 15, 2032. Interest on the Senior Notes accrues at a rate of 7.00 percent per annum and is payable semi-annually in arrears on January 15 and July 15, beginning on January 15, 2025. The Senior Notes had an outstanding balance of $700.0 million as of September 28, 2025. As of September 28, 2025, prepaid debt issuance costs related to the Senior Notes were $10.9 million and are being amortized over the term of the debt. These costs are included in long-term debt in our condensed consolidated balance sheets. The Company was in compliance with all of its debt covenants under the Indenture as of September 28, 2025 and December 29, 2024. The 2024 Credit Agreement provides for a 5-year, $750.0 million revolving credit facility. The revolving credit facility is not subject to amortization and will mature in June 2029. The 2024 Credit Agreement is secured by certain assets as well as the guarantee of certain of our subsidiaries. Interest rates under the revolving credit facility are variable based on the SOFR, or, at the Company’s option, at a base reference rate equal to the highest of (i) the federal funds rate plus 0.50 percent, (ii) the rate of interest last quoted by JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”) as its “prime rate” and (iii) the one-month SOFR rate plus 1.00 percent (the “Base Rate”), plus, as applicable, a margin ranging from 1.625 percent to 2.25 percent per annum for SOFR-based loans and ranging from 0.625 percent to 1.25 percent per annum for Base Rate-based loans, in each case, depending on the Company’s net leverage ratio. The Company will also pay customary agency fees and a commitment fee based on the daily unused portion of the revolving credit facility ranging from 0.20 percent to 0.30 percent per annum, depending on its net leverage ratio. The 2024 Credit Agreement contains a financial covenant that does not permit the Company to allow its net leverage ratio to exceed, in the case of any fiscal quarter ending on or following March 30, 2025, 3.25 to 1.00 or, if the Company consummates any material acquisition, then the Company’s net leverage ratio shall not exceed 3.75 to 1.00 for the applicable fiscal quarter in which such acquisition is consummated and the three consecutive fiscal quarters thereafter. The Company is also required to maintain a minimum interest coverage ratio of 3.00 to 1.00. The 2024 Credit Agreement also contains customary events of default. The occurrence of an event of default could result in the termination of commitments under the revolving credit facility, the acceleration of all outstanding amounts thereunder and the requirement to cash collateralize outstanding letters of credit. The Company was in compliance with all of its debt covenants under the 2024 Credit Agreement as of September 28, 2025 and December 29, 2024. The revolving credit facility had an outstanding balance of $265.0 million as of September 28, 2025 and had $461.9 million of availability. Availability under the $750.0 million revolving credit facility is reduced by the outstanding balance under the revolving credit facility and outstanding letters of credit. As of September 28, 2025, prepaid debt issuance costs related to the 2024 Credit Agreement were $3.9 million and will be amortized over the term of the debt. At September 28, 2025, these costs are included in other assets in our condensed consolidated balance sheets. Interest paid on debt was $29.7 million and $69.1 million for the thirteen and thirty-nine weeks ended September 28, 2025, respectively, and $6.7 million and $34.7 million for the thirteen and thirty-nine weeks ended September 29, 2024, respectively.

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