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DEBT
 3 Months Ended
Mar. 29, 2025
Debt Disclosure [Abstract]  
DEBT

NOTE 6. DEBT

On May 9, 2024, the Company entered into the Fourth Amended and Restated Credit Agreement (the “Fourth Amended Credit Agreement”), which provides for an $800 million asset-based revolving credit facility (the “Revolving Loan Facility”). The Revolving Loan Facility matures on May 9, 2029. The Fourth Amended Credit Agreement replaced the Company’s then existing amended and restated credit agreement, the Third Amended and Restated Credit Agreement (the “Third Amended Credit Agreement”), that was due to mature in April 2025.

As provided by the Fourth Amended Credit Agreement, available amounts that can be borrowed at any given time are based on percentages of certain outstanding accounts receivable, credit card receivables, inventory, and the cash value of company-owned life insurance policies. In the first quarter of 2025, the Company elected to draw down $201 million under the Fourth Amended Credit Agreement for working capital management. Of the amount outstanding, $219 million was repaid in the first quarter of 2025, resulting in $142 million of revolving loans outstanding under the Revolving Loan Facility at March 29, 2025. At March 29, 2025, the Company had $41 million of outstanding standby letters of credit and $468 million of available credit under the Fourth Amended Credit Agreement. The Company was in compliance with all applicable covenants at March 29, 2025.