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v3.24.3

Debt and Finance Leases | 9 Months Ended
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Sep. 28, 2024
Debt Disclosure [Abstract] |
Debt and Finance Leases | 8. Debt and Finance Leases Debt and finance leases included the following:
| September 28, 2024 |  | December 31, 2023
ABL Credit Facility due December 2025: $135 million net availability, bearing interest of 6.94% (4.94% adjusted SOFR plus 2.00% margin) at September 28, 2024 | $ | — |  |  | $ | — |
Term Loan due July 2027: bearing interest of 12.59% (4.59% three-month Term SOFR plus 8.00% margin) at September 28, 2024 | 246,250 |  |  | 250,000 |
7.625% Senior Secured Notes due January 2026 | 452,640 |  |  | 464,640 |
5.50% CAD-based term loan due April 2028 | 24,881 |  |  | 30,479 |
Other loans(a) | 60,212 |  |  | 44,754 |
Short-term factoring facility | 4,090 |  |  | 5,292 |
Finance lease obligations | 1,033 |  |  | 1,355 |
Total principal payments due | 789,106 |  |  | 796,520 |
Less: unamortized premium, discount and issuance costs | (15,853) |  |  | (19,063) |
Total debt | 773,253 |  |  | 777,457 |
Less: debt due within one year | (25,578) |  |  | (25,283) |
Long-term debt | $ | 747,675 |  |  | $ | 752,174 |
(a)Consist of low-interest green loans for energy projects and other loans intended for use in biomaterials projects in France. Term Loan In January 2024, the Company amended the 2027 Term Loan to increase the maximum consolidated net secured leverage ratio that it must maintain in the fourth quarter of 2023 and through its 2024 fiscal year (see below). In addition, should the Company exceed the 4.50 to 1.00 maximum ratio established by the original agreement in any of these quarters, it will incur a fee of 0.25% of the principal balance outstanding at the end of the applicable quarter. The Company incurred total fees of $3 million related to this amendment, including $1 million in legal and advisory fees recorded to “selling, general and administrative expense” in the consolidated statements of operations in the fourth quarter of 2023, and $2 million in lender fees recorded as deferred financing costs in the first quarter of 2024 that will be amortized to “interest expense” over the remaining term of the loan. The Company is required to maintain various financial covenants, including a consolidated net secured leverage ratio, based on covenant EBITDA, as follows: •5.25 to 1.00 for the fourth quarter of 2023 through the second quarter of 2024; •5.00 to 1.00 for the third fiscal quarter of 2024; •4.75 to 1.00 for the fourth fiscal quarter of 2024; and •4.50 to 1.00 for each fiscal quarter thereafter. Senior Notes 2026 Notes In September 2024, the Company repurchased $12 million principal of its 2026 Notes through open-market transactions for $12 million cash and recorded an immaterial gain on extinguishment to “other income (expense), net” in the consolidated statements of operations. In April 2023, the Company repurchased $10 million principal of its 2026 Notes through open-market transactions and recorded a gain on extinguishment of $1 million to “other income (expense), net” in the consolidated statements of operations. 2024 Notes In August 2023, the Company fully redeemed its 2024 Notes through open-market transactions and recorded a loss on extinguishment of $1 million to “other income (expense), net” in the consolidated statements of operations. Covenants and Debt Maturity As of September 28, 2024, the Company was in compliance with all covenants under its debt agreements. As of September 28, 2024, the Company’s debt principal payments, excluding finance lease obligations, were due as follows:
Remainder of 2024(a) | $ | 11,577 |
2025(b) | 19,437 |
2026(c) | 472,391 |
2027(d) | 247,048 |
2028 | 11,422 |
Thereafter | 26,198 |
Total debt principal payments | $ | 788,073 |
(a)Includes $3 million of the $246 million outstanding principal balance of the 2027 Term Loan. The 2027 Term Loan and 2026 Notes will be fully redeemed with the proceeds of the 2029 Term Loan in the fourth quarter of 2024. The 2029 Term Loan will mature in October 2029. See Note 1—Basis of Presentation for further information regarding the 2029 Term Loan issuance and the refinancing of the 2026 Notes and 2027 Term Loan. (b)Includes $5 million principal of the 2027 Term Loan. (c)Includes the $453 million outstanding principal balance of the 2026 Notes and $5 million principal of the 2027 Term Loan. (d)Includes the remaining $234 million principal balance of the 2027 Term Loan.

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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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