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Debt | 3 Months Ended
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Mar. 29, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table presents the components of debt balances, net of issuance costs:
(millions) | March 29, 2025 | December 28, 2024
Credit Facility term loan | $ | 528 |  | $ | 484 |
Credit Facility notes payable | 67 |  | 48 |
Other notes payable | 2 |  | 3 |
Total borrowings | $ | 597 |  | $ | 535 |
In September of 2023, the Company entered into a Credit Agreement, consisting of a $500 million term loan (the "Term Loan"), a $250 million delayed draw term loan ("Delayed Term Loans"), and a $350 million equivalent multicurrency revolving credit facility (collectively, the “Credit Facility”). During the first quarter of 2025, the Company incurred an additional $50 million of borrowings related to the Delayed Term Loans, which will amortize in equal quarterly installments of 1.25% of the principal balance beginning in September 2025 through the maturity date in September 2028. Additionally, in the first quarter of 2025, the Company made a $6 million payment on the term loan as required under the Credit Facility. Total remaining borrowings available under the Credit Facility as of March 29, 2025 was $483 million.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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