v3.25.2
Debt
 6 Months Ended
Jun. 28, 2025
Debt Disclosure [Abstract]  
Debt Disclosure
The Company’s debt as of June 28, 2025 and December 31, 2024 consisted of the following:

(In millions)June 28, 2025December 31, 2024
Senior secured term loans B due 2029 at 4.71% (1)
$750.0 $750.0 
Senior secured notes due 2029 at 4.75%
1,600.0 1,600.0 
Senior unsecured notes due 2030 at 5.95%
895.0 895.0 
Senior unsecured notes due 2029 at 3.625%
400.0 400.0 
Senior unsecured notes due 2028 at 4.375%
400.0 400.0 
Revolving facility due 2027 (2)
— — 
Total debt (par value)4,045.0 4,045.0 
Less: Unamortized discount and debt issuance costs(57.2)(63.9)
Total debt, net3,987.8 3,981.1 
Less: Current portion of long-term debt(50.0)— 
Total long-term debt, net$3,937.8 $3,981.1 
Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of June 28, 2025 were as follows:
(In millions)Remaining 2025 2026202720282029ThereafterTotal
Long-term debt obligation maturities*
$50.0 (3)
$— $— $400.0 $2,700.0 $895.0 $4,045.0 
* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.
(1) The Company entered into a floating-to-fixed swap contract on its variable rate debt under our senior secured term loan facility due 2029 (the “Term Loan Facility”). The effective interest rate after consideration of this floating-to-fixed swap contract was 4.71%. Refer to Note 9 for a description of our interest rate swap contract.
(2) Our senior secured revolving credit facility due 2027 (the “Revolving Facility”) bears interest at a rate per annum equal to, at the Company’s option, either (i) SOFR, plus an applicable margin of 1.75%, or (ii) a base rate plus an applicable margin of 0.75%. The Revolving Facility has commitments of $575.0 million. There were no borrowings outstanding under the Revolving Facility as of June 28, 2025 and December 31, 2024.
(3) On June 30, 2025, the Company repaid a total of $50.0 million of the outstanding borrowings under the Term Loan Facility. The Company has classified the debt associated with the repayment as a current liability in the condensed consolidated balance sheets as of June 28, 2025, based on both its intent and ability to repay the debt within the next 12 months.