DEBT |
6 Months Ended |
|---|---|
Jun. 28, 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 half of 2025, the Company elected to draw down $392 million under the Fourth Amended Credit Agreement for working capital management. Of the amount outstanding, $426 million was repaid in the first half of 2025, resulting in $126 million of revolving loans outstanding under the Revolving Loan Facility at June 28, 2025. At June 28, 2025, the Company had $41 million of outstanding standby letters of credit and $481 million of available credit under the Fourth Amended Credit Agreement. The Company was in compliance with all applicable covenants at June 28, 2025. |