v3.26.1
Long-Term Debt
 3 Months Ended
Mar. 28, 2026
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Our long-term debt, net of unamortized debt issuance costs and original issue discounts, consisted of the following:
(amounts in thousands)March 28, 2026 Interest RatesMarch 28, 2026December 31, 2025
Revolving Credit Facility
5.03%(1)
$40,000 $— 
Senior Notes due December 2027
4.88%
400,000 400,000 
Term Loan Facility due July 2028
5.79%(1)
375,525 375,525 
Senior Notes due September 2032
7.00%
350,000 350,000 
Finance leases and other financing arrangements
1.00% - 8.28%(1)
49,661 54,458 
Total debt$1,215,186 $1,179,983 
Unamortized debt issuance costs and original issue discounts(6,224)(6,679)
Current maturities of long-term debt(19,526)(23,690)
Long-term debt$1,189,436 $1,149,614 
(1)Term Loan Facility due July 2028, Revolving Credit Facility, and certain finance leases and other financing arrangements are subject to variable interest rates.
Summaries of our significant changes to outstanding debt agreements as of March 28, 2026, are as follows:
Our total indebtedness as of March 28, 2026, was $1.22 billion of which $19.5 million in short-term debt obligations is due and payable within the next 12 months. We have $400 million of Senior Notes due in December 2027 for which it is unlikely that our cash flows from operations will be sufficient to fully repay. To service our indebtedness, we may be required to undertake various actions including, but not limited to, refinancing all or a portion of our existing long-term debt, pursuing strategic reviews of our assets and businesses, entering into sale-leaseback transactions for selected properties, adjusting our planned level of capital and other expenditures, or other strategies. In addition, in accordance with our credit agreements, dispositions of assets or businesses may require us to use all or a portion of the proceeds of such sales to pay down certain portions of our debt.
Senior Notes
In December 2017, we issued $400 million of Senior Notes bearing interest at 4.88% and maturing in December 2027 in a private placement for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act.
In August 2024, we issued $350.0 million of Senior Notes bearing interest at 7.00% and maturing September 2032 in a private placement for resale to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The proceeds were net of fees and expenses associated with debt issuance including an underwriting fee of 1.25%. We incurred debt issuance costs of $5.5 million which will be amortized to interest expense over the life of the notes using the effective interest method. Interest is payable semiannually, in arrears, each March and September.
In September 2024, we utilized a portion of the proceeds from the issuance of our 7.00% Senior Notes described above to redeem the remaining $200.0 million of our 4.63% Senior Notes. The Company recognized a pre-tax loss of $0.5 million on the redemption in the third quarter of 2024, consisting entirely of accelerated amortization of debt issuance costs.
Term Loan Facility
U.S. Facility – Initially executed in October 2014, we amended the Term Loan Facility in July 2021 to, among other things, extend the maturity date from December 2024 to July 2028 and provide additional covenant flexibility.
In January 2024, we amended the Term Loan Facility to lower the applicable margin for replacement term loans, remove certain provisions no longer relevant to the parties, and make certain other technical amendments and related conforming changes. Pursuant to the amendment, replacement term loans bear interest at SOFR plus a margin of 1.75% to 2.00% depending on JWI’s corporate credit ratings, compared to a margin of 2.00% to 2.25% under the previous amendment. All other material terms and conditions of the Term Loan Agreement were unchanged. As a result of this amendment, we recognized debt extinguishment and refinancing costs of $1.4 million, which included $0.8 million of unamortized debt issuance costs and original discount fees.
In February 2024, we entered into interest rate collar agreements with a cap rate of 4.50% paid against one-month USD-SOFR CME Term floored at 3.982% and 3.895% with outstanding notional amounts aggregating to $100.0 million corresponding to that amount of the debt outstanding under our Term Loan Facility. The interest rate collar agreements were designated as cash flow hedges of a portion of the interest obligations on our Term Loan Facility borrowings and matured in February 2026. Refer to Note 18 - Derivative Financial Instruments to our unaudited condensed consolidated financial statements included in this Form 10-Q for more information on our derivative assets and liabilities.
In August 2024, we utilized a portion of the proceeds received from our issuance of $350.0 million of Senior Notes to repay $150.0 million of the outstanding balance of our Term Loan Facility. As of March 28, 2026, the outstanding principal balance, net of original issue discount, was $375.3 million.
Revolving Credit Facility
ABL Facility – Initially executed in 2014, extensions of credit under our ABL Facility are limited by a borrowing base calculated based on specified percentages of the value of eligible accounts receivable and inventory, subject to certain reserves and other adjustments. We pay a fee of 0.25% on the unused portion of the commitments. If there are outstanding borrowings against the ABL Facility, which results in the Company’s Global Excess Availability falling below the Level 1 Availability Trigger Amount, we would be required to comply with a minimum Fixed Charge Coverage Ratio as described in the ABL Facility credit agreement. The ABL Facility has various non-financial covenants, including restrictions on liens, indebtedness, dividends, customary representations and warranties, and customary events of defaults and remedies.
In March 2025, we amended the ABL Facility to extend the maturity date from July 2026 to March 2028, replace the CDOR as the applicable rate with respect to loans denominated in Canadian Dollars with the CORRA, and make certain other technical amendments and related conforming changes. All other material terms and conditions of the ABL Facility credit agreement were unchanged, including the aggregate commitment, which remained at $500.0 million. As a result of this amendment, the Company recognized a pre-tax loss of $0.2 million in the first quarter of 2025, consisting of unamortized issuance costs.
As of March 28, 2026, we had $40.0 million outstanding net borrowings under the ABL Facility, $22.0 million in letters of credit, and $259.5 million available under the ABL Facility.
Finance leases and other financing arrangements
In addition to finance leases, we include loans secured by equipment in this category. As of March 28, 2026, we had $49.7 million outstanding in this category, with maturities ranging from 2026 to 2032.
As of March 28, 2026, we were in compliance with the terms of all our Credit Facilities and the indentures governing the Senior Notes.