v3.26.1
Borrowings
 3 Months Ended
Mar. 29, 2026
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of borrowings were as follows:
(In millions)March 29, 2026December 28, 2025
Term Loan A$1,135.6 $1,150.0 
Term Loan B1,446.4 1,450.0 
Revolving Credit Facility130.0 80.0 
Financing lease obligation — 1.6 
Other short-term borrowings1.3 3.0 
Other long-term borrowings (1)
20.5 13.1 
Unamortized deferred financing costs(18.8)(19.6)
Unamortized original issue discount(27.0)(27.9)
Total borrowings2,688.0 2,650.2 
Less: current portion(228.2)(178.3)
Long-term borrowings$2,459.8 $2,471.9 
(1)Relates to a three-year lease arrangement in India, whereby the Company will sell its instruments placed at customer locations under a reagent rental agreement. The transaction did not qualify as a sale and is accounted for as a financing arrangement.
The Credit Agreement consists of (i) a $1.15 billion Term Loan A, (ii) a $100.0 million DDTL Term Loan A (together with the Term Loan A, the “Term Loan A Facilities”), (iii) a $1.45 billion Term Loan B (collectively with the Term Loan A Facilities, the “Term Loans”) and (iv) a $700.0 million Revolving Credit Facility. Availability under the Revolving Credit Facility, after deducting letters of credit of $23.6 million and $130.0 million borrowings outstanding, was $546.4 million as of March 29, 2026. During the three months ended March 29, 2026, the Company (i) made $18.0 million in payments on the Term Loans and (ii) borrowed $95.0 million and made $45.0 million in payments on the Revolving Credit Facility.
The Credit Agreement contains affirmative and negative covenants that are customary for credit agreements of this nature. The negative covenants include, among other matters, limitations on asset sales, mergers, indebtedness, liens, investments and transactions with affiliates. The Company was in compliance with the financial covenants as of March 29, 2026.
The estimated fair value of the Company’s borrowings under the Term Loans was $2,537.5 million at March 29, 2026, compared to the carrying amount, excluding debt issuance costs, of $2,582.0 million. The estimated fair value of the Company’s borrowings under the Term Loans was $2,563.5 million at December 28, 2025, compared to the carrying amount, excluding debt issuance costs, of $2,600.0 million. The estimate of fair value is generally based on the quoted market prices for similar issuances of long-term debt with the same maturities, which is classified as a Level 2 input.
On April 9, 2026, the Company signed a committed loan notice with Bank of America, N.A., as administrative agent, requesting borrowing under the DDTL Term Loan A. On April 13, 2026, the Company borrowed $100.0 million comprised of Term SOFR loan to fund the acquisition of LEX Diagnostics and for general corporate purposes.
The following table provides the detailed amounts within Interest expense, net for the three months ended March 29, 2026 and March 30, 2025:
Three Months Ended
(In millions)March 29, 2026March 30, 2025
Term Loan A$17.2 $37.0 
Term Loan B28.1 — 
Revolving Credit Facility2.7 5.3 
Amortization of deferred financing costs1.0 0.8 
Amortization of original issue discount1.0 — 
Derivative instruments and other2.0 (2.5)
Interest income(0.9)(0.6)
Interest expense, net$51.1 $40.0