v3.26.1
Debt
 3 Months Ended
Apr. 03, 2026
Debt Disclosure [Abstract]  
Debt Debt
Following is a summary of the Company’s debt:

(in thousands)Maturity
Date		Interest
Rate		Interest
Paid		Public/
Nonpublic		April 3,
2026		December 31,
2025
Senior notes(1)
10/10/20263.930%QuarterlyNonpublic$100,000 $100,000 
Term loan facility (the “Three-Year Term Loan Facility”)(2)
12/8/2028VariableMonthlyNonpublic900,000 900,000 
Senior bonds (the “2029 Senior Bonds”)(3)
6/1/20295.250%Semi-annuallyPublic700,000 700,000 
Revolving credit facility(4)
6/10/2029VariableVariesNonpublic— — 
Senior notes3/21/20303.960%QuarterlyNonpublic150,000 150,000 
Term loan facility (the “Five-Year Term Loan Facility”)(2)
12/6/2030VariableMonthlyNonpublic300,000 450,000 
Senior bonds (the “2034 Senior Bonds”)(5)
6/1/20345.450%Semi-annuallyPublic500,000 500,000 
Unamortized discount on senior bonds(3)(5)
Various(1,133)(1,201)
Debt issuance costs(11,719)(12,790)
Total debt2,637,148 2,786,009 
Less: Current portion of debt(1)
100,000 100,000 
Total long-term debt$2,537,148 $2,686,009 

(1)As of April 3, 2026 and December 31, 2025, the senior notes maturing in 2026 were classified as current portion of debt in the condensed consolidated balance sheets.
(2)The Term Loan Facilities (as defined below) were issued in connection with the financing of the Repurchase, as further discussed in Note 2.
(3)The 2029 Senior Bonds were issued at 99.843% of par.
(4)The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company.
(5)The 2034 Senior Bonds were issued at 99.893% of par.

The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis.

The Company entered into the Bridge Facility, dated as of November 7, 2025, providing for a 364-day senior unsecured bridge term loan facility in the aggregate principal amount of $1.20 billion to fund the Repurchase. Also on November 7, 2025, the Company borrowed $1.20 billion under the Bridge Facility, the full amount available under the Bridge Facility.

On December 8, 2025, the Company entered into a term loan agreement, providing for (i) the Three-Year Term Loan Facility, a senior unsecured term loan facility in the aggregate principal amount of up to $900 million, maturing on December 8, 2028 and (ii) the Five-Year Term Loan Facility, a senior unsecured term loan facility in the aggregate principal amount of up to $450 million, maturing on December 6, 2030 (collectively, the “Term Loan Facilities”). Also on December 8, 2025, the Company borrowed $1.35 billion under the Term Loan Facilities, the full amount available under the Term Loan Facilities. In conjunction with the borrowings under the Term Loan Facilities, the Company modified and extinguished the Bridge Facility discussed above, fully repaying the $1.20 billion outstanding under the Bridge Facility through a net cash settlement with the lender. On February 9, 2026, the Company repaid $150 million of the $450 million aggregate principal balance outstanding under the Five-Year Term Loan Facility using cash on hand, bringing the aggregate principal balance outstanding to $300 million.

Subsequent to the end of the first quarter of 2026, on April 9, 2026, the Company repaid $75 million of the $300 million aggregate principal balance outstanding under the Five-Year Term Loan Facility using cash on hand, bringing the aggregate principal balance outstanding to $225 million.

The indenture under which the 2029 Senior Bonds and the 2034 Senior Bonds were issued does not include financial covenants, but does limit the incurrence of certain liens and encumbrances as well as indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt, including its revolving credit facility and the
Term Loan Facilities, was issued include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio (each as defined in the respective agreement). The Company was in compliance with these covenants as of April 3, 2026. These covenants have not restricted the Company’s liquidity or capital resources.

On February 12, 2026, the Company entered into three $150 million fixed rate swap agreements, maturing on February 8, 2027, August 8, 2027 and February 8, 2028 to hedge a portion of the interest rate risk on the Three-Year Term Loan Facility and the Five-Year Term Loan Facility. Over the next 12 months, the Company expects approximately $1 million related to these interest rate swaps to be released from accumulated other comprehensive income (loss). These interest rate swaps are designated as cash flow hedging instruments and changes in their fair values are not expected to be material to the condensed consolidated balance sheets. Changes in the fair values of these interest rate swaps were classified as accumulated other comprehensive income (loss) on the condensed consolidated balance sheets and included in the condensed consolidated statements of comprehensive income. Settlements of interest rate swaps are included in cash flows from operating activities in the condensed consolidated statements of cash flows.

All outstanding debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.