v3.26.1
Debt
 6 Months Ended
Jun. 28, 2026
Debt Disclosure [Abstract]  
Debt
8. Debt
Long-term debt, net, consists of the following:
(In thousands)June 28,
2026		December 28,
2025
Senior notes$400,000$400,000
Term loan200,000200,000
Revolving facilities (a)
133,515122,257
Outstanding debt$733,515$722,257
Unamortized debt issuance costs(6,027)(6,824)
Current portion of long-term debt(12,270)(4,997)
Total long-term debt, net$715,218$710,436
___________________________________
(a)    Revolving facilities as of June 28, 2026 includes $2.3 million outstanding under the PJMF Revolving Facility as defined and discussed below.
Senior Notes
On September 14, 2021, the Company issued $400.0 million of 3.875% Senior Notes (the “Notes”) which mature on September 15, 2029. Interest on the Notes is payable semi-annually in cash in arrears on March 15 and September 15 of each year at a fixed interest rate of 3.875% per annum. Refer to Note 12 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 28, 2025 for further description of the provisions and covenant requirements under the Senior Notes.
Term Loan and Revolving Facilities
On March 26, 2025, the Company amended and restated the Amended and Restated Credit Agreement, dated as of September 14, 2021 and amended May 30, 2023 (together, the “Previous Credit Agreement”) pursuant to the Second Amended and Restated Credit Agreement dated as of March 26, 2025 (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement provides for a senior secured term loan in a principal amount of $200.0 million (the “Term Loan”) and a senior secured revolving credit facility in an aggregate available principal amount of $600.0 million (the “PJI Revolving Facility” together with the Term Loan, the “PJI Credit Facilities”), of which up to $40.0 million is available as swingline loans and up to $80.0 million is available as letters of credit. The PJI Credit Facilities will mature on March 26, 2030 (the “Maturity Date”) with term loans amortizing in quarterly installments that commenced on June 30, 2026 in amounts as set forth in the Second Amended and Restated Credit Agreement and the unpaid balance maturing on the Maturity Date. The remaining availability under the PJI Revolving Facility was approximately $468.7 million as of June 28, 2026.
PJMF Revolving Facility
PJMF has a $30.0 million revolving line of credit (the “PJMF Revolving Facility”) pursuant to a Revolving Loan Agreement, dated September 30, 2015, and most recently amended on September 30, 2025. The PJMF Revolving Facility is secured by substantially all assets of PJMF. The PJMF Revolving Facility matures on September 30, 2026, but is subject to annual renewals. The borrowings under the PJMF Revolving Facility accrue interest at a variable rate of a one month SOFR plus 1.975%. As of June 28, 2026, the principal amount of debt outstanding under the PJMF Revolving Facility was approximately $2.3 million and was classified as Current portion of long-term debt in the Condensed Consolidated Balance Sheets. The PJMF operating results and the related debt outstanding do not impact the financial covenants under the Company’s Second Amended and Restated Credit Agreement.
Derivative Financial Instruments
The Company has historically entered into interest rate swaps with the objective of mitigating the Company’s exposure to the impact of interest rate changes associated with our variable rate debt under the PJI Credit Facilities. As of June 28, 2026, we had the following interest rate swap agreements:
Effective DatesFloating Rate Debt Fixed Rates
April 29, 2025 through April 25, 2028$50 million3.49%
June 30, 2025 through June 30, 2028$50 million3.72%
We have designated the interest rate swaps as cash flow hedges and assess hedge effectiveness on a quarterly basis. The interest rate swaps are recorded at fair value at each reporting date, and any unrealized gains or losses are included in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets and reclassified to Net interest expense in the Condensed Consolidated Statements of Operations in the same period or periods during which the hedged transaction affect earnings.
The following table provides information on the location and amounts of our current swaps in the accompanying Condensed Consolidated Balance Sheets (in thousands):
Interest Rate Swap Derivatives
Balance Sheet LocationFair Value
June 28,
2026		Fair Value
December 28,
2025
Prepaid expenses and other current assets$272$—
Other assets$227$—
Accrued expenses and other current liabilities$—$193
Other long-term liabilities$—$614
The effect of derivative instruments on the accompanying Condensed Consolidated Financial Statements is as follows (in thousands):
Derivatives -
Cash Flow
Hedging
Relationships		Amount of Gain or
(Loss) Recognized
in AOCL
on Derivative		Location of (Loss)
or Gain
Reclassified from
AOCL into
Income		Amount of (Loss) or Gain
Reclassified from
AOCL into
Income		Net Interest Expense
on Condensed
Consolidated Statements
of Operations
Interest rate swaps for the three months ended:
June 28, 2026$317Interest expense$13 $(9,516)
June 29, 2025$(429)Interest expense$14 $(10,584)
Interest rate swaps for the six months ended:
June 28, 2026$1,003Interest expense$35 $(19,199)
June 29, 2025$(358)Interest expense$(41)$(20,663)
Net interest paid, including payments made or received under the swaps, was $5.1 million and $17.8 million for the three and six months ended June 28, 2026, respectively, and $5.6 million and $23.2 million for the three and six months ended June 29, 2025, respectively.