v3.26.1
BORROWINGS
 9 Months Ended
Jul. 03, 2026
Debt Disclosure [Abstract]  
BORROWINGS BORROWINGS
    The following table summarizes the Company’s short-term and long-term debt:
July 3, 2026October 3, 2025
(In millions, except for percentages)AmountAmountContractual Interest RateEffective Interest Rate
Current maturities of long-term debt:
Term Loan Facility$17.5 $— 6.2%6.5%
Other debt0.7 1.5 
Total current maturities of long-term debt$18.2 $1.5 
Non-current maturities of long-term debt:
Revolving Credit Facility$8.7 $— 6.2%6.5%
Term Loan Facility323.8 — 6.2%6.5%
Senior Secured Notes— 368.0 7.9%8.2%
Other debt— 0.4 
Total non-current maturities of long-term debt$332.5 $368.4 
Unamortized issuance costs and debt premiums:
Unamortized issuance costs - Term Loan Facility$(3.6)$— 
Unamortized issuance costs, net of debt premium - Senior Secured Notes— (2.4)
Total unamortized issuance costs and debt premiums(3.6)(2.4)
Total debt outstanding, net$347.1 $367.5 
    The following table summarizes the Company’s interest expense:
Three Months EndedNine Months Ended
(In millions)July 3, 2026July 4, 2025July 3, 2026July 4, 2025
Contractual interest coupon and other$5.5 $8.7 $20.4 $25.1 
Amortization of debt issuance costs0.3 0.7 1.1 2.4 
Loss on extinguishment of debt— — 9.4 0.1 
Total interest expense$5.8 $9.4 $30.9 $27.6 
Credit and Guaranty Agreement
    On March 13, 2026, the Company entered into a Credit and Guaranty Agreement that provides for (i) an initial term loan facility in an aggregate principal amount of $350.0 million (the “Term Loan Facility”), (ii) a senior secured revolving credit facility with aggregate commitments of $100.0 million (the “Revolving Credit Facility”), and (iii) a delayed draw term loan facility with aggregate commitments of up to $40.0 million (the “Delayed Draw Term Loan Facility”). The Term Loan Facility, the Revolving Credit Facility, and the Delayed Draw Term Loan Facility are collectively referred to as the "Credit Facility."
    The Term Loan Facility was fully funded on the closing date of the Credit and Guaranty Agreement. The net proceeds from the Credit Facility after deducting $5.3 million of settled debt issuance costs, were approximately $344.7 million. The Company used the proceeds from the offering, together with available cash, to repay the Senior Secured Notes (defined below), including accrued interest, fees, and expenses.
    The Revolving Credit Facility is available for revolving loans in U.S. dollars and for the issuance of letters of credit, subject to a letter of credit issued under its sublimit, and permits the Company to borrow, repay, and reborrow amounts from time to time until the maturity of the Revolving Credit Facility.
    The Company had letter of credit sublimit capacity in the aggregate amounts of $35.0 million and $25.0 million under its credit facilities as of July 3, 2026 and October 3, 2025, respectively. As of July 3, 2026 and October 3, 2025, the Company had $0.0 and $1.1 million, respectively, of standby letters of credit outstanding under its credit facilities. Outstanding standby letters of credit issued under its credit facilities reduce the amount available for borrowing under the Company’s Revolving Credit Facility. Additionally, the Company had a stand-alone letter of credit facility with a sub limit capacity of $20.0 million and $0.0 as of July 3, 2026 and October 3, 2025, respectively, that is permitted per the credit facilities. As of July 3, 2026 and October 3, 2025 the Company had $11.9 million and $0.0, respectively, of standby letters of credit outstanding. These standby letters of credit primarily support certain lease obligations, payment guarantees, and a duty drawback agreement. The Company has not recorded a liability associated with these standby letters of credit, as no draws have been made and management does not believe it is probable that the guarantees will be drawn.
    The Delayed Draw Term Loan Facility permits the Company to request one or more delayed draw term loans during the commitment period, which extends through the earlier of (i) the second anniversary of the closing date and (ii) the date on which all delayed draw term loan commitments have been fully funded, at which time any remaining unfunded commitments automatically terminate. During the commitment period of the Delayed Draw Term Loan Facility, the Company is required to pay a delayed draw unused commitment fee of between 0.30% and 0.40% per annum, payable quarterly on the actual daily unused portion of the Delayed Draw Term Loan Facility, depending on the consolidated total net leverage ratio of the Company.
    The Term Loan Facility and the Delayed Draw Term Loan Facility each mature on March 13, 2031. Borrowings under the Revolving Credit Facility mature, and lending commitments thereunder terminate, on March 13, 2031.
    Borrowings under the Term Loan Facility are subject to scheduled amortization. Borrowings under the Credit Facility may be voluntarily prepaid, in whole or in part, without premium or penalty, subject to customary notice and procedural requirements, and are subject to mandatory prepayments upon the occurrence of certain events, as set forth in the Credit and Guaranty Agreement.
    The interest rate for borrowings by the Company under the Credit Facility is Term SOFR, subject to a floor of 0.00%, plus a margin of 2.00% to 3.00%, depending on the consolidated total net leverage ratio of the Company. Alternatively, the Company has the option of selecting a base rate equal to the highest of (a) the prime rate, (b) the Federal Funds Rate plus 0.50% and (c) Term SOFR for a one‑month tenor plus 1.00%, in each case plus a margin of 1.00% to 2.00%, depending on the consolidated total net leverage ratio of the Company. Interest on base rate borrowings is payable quarterly in arrears, while interest on Term SOFR borrowings is payable at the end of each applicable interest period.
    The obligations under the Credit Facility are secured by substantially all of the assets of the Company and certain of its subsidiaries, subject to customary exceptions, and are guaranteed by substantially all domestic subsidiaries and certain foreign subsidiaries, subject to customary exclusions.
    The Credit Facility is subject to customary affirmative and negative covenants, including limitations on additional indebtedness, liens, asset sales, investments, and restricted payments, as well as financial maintenance covenants requiring the Company to maintain compliance with specified consolidated total net leverage and consolidated fixed charge coverage ratios.
    As of July 3, 2026, the outstanding balance under the Term Loan Facility was $341.3 million. As of July 3, 2026, there was $8.7 million outstanding borrowings under the Revolving Credit Facility and the amount available under the Revolving Credit Facility was $91.3 million. As of July 3, 2026, no amounts had been drawn under the Delayed Draw Term Loan Facility.
Senior Secured Revolving Credit Facility
    On March 26, 2024, the Company entered into a senior secured revolving credit agreement (the "Senior Secured Credit Agreement") providing for a senior secured revolving credit facility up to $155.0 million (the "Senior Secured Revolving Credit Facility"). Simultaneously with its entry into the Credit and Guaranty Agreement, the Company terminated its $155.0 million Senior Secured Revolving Credit Facility and recognized $0.2 million of the remaining unamortized issuance costs in interest expense in the Condensed Consolidated Statements of Operations, which excludes costs related to lenders that continued under the Revolving Credit Facility. There was no principal balance outstanding under the Senior Secured Revolving Credit Facility when it was terminated.
Senior Secured Notes
    The Company issued $300.0 million aggregate principal amount of 7.875% Senior Secured Notes due 2027 (the "Senior Secured Notes") pursuant to an indenture dated September 30, 2020. Interest payments were paid semiannually on April 15 and October 15 of each year, beginning on April 15, 2021. The Senior Secured Notes were scheduled to mature on October 15, 2027.
    On December 20, 2024, the Company issued an additional $125.0 million of Senior Secured Notes (the "Senior Secured Notes Add On") pursuant to the indenture, as supplemented by a supplemental indenture, dated December 20, 2024. The net proceeds from the Senior Secured Notes Add On after initial purchasers’ premium, commissions, estimated fees, accrued interest in arrears, and expenses of $1.1 million, were approximately $123.9 million.
    On July 15, 2021, the Company redeemed $30.0 million of the Senior Secured Notes, and redeemed another $27.0 million on March 18, 2022. On March 13, 2026, the Company redeemed the entire remaining outstanding principal amount of its $368.0 million of Senior Secured Notes, in accordance with the terms and conditions of the governing indenture, by paying cash of $387.4 million, inclusive of the redemption premium and accrued interest, and recognized a $9.2 million loss related to the redemption premium and the write-off of previously recorded debt issuance costs. The redemption price of the redeemed notes was 102% of the principal amount, plus accrued and unpaid interest from, and including, October 15, 2025 to, but excluding, the redemption date of March 13, 2026.