v3.26.3
Debt and Other Borrowing Arrangements
 9 Months Ended
Sep. 27, 2026
Debt Disclosure [Abstract]  
Debt and Other Borrowing Arrangements Debt and Other Borrowing Arrangements
The carrying values of our long and short-term debt were as follows:
September 27, 2026December 31, 2025
(In thousands)
Revolving credit agreement due 2030$— $— 
Senior subordinated notes:
3.375% Senior subordinated notes due 2027
— 528,525 
3.875% Senior subordinated notes due 2028
398,930 411,075 
3.375% Senior subordinated notes due 2031
341,940 352,350 
4.250% Senior subordinated notes due 2033
512,910 — 
Total senior subordinated notes1,253,780 1,291,950 
Term loan credit facility due 2033:
   Current maturities of term loan credit facility18,500 — 
   Noncurrent maturities of term loan credit facility1,831,500 — 
Total term loan credit facility1,850,000 — 
   Less unamortized debt issuance costs and debt discount(53,370)(6,284)
Total debt3,050,410 1,285,666 
   Less: Current maturities of long-term debt(18,500)— 
Long-term debt$3,031,910 $1,285,666 
Revolving Credit Agreement due 2030
On July 18, 2025, we refinanced our revolving credit facility (the Revolver) extending the maturity date to July 18, 2030 and increasing the borrowing capacity from $300.0 million to $400.0 million. The borrowing base under the Revolver includes eligible accounts receivable; inventory; and property, plant and equipment of certain of our subsidiaries in the United States, Belgium, Canada, Germany, the Netherlands, and United Kingdom. Interest on outstanding borrowings is variable, based upon SOFR or other similar indices in foreign jurisdictions, plus a spread that ranges from 1.25% - 1.75%, depending upon our leverage position. Outstanding borrowings in the U.S. and Canada may also, at our election, be priced on a base rate plus a spread that ranges from 0.25% - 0.75%, depending on our leverage position. We pay a commitment fee on the total commitments of 0.25%. In the event that we borrow more than 90% of our combined borrowing base or our borrowing base availability is less than $27.0 million, we are subject to a fixed charge coverage ratio covenant. On June 29, 2026, we borrowed $50.0 million on our Revolver at a current rate of 4.9%, and on September 25, 2026, repaid the full $50.0 million draw and recognized $0.2 million of interest during the quarter ended September 27, 2026. As of September 27, 2026, we had no borrowings outstanding on the Revolver, and our available borrowing capacity was $373.5 million.
Senior Subordinated Notes
We had outstanding €450.0 million aggregate principal amount of 3.375% senior subordinated notes due 2027 (the 2027 Notes). In February 2026, we repurchased the 2027 Notes for cash consideration of €450.0 million ($535.9 million), and recognized a $1.3 million loss on debt extinguishment for the write-off of unamortized debt issuance costs.
We have outstanding €350.0 million aggregate principal amount of 3.875% senior subordinated notes due 2028 (the 2028 Notes). The carrying value of the 2028 Notes as of September 27, 2026 is $398.9 million. The 2028 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2028 Notes rank equal in right of payment with our senior subordinated notes due 2031 and 2033 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on March 15 and September 15 of each year.
We have outstanding €300.0 million aggregate principal amount of 3.375% senior subordinated notes due 2031 (the 2031 Notes). The carrying value of the 2031 Notes as of September 27, 2026 is $341.9 million. The 2031 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2031 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2033 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on January 15 and July 15 of each year.
In January 2026, we completed an offering for €450.0 million ($537.3 million at issuance) aggregate principal amount of 4.250% senior subordinated notes due 2033 (the 2033 Notes). The carrying value of the 2033 Notes as of September 27, 2026 is $512.9 million. The 2033 Notes are guaranteed on a senior subordinated basis by our current and future domestic subsidiaries. The 2033 Notes rank equal in right of payment with our senior subordinated notes due 2028 and 2031 and with any future subordinated debt, and they are subordinated to all of our senior debt and the senior debt of our subsidiary guarantors, including our Revolver. Interest is payable semiannually on February 1 and August 1 of each year. We paid approximately $8.6 million of fees associated with the issuance of the 2033 Notes, which will be amortized over the life of the 2033 Notes using the effective interest method. We used the net proceeds from this offering, along with cash on hand, to fund the full redemption of the 2027 Notes - see further discussion above.
Term Loan Credit Facility due 2033
On July 1, 2026, we entered into a Term Loan Credit Facility (Term Loan B) with a principal amount of $1,850.0 million to fund the purchase of Ruckus. Term Loan B was issued with a discount of $4.6 million and bears interest either, at the Company’s election, at term SOFR plus 2.25% or a base rate plus 1.25% per annum. Term Loan B amortizes 0.25% per quarter and matures on July 1, 2033. The fair value of Term Loan B approximates the carrying value. We paid approximately $38.8 million of fees associated with the issuance of Term Loan B, which will be amortized using the effective interest method over its life.
Fair Value of Long-Term Debt
The fair value of our long-term debt as of September 27, 2026 was approximately $3,056.3 million based on quoted prices of the debt instruments in inactive markets (Level 2 valuation). This amount represents the fair value of our long-term debt with a carrying value of $3,103.8 million as of September 27, 2026.