DEBT

6 Months Ended

Jun. 27, 2026

Debt Disclosure [Abstract]

DEBT

5. DEBT

The Company’s debt as of June 27, 2026 and December 31, 2025 consisted of the following:

(In millions)	June 27, 2026		December 31, 2025
Senior secured term loans B due 2029 at 5.40% (1)	$	200.0	$	450.0
Senior secured notes due 2029 at 4.75%	1,600.0		1,600.0
Senior unsecured notes due 2030 at 5.95%	895.0		895.0
Senior unsecured notes due 2029 at 3.63%	400.0		400.0
Senior unsecured notes due 2028 at 4.38%	400.0		400.0
Revolving facility due 2031 (2)	—		—
Total debt (par value)	3,495.0		3,745.0
Less: Unamortized discount and debt issuance costs	(39.0)		(47.4)
Total debt, net	3,456.0		3,697.6
Less: Current portion of long-term debt	—		—
Total long-term debt, net	$	3,456.0	$	3,697.6

Annual maturities of long-term debt, excluding unamortized discount and debt issuance costs, due as of June 27, 2026 were as follows:

(In millions)	Remaining 2026		2027		2028		2029		2030		Thereafter		Total
Long-term debt obligation maturities*	$	—	$	—	$	400.0	$	2,200.0	$	895.0	$	—	$	3,495.0

* Senior secured term loans B subject to Excess Cash Flow payments to the lenders.

(1) Our senior secured term loan due 2029 bears interest at a rate per annum equal to, at the Company’s option, either (i) SOFR, plus an applicable margin of 1.75%, or (ii) a base rate plus an applicable margin of 0.75%.

(2) Our senior secured revolving credit facility due 2031 (the “Revolving Facility”) bears interest at a rate per annum equal to, at the Company’s option, either (i) SOFR plus an applicable margin of 1.25%, 1.5% or 1.75% or (ii) a base rate plus an applicable margin of 0.25%, 0.5% or 0.75%, in each case depending on the Company’s first lien net leverage ratio. As of June 27, 2026, the applicable margins were 1.50% and 0.50%, respectively. During the three and six months ended June 27, 2026, the Company borrowed and repaid zero and $65.0 million, respectively, under the Revolving Facility. The Revolving Facility has commitments of $750.0 million as of June 27, 2026. There were no borrowings outstanding under the Revolving Facility as of June 27, 2026 and December 31, 2025.

During the three and six months ended June 27, 2026, the Company repaid a total of $200.0 million and $250.0 million, respectively, of the outstanding borrowings under the term loans B. In connection with these repayments, the Company incurred a pre-tax loss on extinguishment of debt of $1.7 million and $2.2 million for the three and six months ended June 27, 2026, which is included in Other expense, net in the condensed consolidated statements of operations.

On April 29, 2026, the Company amended the Revolving Facility to provide for, among other things, lending commitments in an aggregate principal amount of up to $750.0 million, up from $575.0 million, and to extend the maturity to April 29, 2031 from July 6, 2027, and to revise the applicable interest rate margins, commitment fees and certain negative covenants.