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Debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Debt Disclosure
9.Debt
Debt was comprised of the following at the end of each period:
Successor
June 30, 2023December 30, 2022
Principal
Carrying Value
Unamortized Discount and Debt Issuance Costs
Principal
Carrying Value
Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
Receivables financing facility due June 2026$— $— $1.2 $—$—$—
2017 Replacement Term loan due September 20271,356.7 1,220.8 — 34.834.8—
2018 Replacement Term loan due September 2027360.1 326.3 — 9.39.3—
11.50% first lien senior secured notes due December 2028650.0 650.0 19.0 ———
10.00% second lien senior secured notes due June 2029328.3 184.1 — ———
Total current debt2,695.1 2,381.2 20.2 44.1 44.1 — 
Long-term debt:
10.00% first lien senior secured notes due April 2025495.0 480.0 —495.0475.9—
10.00% second lien senior secured notes due April 2025321.9 257.6 —321.9242.2—
2017 Replacement Term loan due September 2027— — —1,339.31,187.3—
2018 Replacement Term loan due September 2027— — —355.5317.6—
11.50% first lien senior secured notes due December 2028— — —650.0650.020.8
10.00% second lien senior secured notes due June 2029— — —328.3175.5—
Total long-term debt816.9 737.6 — 3,490.0 3,048.5 20.8 
Total debt$3,512.0 $3,118.8 $20.2 $3,534.1 $3,092.6 $20.8 

As previously disclosed, the Company determined not to make interest payments that were due on June 15, 2023 on its 2028 First Lien Notes and 2029 Second Lien Notes. The failure to make these interest payments constituted an event of default under each such series of notes because such failure continued unremedied after the expiration of the applicable grace period, permitting specified portions of the creditors in respect thereof to accelerate such obligations (which would include a prepayment premium). The occurrence of such events of default, unless promptly cured and absent the 2028 First Lien Notes and the 2029 Second Lien Notes
being discharged, also constitute an event of default under the Company’s Term Loans and ABL Credit Agreement, permitting specified portions of the creditors in respect thereof to accelerate the obligations in respect thereof and terminate any applicable commitments to make additional loans under the ABL Credit Agreement. Although, on July 16, 2023, the Company entered into certain forbearance agreements with holders of more than 75% in principal amount of the outstanding 2028 First Lien Notes, holders of a majority in principal amount of each of the 2029 Second Lien Notes and the Term Loans (and the administrative agent with respect to the Term Loans), and the lenders and agents under the ABL Credit Agreement pursuant to which the applicable creditors and agents party thereto have agreed to forbear from exercising any rights or remedies with respect to the above described events of default, such agreements expire on August 15, 2023, and it is possible that such obligations may be accelerated and any applicable commitments to make additional loans under the ABL Credit Agreement may be terminated even before such date, notwithstanding such forbearance agreements. Refer to Note 14 for further information.
As a result of the above described events of default, the carrying values of the 2028 First Lien Notes, the 2029 Second Lien Notes, the Term Loans and the ABL Credit Agreement were classified as current on the unaudited condensed consolidated balance sheet as of June 30, 2023 (Successor). The Company's debt instruments are further described within the notes to the financial statements included within the Company's Annual Report on Form 10-K.

Applicable interest rate
As of June 30, 2023 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:
Applicable Interest RateOutstanding Principal
Fixed-rate instruments10.54 %$1,795.2 
2017 Replacement Term Loan due September 2027 (1)
10.15 1,356.7 
2018 Replacement Term Loan due September 2027 (1)
10.40 360.1