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Debt (Tables)
 12 Months Ended
Dec. 29, 2023
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Debt was comprised of the following at the end of each period:
SuccessorPredecessor
December 29, 2023December 30, 2022
Principal
Carrying Value (1)
Unamortized Discount and Debt Issuance Costs
Principal
Carrying Value (2)
Unamortized Discount and Debt Issuance Costs
First-Out Takeback Term Loan due November 2028
$228.8 $243.4 $— $— $— $— 
Second-Out Takeback Term Loan due November 2028
640.4 685.5 — — — — 
14.75% Second-Out Takeback Notes due November 2028
778.6 836.4 — — — — 
Receivables financing facility due December 2027
— — 2.9 — — — 
10.00% first lien senior secured notes due April 2025— — — 495.0 475.9 — 
10.00% second lien senior secured notes due April 2025— — — 321.9 242.2 — 
2017 Replacement Term loan due September 2027— — — 1,374.1 1,222.1 — 
2018 Replacement Term loan due September 2027— — — 364.8 326.9 — 
11.50% first lien senior secured notes due December 2028— — — 650.0 650.0 20.8 
10.00% second lien senior secured notes due June 2029— — — 328.3 175.5 — 
Total debt1,647.8 1,765.3 2.9 3,534.1 3,092.6 20.8 
Less: Current portion(6.5)(6.5)— (44.1)(44.1)— 
Total long-term debt, net of current portion$1,641.3 $1,758.8 $2.9 $3,490.0 $3,048.5 $20.8 
(1)Upon adoption of fresh-start accounting upon the emergence from the 2023 Bankruptcy Proceedings, the Company recorded its debt instruments at fair value utilizing the Black-Derman-Toy model, which takes into consideration prepayment options and a credit-adjusted discount rate. Subsequent to the 2023 Effective Date, the Company accounted for its debt instruments utilizing the amortized cost method and amortizes the fair value premium to the principal amount over the term of the respective instruments. Such amortization expense is reflected as interest expense on the consolidated statement of operations for the Successor period.
(2)Upon adoption of fresh-start accounting upon the emergence from the 2020 Bankruptcy Proceedings, the Company recorded its debt instruments at fair value utilizing the Black-Derman-Toy model, which takes into consideration prepayment options and a credit-adjusted discount rate. Subsequent to the 2020 Effective Date up through the 2023 Petition Date, the Company accounted for its debt instruments utilizing the amortized cost method and accreted the fair value discount to the principal amount over the term of the respective instruments. Such accretion expense was reflected as interest expense on the consolidated statement of operations for the Predecessor period. As of the petition date of the 2023 Bankruptcy Proceedings, the Company expensed $377.6 million of accelerated accretion to adjust the carrying value up to the principal value or allowed claim amount pursuant to the 2023 Plan and recorded the expense within reorganization items, net in the consolidated statement of operations for the period from December 31, 2022 to November 14, 2023 (Predecessor). Additionally, as a result of the 2023 Bankruptcy Proceedings, the Company expensed $18.5 million of unamortized discount and debt issuance costs, net, recorded in reorganization items, net in the consolidated statement of operations for the period from December 31, 2022 to November 14, 2023 (Predecessor). Refer to Note 3 for further information on reorganization items, net.
Schedule of Applicable Interest Rate on Variable-rate Debt
As of December 29, 2023 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:
Applicable interest rateOutstanding principal
Fixed-rate instrument
14.8 %$778.6 
First-Out Takeback Term Loans (1)
11.4 228.8 
Second-Out Takeback Term Loans (1)
13.4 640.4 
Schedule of Maturities of Long-term Debt
The Company's stated long-term debt principal maturity amounts as of December 29, 2023 are as follows:
Fiscal 2024$6.5 
Fiscal 20258.7 
Fiscal 20268.7 
Fiscal 202710.9 
Fiscal 2028
1,613.0