Debt (Tables)

12 Months Ended

Dec. 27, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Debt was comprised of the following at the end of each period:

	Successor
	December 27, 2024						December 29, 2023
	Principal		Carrying Value (1)		Unamortized Discount and Debt Issuance Costs		Principal		Carrying Value (1)		Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
First-Out Takeback Term Loan due November 2028	$	—	$	—	$	—	$	1.7	$	1.7	$	—
Second-Out Takeback Term Loan due November 2028	3.9		3.9		—		4.8		4.8		—
Total current debt	$	3.9	$	3.9	$	—	$	6.5	$	6.5	$	—
Long-term debt:
First-Out Takeback Term Loan due November 2028	$	—	—		$	—	$	227.1	$	241.7	$	—
Second-Out Takeback Term Loan due November 2028	384.5		406.3		—		635.6		680.7		—
14.75% Second-Out Takeback Notes due November 2028	477.2		505.4		—		778.6		836.4		—
Receivables financing facility due December 2027	—		—		2.2		—		—		2.9
Total long-term debt	861.7		911.7		2.2		1,641.3		1,758.8		2.9
Total debt	$	865.6	$	915.6	$	2.2	$	1,647.8	$	1,765.3	$	2.9

(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. As of December 27, 2024 (Successor) and December 29, 2023 (Successor), the total unamortized premium recorded within the consolidated balance sheets was $50.0 million and $117.5 million, respectively.

Schedule of Applicable Interest Rate on Variable-rate Debt

As of December 27, 2024 (Successor), the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:

	Applicable interest rate
Fixed-rate instrument	14.75	%
Second-Out Takeback Term Loans (1)	13.26

Schedule of Maturities of Long-term Debt

The Company's stated long-term debt principal maturity amounts as of December 27, 2024 (Successor) are as follows:

Fiscal 2025	$	3.9
Fiscal 2026	3.9
Fiscal 2027	4.9
Fiscal 2028	852.9