Debt

3 Months Ended

Mar. 28, 2025

Debt Disclosure [Abstract]

Debt Disclosure

11. Debt

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

	March 28, 2025						December 27, 2024
	Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs		Principal		Carrying Value		Unamortized Discount and Debt Issuance Costs
Current maturities of long-term debt:
Second-Out Takeback Term Loan due November 2028	$	3.9	$	3.9	$	—	$	3.9	$	3.9	$	—
Long-term debt:
Second-Out Takeback Term Loan due November 2028	383.5		403.9		—		384.5		406.3		—
14.75% Second-Out Takeback Notes due November 2028	477.2		503.5		—		477.2		505.4		—
Receivables financing facility due December 2027	—		—		2.0		—		—		2.2
Total long-term debt	860.7		907.4		2.0		861.7		911.7		2.2
Total debt	$	864.6	$	911.3	$	2.0	$	865.6	$	915.6	$	2.2

Takeback debt

On November 14, 2023, the Company entered into a new senior secured first lien term loan facility with an aggregate principal amount of approximately $871.4 million (“First and Second-Out Takeback Term Loans”), consisting of approximately $229.4 million of “first-out” Takeback Term Loans (“First-Out Takeback Term Loans”) and approximately $642.0 million of “second-out” Takeback Term Loans (“Second-Out Takeback Term Loans”). The Company also issued approximately $778.6 million in aggregate principal amount of “second-out” 14.75% senior secured first lien notes due 2028 (“Takeback Notes”). On December 6, 2024, the Company used the proceeds from the Therakos Divestiture to mandatorily prepay the First-Out Takeback Term Loan in full, partially prepay the Second-Out Takeback Term Loan, and partially redeem the Takeback Notes.

Applicable interest rate

As of March 28, 2025, the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:

	Applicable Interest Rate
Fixed-rate instruments	14.75	%
Second-Out Takeback Term Loan (1)	13.51