Debt (Tables)

6 Months Ended

Jun. 28, 2025

Debt Disclosure [Abstract]

Components of total debt

Total debt consisted of the following:

Debt Description	Maturity	Interest Rate as of June 28, 2025	Carrying Value as of June 28, 2025		Carrying Value as of December 28, 2024
ABL Facility	December 7, 2027	7.50%	$	48	$	223
2021 Incremental Term Loan Facility (net of $1 and $0 of unamortized deferred financing costs, respectively)	November 22, 2028	6.08%	609		610
2024 Incremental Term Loan Facility (net of $8 and $8 of unamortized deferred financing costs, respectively)	October 3, 2031	6.08%	715		717
Senior Notes due 2028 (net of $3 and $4 of unamortized deferred financing costs, respectively)	September 15, 2028	6.88%	497		496
Senior Notes due 2029 (net of $4 and $5 of unamortized deferred financing costs, respectively)	February 15, 2029	4.75%	896		895
Senior Notes due 2030 (net of $3 and $3 of unamortized deferred financing costs, respectively)	June 1, 2030	4.63%	497		497
Senior Notes due 2032 (net of $4 and $4 of unamortized deferred financing costs, respectively)	January 15, 2032	7.25%	496		496
Senior Notes due 2033 (net of $3 and $4 of unamortized deferred financing costs, respectively)	April 15, 2033	5.75%	497		496
Obligations under financing leases	2025–2032	1.26%-8.31%	568		490
Other debt	January 1, 2031	5.75%	8		8
Total debt			4,831		4,928
Current portion of long-term debt			(118)		(109)
Long-term debt			$	4,713	$	4,819

Borrowings under the ABL Facility bear interest at a rate per annum equal to, at the Company’s periodic election, Term Secured Overnight Financing Rate (“Term SOFR”) or Adjusted Borrowing Rate (“ABR”), as described in the ABL Facility, plus the following margin and credit spread adjustment:

Borrowing Election	Margin based on USF’s excess availability under the ABL Facility	Margin at June 28, 2025	Credit Spread Adjustment	SOFR Floor
ABR	0.00% to 0.50%	0.00%	N/A	N/A
Term SOFR	1.00% to 1.50%	1.00%	0.10%	0.00%

Borrowings under the Term Loan Credit Agreement bear interest at a rate per annum equal to, at the Company’s periodic election, Term SOFR or ABR, as described in the Term Loan Credit Agreement, plus the following margin:

Borrowing Election	Margin	SOFR Floor
ABR	0.75%	N/A
Term SOFR	1.75%	0.00%