XML 27 R15.htm IDEA: XBRL DOCUMENT v3.24.3
Debt
 9 Months Ended
Sep. 29, 2024
Debt Disclosure [Abstract]  
Debt Debt
The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of September 29, 2024, October 1, 2023 and December 31, 2023 are as follows:
September 29, 2024October 1, 2023December 31, 2023
Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value		Carrying
Cost		Fair
Value
3.90% Notes Due 2029
$900.0 $869.5 $900.0 $797.4 $900.0 $839.8 
3.55% Notes Due 2026
675.0 662.4 675.0 629.3 675.0 641.0 
3.00% Notes Due 2024
500.0 498.2 500.0 483.2 500.0 488.4 
6.35% Notes Due 2040
500.0 536.5 500.0 483.7 500.0 520.1 
3.50% Notes Due 2027
500.0 486.6 500.0 461.4 500.0 472.2 
6.05% Notes Due 2034
500.0 526.5 — — — — 
5.10% Notes Due 2044
300.0 279.7 300.0 245.1 300.0 271.6 
6.60% Debentures Due 2028
109.9 117.5 109.9 113.0 109.9 116.0 
Variable % Notes Due December 30, 2024 (1)
— — 250.0 250.0 — — 
Production Financing Facilities (2)
— — — — — — 
Total long-term debt$3,984.9 $3,976.9 $3,734.9 $3,463.1 $3,484.9 $3,349.1 
Less: Deferred debt expenses22.3 — 20.3 — 19.1 — 
Less: Current portion500.0 — 60.0 — 500.0 — 
Long-term debt$3,462.6 $3,976.9 $3,654.6 $3,463.1 $2,965.8 $3,349.1 
(1) During the fourth quarter of 2023, the Company paid the remaining principal balance of the Variable % Notes Due December 30, 2024.
(2) The Company's production financing facilities were assumed by Lionsgate effective upon the closing of the sale of the eOne Film and TV business in the fourth quarter of 2023 and were recorded in liabilities held for sale as of October 1, 2023. See Note 3 for additional information.

2034 Notes
In May 2024, the Company issued an aggregate of $500.0 million of senior unsecured debt securities that bear a fixed interest rate of 6.05% due 2034 (the "2034 Notes"). In connection with the issuance of the 2034 Notes, the 2034 Notes were issued with an original issuance discount of $1.4 million and the Company capitalized $5.3 million of debt issuance costs. The original issuance discount and debt issuance costs will be amortized over the term of the 2034 Notes.

Other Financing Arrangements
The Company's third amended and restated revolving credit facility with Bank of America, as administrative agent, swing line lender, a letter of credit issuer and a lender and certain other financial institutions as lenders thereto (the "Amended Revolving Credit Facility") provides the Company with commitments having a maximum aggregate principal amount of $1.25 billion. The Amended Revolving Credit Agreement contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. It also provides for a potential additional incremental commitment increase of up to $500.0 million subject to agreement of the lenders.

The Company also has a supplier finance program which provides participating suppliers the option of receiving payment in advance of an invoice due date, to be paid by certain administering banks, on the basis of invoices that the Company has confirmed as valid and approved. The Company’s obligation is to make payment in the invoice amount negotiated with participating suppliers, to the administering banks on the invoice due date. The Company’s suppliers are not required to participate in the supplier finance program. The early payment transactions between the Company’s supplier and the administering bank are subject to an agreement between those parties, and the Company does not participate in any financial aspect of the agreements between the Company’s suppliers and the administering banks. The Company has not pledged any assets to the administering bank under the supplier financing program. The Company or the administering bank may terminate the agreement upon at least 30 days’ written notice. The amount of obligations confirmed under the program that remain unpaid by the Company were $118.7 million, $105.7 million, and $43.3 million as of September 29, 2024, October 1, 2023 and December 31, 2023, respectively. These obligations are presented within Accounts payable in our Consolidated Balance Sheets. The activity related to this program is reflected within the operating activities section of the Consolidated Statements of Cash Flows.