Debt (Tables)

3 Months Ended

Mar. 29, 2025

Schedule of Components of Long-Term Debt

The following table sets forth the components of long-term debt:


			March 29, 2025								December 31, 2024
	Effective Interest Rate		Principal Outstanding		Unamortized Fair Value Adjustment (1)		Unamortized Discount and Issuance Costs		Carrying Amount		Principal Outstanding		Unamortized Fair Value Adjustment(1)		Unamortized Discount and Issuance Costs		Carrying Amount
Term loan facility, due April 2028	8.57	%	$	2,502,500	$	(216,277)	$	—	$	2,286,223	$	2,502,500	$	(231,851)	$	—	$	2,270,649
Term loan facility, due August 2028	9.69	%	294,000		—		(14,035)		279,965		294,000		—		(14,926)		279,074
Term loan facility, due May 2031	10.05	%	498,750		—		(4,939)		493,811		498,750		—		(5,089)		493,661
6.125% senior notes, due January 2029	13.51	%	318,699		(70,173)		—		248,526		318,699		(73,656)		—		245,043
8.750% senior secured notes, due August 2028	10.61	%	710,000		—		(33,753)		676,247		710,000		—		(36,099)		673,901
9.500% senior secured notes, due August 2029	9.88	%	500,000		—		(6,497)		493,503		500,000		—		(6,800)		493,200
Total long-term debt			$	4,823,949	$	(286,450)	$	(59,224)	$	4,478,275	$	4,823,949	$	(305,507)	$	(62,914)	$	4,455,528
Reflected as:
Current liabilities - Current portion of long-term debt									$	42,500							$	34,000
Non-current liabilities - Long-term debt									4,435,775								4,421,528
Total long-term debt									$	4,478,275							$	4,455,528
Fair value - Senior notes - Level 1									$	1,217,705							$	1,429,999
Fair value - Term loans - Level 2									2,834,976								3,167,541
Total fair value									$	4,052,681							$	4,597,540

(1) As a result of pushdown accounting in connection with the merger in July 2022, pursuant to which Cornerstone Building Brands became a privately-held company (the “Merger”), the carrying values of the term loan facility due April 2028 and the 6.125% senior notes were adjusted to fair value.

Schedule of Availability Under Credit Facilities

The following table sets forth the Company’s availability under its revolving credit facilities:


	March 29, 2025						December 31, 2024
	Authorized		Borrowings		Letters of Credit and Priority Payables		Authorized		Borrowings		Letters of Credit and Priority Payables
Asset-based lending facility, due May 2029(1)	$	850,000	$	170,000	$	51,518	$	850,000	$	—	$	51,374
Cash flow revolver(2)	92,000		—		—		92,000		—		—
First-in-last-out tranche asset-based lending facility, due May 2029(1)	95,000		95,000		—		95,000		95,000		—
Total	$	1,037,000	$	265,000	$	51,518	$	1,037,000	$	95,000	$	51,374

(1) As of December 31, 2024, these borrowings are included in short-term borrowings on the Consolidated Balance Sheets based on the Company’s intention and ability to repay on a short-term basis.

(2) Cash flow revolver commitment of $92.0 million will mature in May 2029.

Schedule of Interest Rate Swap Agreement

The following table sets forth the terms of the Company’s interest rate swap agreements:


Notional amount	$	1,500,000
Forecasted term loan interest payments being hedged	1-month SOFR
Fixed rate paid	2.0038%
Origination date	April 17, 2023
Maturity date	April 15, 2026
Fair value at March 29, 2025 - Other assets, net	$	29,427
Fair value at December 31, 2024 - Other assets, net	$	39,159
Level in fair value hierarchy(1)	Level 2

(1)Interest rate swaps are based on cash flow hedge contracts that have fixed rate structures and are measured against market based SOFR yield curves. These interest rate swaps are classified within Level 2 of the fair value hierarchy because they are valued using alternative pricing sources or models that utilized market observable inputs, including current and forward interest rates.