v3.25.1
Borrowings
 3 Months Ended
Mar. 30, 2025
Debt Disclosure [Abstract]  
Borrowings Borrowings
The components of borrowings were as follows:
(In millions)March 30, 2025December 29, 2024
Term Loan$2,248.3 $2,282.7 
Revolving Credit Facility250.0 198.0 
Financing lease obligation 6.3 7.9 
Unamortized deferred financing costs(4.9)(5.5)
Total borrowings2,499.7 2,483.1 
Less: current portion(393.8)(341.8)
Long-term borrowings$2,105.9 $2,141.3 
The Credit Agreement consists of a $2,750.0 million Term Loan and an $800.0 million Revolving Credit Facility. Availability under the Revolving Credit Facility, after deducting letters of credit of $12.7 million and $250.0 million borrowings
outstanding, was $537.3 million as of March 30, 2025. During the three months ended March 30, 2025, the Company (i) made $34.4 million in payments on the Term Loan and (ii) borrowed $110 million and made $58 million in payments on the Revolving Credit Facility.
The Credit Agreement contains affirmative and negative covenants that are customary for credit agreements of this nature. The negative covenants include, among other things, limitations on asset sales, mergers, indebtedness, liens, investments and transactions with affiliates. The Company was in compliance with the financial covenants as of March 30, 2025.
The following table provides the detailed amounts within Interest expense, net for the three months ended March 30, 2025 and March 31, 2024:
Three Months Ended
(In millions)March 30, 2025March 31, 2024
Term Loan$37.0 $44.5 
Revolving Credit Facility5.3 1.8 
Amortization of deferred financing costs0.8 0.8 
Derivative instruments and other(2.5)(7.2)
Interest income(0.6)(0.9)
Interest expense, net$40.0 $39.0