v3.26.1
Debt
 3 Months Ended
Jul. 03, 2026
Debt Disclosure [Abstract]  
Debt Debt
The following table summarizes components of our debt:
(In millions, except percentages)
July 3, 2026April 3, 2026
Effective
Interest Rate
6.75% Senior Notes due September 30, 2027
$900 $900 6.75 %
Term B Facility due September 12, 20292,331 2,340 
SOFR + %
7.125% Senior Notes due September 30, 2030
600 600 7.13 %
Extended Term A Facility due March 27, 20312,707 2,741 SOFR + %
Incremental Term B Facility due April 16, 2032742 744 
SOFR + %
6.25% Senior Notes due April 1, 2033
950 950 6.25 %
Total principal amount
8,230 8,275 
Less: unamortized discount and issuance costs
(74)(79)
Total debt8,156 8,196 
Less: current portion(181)(181)
Total long-term debt$7,975 $8,015 
As of July 3, 2026, the future contractual maturities of debt by fiscal year, based on the currently effective stated maturity dates in force and excluding the impact of any earlier maturity that could result from a springing maturity date, are as follows:
(In millions)
Remainder of 2027$136 
20281,081 
2029181 
20302,374 
20312,799 
Thereafter1,659 
Total future maturities of debt$8,230 
Debt covenant compliance
The Amended Credit Agreement, which includes our Term Loans and Revolving Facility, contains customary representations and warranties, affirmative and negative covenants. The Revolving Facility and Extended Term A Facility are subject to a covenant that we maintain a consolidated leverage ratio less than or equal to 5.25 to 1.0; provided that such maximum consolidated leverage ratio will increase to 5.75 to 1.0 for the four fiscal quarters ending immediately after we acquire property, business or assets in an aggregate amount greater than $250 million.
In addition, the Amended Credit Agreement contains customary events of default under which our payment obligations may be accelerated, including, among others, non-payment of principal, interest or other amounts when due, inaccuracy of representations and warranties, violation of certain covenants, payment and acceleration cross defaults with certain other indebtedness, certain undischarged judgments, bankruptcy, insolvency or inability to pay debts, change of control, the occurrence of certain events related to the Employee Retirement Income Security Act of 1974 (ERISA), and a change of control event.
The Extended Term A Facility and the Revolving Facility (contractually maturing on March 27, 2031) are subject to a “springing maturity” provision. Under this provision, the maturity dates of these facilities will be accelerated if we do not maintain a minimum liquidity threshold ahead of our other upcoming debt maturities. The Springing Maturity Dates are July 1, 2027, June 13, 2029 and July 1, 2030, which are 91 days before the stated maturity of the 6.75% Senior Notes (due 2027), the Term B Facility and the 7.125% Senior Notes (due 2030), respectively.
As of July 3, 2026, we were in compliance with all financial debt covenants and satisfied the applicable minimum liquidity threshold under the springing maturity provision.