Company: UTZ
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001739566-25-000153
Chunk: 60

Company: Utz Brands, Inc.
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 60
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.3 Accrued Federal income tax payable4.5 — Operating right of use liability18.6 17.3 Insurance liabilities6.5 6.8 Tax Receivable Agreement liability4.6 0.1 Accrued freight and manufacturing related costs2.6 4.0 Accrued dividends and distributions8.6 8.6 Accrued interest3.4 11.1 Deferred transition services and other fees (a)— 2.0 Other accrued expenses12.3 4.1 Total accrued expenses and other$75.1 $78.3 (a) See Note 2. Divestitures, for further discussion.Non-current accrued expenses and other consisted of the following:(in millions)As of June 29, 2025As of December 29, 2024Operating right of use liability$144.9 $133.0 Tax Receivable Agreement liability20.9 24.3 Supplemental retirement and salary continuation plans7.2 6.9 Long-term portion of an interest rate hedge liability1.0 — Total accrued expenses and other$174.0 $164.2 

8.TERM DEBT, REVOLVING CREDIT FACILITY AND OTHER NOTES PAYABLE

Term Debt and Revolving Credit FacilityThe Company has a credit agreement with a syndicate of banks, led by Bank of America, N.A. ("Term Loan B").  On January 29, 2025, the Company amended its Term Loan B to refinance in full all of the $630.3 million outstanding term loans thereunder, reduce the interest rate from the Secured Overnight Financing Rate (“SOFR”) plus the applicable rate of 2.75% to SOFR plus the applicable rate of 2.50% and extend the maturity date from January 20, 2028 to January 29, 2032, as well as to make certain other changes. Other material terms of the Term Loan B remain unchanged. The Company recorded a loss on debt extinguishment of $0.5 million related to the refinancing of its Term Loan B in its Consolidated Statements of Operations and Comprehensive Income (Loss) for the twenty-six weeks ended June 29, 2025.Term debt and revolving credit facilities consisted of the following:Debt (in millions)Original Principal BalanceMaturity DateAs ofJune 29, 2025As of