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Long-Term Debt
6 Months Ended
Jul. 02, 2021
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Following is a summary of the Company’s long-term debt:

(in thousands)Maturity
Date
Interest
Rate
Interest
Paid
Public/
Nonpublic
July 2,
2021
December 31,
2020
2016 Term Loan Facility(1)
6/7/2021VariableVariesNonpublic$— $217,500 
Senior notes2/27/20233.28%Semi-annuallyNonpublic125,000 125,000 
2018 Revolving Credit Facility6/8/2023VariableVariesNonpublic55,000 — 
Senior bonds(2)
11/25/20253.80%Semi-annuallyPublic350,000 350,000 
Senior notes10/10/20263.93%QuarterlyNonpublic100,000 100,000 
Senior notes3/21/20303.96%QuarterlyNonpublic150,000 150,000 
Unamortized discount on senior bonds(2)
11/25/2025(39)(43)
Debt issuance costs(1,725)(1,992)
Total long-term debt$778,236 $940,465 
(1)At the end of fiscal 2020, the Company intended to refinance outstanding principal payments due in the next 12 months under the 2016 Term Loan Facility (as defined below) using the 2018 Revolving Credit Facility (as defined below), which was classified as long-term debt, and the Company was not restricted by any subjective acceleration clause within the agreement for the 2018 Revolving Credit Facility. As such, the 2016 Term Loan Facility balance was classified as long term as of December 31, 2020.
(2)The senior bonds due in 2025 were issued at 99.975% of par.

The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis.

On June 7, 2021, the Company used a combination of cash on hand and borrowings under its revolving credit facility (the “2018 Revolving Credit Facility”) to repay the remaining balance of the term loan facility (the “2016 Term Loan Facility”) that matured on that date. Subsequent to the end of the second quarter of 2021, the Company refinanced the 2018 Revolving Credit Facility and entered into a new $70 million term loan. See Note 23 for additional information.

The indenture under which the Company’s senior bonds were issued does not include financial covenants but does limit the incurrence of certain liens and encumbrances as well as indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt was issued include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio, each as defined in the respective agreement. The Company was in compliance with these covenants as of July 2, 2021. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources.

All outstanding long-term debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.