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Debt Obligations
 12 Months Ended
Dec. 29, 2019
Debt Disclosure [Abstract]  
Debt Obligations Debt Obligations
Our indebtedness primarily consisted of the repurchase option related to a sale-leaseback of a portion of our New York headquarters. We did not have outstanding debt or capital lease obligations as of December 29, 2019. As of December 30, 2018, our total debt and capital lease obligations consisted of the following:
(In thousands)
 
December 30, 2018

Option to repurchase ownership interest in Company Headquarters in 2019:
 
 
Principal amount
 
$
250,000

Less unamortized discount based on imputed interest rate of 13.0%
 
3,202

Net option to repurchase ownership interest in Company Headquarters in 2019
 
246,798

Capital lease obligations (1)
 
6,832

Total short-term debt and capital lease obligations
 
$
253,630


(1) On August 1, 2019, we purchased the previously leased land at our College Point, N.Y., printing and distribution facility, which resulted in the settlement of our finance lease obligation.

Interest expense and other, net, as shown in the accompanying Consolidated Statements of Operations was as follows:
(In thousands)
 
December 29,
2019

 
December 30,
2018

 
December 31,
2017

Interest expense
 
$
26,928

 
$
28,134

 
$
27,732

Amortization of debt costs and discount on debt
 
(1,459
)
 
3,394

 
3,205

Capitalized interest
 
(69
)
 
(452
)
 
(1,257
)
Interest income and other expense, net
 
(21,580
)
 
(14,510
)
 
(9,897
)
Total interest expense and other, net
 
$
3,820

 
$
16,566

 
$
19,783


Exercise of Repurchase Option Under Lease Agreement
In December 2019, the Company exercised its option under the Lease Agreement, dated March 6, 2009, with an affiliate of W.P. Carey & Co. LLC (the “Lease”) to repurchase for $245.3 million a portion of the Company’s leasehold condominium interest consisting of approximately 750,000 rentable square feet in the Company Headquarters (the “Condo Interest”). The Lease was part of a transaction in 2009 under which the Company sold (for approximately $225 million) and simultaneously leased back the Condo Interest.
The Company accounted for the 2009 transaction as a financing transaction and accounted for the 2009-2019 rental payments as interest expense. The difference between the purchase option price and the net sale proceeds from the transaction has been amortized over the 10-year period of 2009-2019 through interest expense.
Revolving Credit Facility
In September 2019, the Company entered into a $250.0 million five-year unsecured revolving credit facility (the “Credit Facility”). Certain of the Company’s domestic subsidiaries have guaranteed the Company’s obligations under the Credit Facility. Borrowings under the Credit Facility bear interest at specified rates based on our utilization and consolidated leverage ratio. The Credit Facility contains various customary affirmative and negative covenants. In addition, the Company is obligated to pay a quarterly unused commitment fee of 0.20%.
As of December 29, 2019, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the Credit Facility.