Other

3 Months Ended

Mar. 27, 2022

Other Income and Expenses [Abstract]

Other

OTHER

Capitalized Computer Software Costs

Amortization of capitalized computer software costs included in Depreciation and amortization in our Condensed Consolidated Statements of Operations was $1.9 million and $2.6 million in the first quarters of 2022 and 2021, respectively.

Interest income and other, net

Interest income and other, net, as shown in the accompanying Condensed Consolidated Statements of Operations, was as follows:

	For the Quarters Ended
(In thousands)	March 27, 2022		March 28, 2021
Interest income and other expense, net	$	1,222	$	1,689
Interest expense	(147)		(178)
Total interest income and other, net	$	1,075	$	1,511

Restricted Cash

A reconciliation of cash, cash equivalents and restricted cash as of March 27, 2022, and December 26, 2021, from the Condensed Consolidated Balance Sheets to the Condensed Consolidated Statements of Cash Flows is as follows:

(In thousands)	March 27, 2022		December 26, 2021
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents	$	169,171	$	319,973
Restricted cash included within miscellaneous assets	14,381		14,333
Total cash, cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$	183,552	$	334,306

Substantially all of the amount included in restricted cash is set aside to collateralize workers’ compensation obligations.

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 at an annual rate of 0.20%.

As of March 27, 2022, there were no outstanding borrowings under the Credit Facility and the Company was in compliance with the financial covenants contained in the documents governing the Credit Facility.

Severance Costs

We recognized no severance costs in the first quarter of 2022 and $0.4 severance costs in the first quarter of 2021, respectively. These costs are recorded in General and administrative costs in our Condensed Consolidated Statements of Operations.

We had a severance liability of $1.9 million and $2.1 million included in Accrued expenses and other in our Condensed Consolidated Balance Sheets as of March 27, 2022, and December 26, 2021, respectively.

Acquisition-Related Costs

The Company incurred $34.7 million of acquisition-related costs during the quarter ended March 27, 2022. Acquisition-related costs primarily include expenses paid in connection with the acceleration of The Athletic stock options, and legal, accounting, financial advisory and integration planning expenses.