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Debt and Bank Credit Facilities
12 Months Ended
Jan. 02, 2021
Long-term Debt, Unclassified [Abstract]  
Debt and Bank Credit Facilities Debt and Bank Credit Facilities
The Company's indebtedness as of January 2, 2021 and December 28, 2019 was as follows (in millions):
January 2, 2021December 28, 2019
Term Facility$670.0 $720.0 
Senior Notes400.0 400.0 
Multicurrency Revolving Facility— 17.7 
Other4.6 4.5 
Less: Debt Issuance Costs(3.2)(4.7)
Total1,071.4 1,137.5 
Less: Current Maturities231.0 0.6 
Non-Current Portion$840.4 $1,136.9 
Credit Agreement

On August 27, 2018, the Company replaced the Prior Credit Agreement by entering into an Amended and Restated Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as Administrative Agent and the lenders named therein, providing for a (i) 5-year unsecured term loan facility in the principal amount of $900.0 million (the “Term Facility”) and (ii) a 5-year unsecured multicurrency revolving facility in the principal amount of $500.0 million (the “Multicurrency Revolving Facility”), including a $50.0 million letter of credit sub facility, available for general corporate purposes. Borrowings under the Credit Agreement bear interest at floating rates based upon indices determined by the currency of the borrowing, plus an applicable margin determined by reference to the Company's consolidated funded debt to consolidated EBITDA ratio or at an alternative base rate.

The Term Facility was drawn in full on August 27, 2018 with the proceeds settling the amounts owed under the Prior Term Facility and Prior Multicurrency Revolving Facility. The Term Facility requires quarterly amortization at a rate starting at 5.0% per annum, increasing to 7.5% per annum after three years and further increasing to 10.0% per annum for the last years of the Term Facility, unless previously prepaid. The weighted average interest rate on the Term Facility was 2.0% and 3.6% for the fiscal years ended January 2, 2021 and December 28, 2019, respectively. The Credit Agreement requires the Company to prepay the loans under the Term Facility with 100% of the net cash proceeds received from specified asset sales and borrowed money indebtedness, subject to certain exceptions. The Company repaid $50.0 million and $90.0 million under the Term Facility in fiscal 2020 and 2019, respectively.

As of January 2, 2021 the Company had no borrowings under the Multicurrency Revolving Facility, $0.2 million of standby letters of credit and $499.8 million of available borrowing capacity. The average daily balance in borrowings under the Multicurrency Revolving Facility was $150.4 million and $91.7 million, and the weighted average interest rate on the Multicurrency Revolving Facility was 1.9% and 3.6% for the fiscal years ended January 2, 2021 and December 28, 2019, respectively. The Company pays a non-use fee on the aggregate unused amount of the Multicurrency Revolving Facility at a rate determined by reference to its consolidated funded debt to consolidated EBITDA ratio.

Senior Notes

As of January 2, 2021, the Company had $400.0 million of unsecured senior notes (the “Notes”) outstanding. The Notes consist of $400.0 million in senior notes in a private placement which were issued in five tranches with maturities from ten to twelve years and carry fixed interest rates. As of January 2, 2021, $230.0 million and $170.0 million of the Notes are included in Current Maturities of Long-Term Debt and Long-Term Debt, respectively, on the Consolidated Balance Sheets.

Details on the Notes as of January 2, 2021 were (in millions):
PrincipalInterest RateMaturity
Fixed Rate Series 2011A$230.0 
4.8 to 5.0%
July 14, 2021
Fixed Rate Series 2011A170.0 
4.9 to 5.1%
July 14, 2023
Total$400.0 

Compliance with Financial Covenants

The Credit Agreement and the Notes contain covenants under which the Company agrees to maintain a minimum EBITDA-to-interest coverage ratio and maximum Debt-to-EBITDA ratio. The Company was in compliance with all financial covenants contained in the Notes and the Credit Agreement as of January 2, 2021.

Other Notes Payable

As of January 2, 2021, other notes payable of $4.6 million were outstanding with a weighted average interest rate of 4.9%. As of December 28, 2019, other notes payable of $4.5 million were outstanding with a weighted average interest rate of 5.0%.

Other Disclosures

Based on rates for instruments with comparable maturities and credit quality, which are classified as Level 2 inputs (see also Note 14), the approximate fair value of the Company's total debt was $1,085.8 million and $1,162.1 million as of January 2, 2021 and December 28, 2019, respectively.
Maturities of long-term debt, excluding debt issuance costs, are as follows (in millions):
YearAmount of Maturity
2021$231.0 
202218.0 
2023823.0 
20240.6 
20250.6 
Thereafter1.4 
Total$1,074.6