Note 4 Debt

3 Months Ended

Jan. 02, 2021

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

Debt

Long-term debt consisted of the following:

	As of
	January 2, 2021		October 3, 2020
	(In thousands)
Term loan due 2023 ("Term Loan"), net of issuance costs	$	343,575	$	347,999
Current portion of Term Loan	18,750		18,750
Long-term debt	$	324,825	$	329,249

Term Loan maturities as of January 2, 2021 by fiscal year are as follows:

	(In Thousands)
Remainder of 2021	$	14,063
2022	18,750
2023	14,062
2024	300,000
	$	346,875

As of January 2, 2021, there were no borrowings and $8 million of letters of credit outstanding under the Fourth Amended and Restated Credit Agreement (the "Amended Cash Flow Revolver").

As of January 2, 2021, certain foreign subsidiaries of the Company had a total of $69 million of short-term borrowing facilities available, under which no borrowings were outstanding.

Debt covenants

The Company's Amended Cash Flow Revolver requires the Company to comply with certain financial covenants, namely a maximum leverage ratio and a minimum interest coverage ratio, in both cases measured on the basis of a trailing 12 month look-back period. In addition, the Company's debt agreements contain a number of restrictive covenants, including restrictions on incurring additional debt, making investments and other restricted payments, selling assets and paying dividends, subject to certain exceptions. The Company was in compliance with these covenants as of January 2, 2021.