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Senior Credit Facility | 6 Months Ended
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Jul. 01, 2017
Debt Disclosure [Abstract] |
Senior Credit Facility | Senior Credit Facility: The following table summarizes the Company’s outstanding debt as of the dates indicated (in millions):
|  | July 1, 2017 |  | December 31, 2016 |  | June 25, 2016
Senior Credit Facility: |  |  |  |  |  |
February 2016 Term Loan |  | $ | 185.0 |  |  | $ | 190.0 |  |  | $ | 197.5 |
June 2017 Term Loan |  | 100.0 |  |  | — |  |  | — |
Revolving Credit Loans |  | 170.0 |  |  | 85.0 |  |  | — |
Total Outstanding Borrowings |  | 455.0 |  |  | 275.0 |  |  | 197.5 |
Less: Unamortized Debt Issuance Costs |  | (1.3 | ) |  | (1.1 | ) |  | (1.3 | )
Total Debt |  | 453.7 |  |  | 273.9 |  |  | 196.2 |
Less: Current Portion of Long-Term Debt |  | (20.0 | ) |  | (10.0 | ) |  | (10.0 | )
Long-Term Debt |  | $ | 433.7 |  |  | $ | 263.9 |  |  | $ | 186.2 |
Outstanding Letters of Credit |  | $ | 44.3 |  |  | $ | 44.3 |  |  | $ | 50.5 |
On February 19, 2016, the Company entered into a senior credit facility (the “2016 Senior Credit Facility”) consisting of a $200 million term loan (the “February 2016 Term Loan”) and a $500 million revolving credit facility (the “Revolver”) with a sublimit of $50 million for swingline loans. This agreement is unsecured and matures on February 19, 2021. On June 15, 2017, pursuant to an accordion feature available under the 2016 Senior Credit Facility, the Company entered into an incremental term loan agreement (the “June 2017 Term Loan”) which increased the term loan capacity under the 2016 Senior Credit Facility by $100 million. This agreement is unsecured and matures on June 15, 2022. During the period of October 24, 2011 through February 19, 2016, the Company was party to a senior credit facility (the “2011 Senior Credit Facility”), which provided for borrowings up to $400 million with a sublimit of $30 million for swingline loans. 2016 Senior Credit Facility The 2016 Senior Credit Facility contains both the February 2016 Term Loan and June 2017 Term Loan. The February 2016 Term Loan of $200 million requires quarterly payments totaling $10 million per year in years one and two and $20 million per year in years three through five, with the remaining balance due in full on the maturity date of February 19, 2021. The June 2017 Term Loan of $100 million requires quarterly payments totaling $5 million per year in years one and two and $10 million per year in years three through five, with the remaining balance due in full on the maturity date of June 15, 2022. The 2016 Senior Credit Facility also contains a $500 million revolving credit facility with a sublimit of $50 million for swingline loans. Borrowings under the February 2016 Term Loan and Revolver bear interest at either the bank’s base rate (4.250% at July 1, 2017) or the London Inter-Bank Offer Rate (“LIBOR”) (1.224% at July 1, 2017) plus an additional amount ranging from 0.500% to 1.125% per annum (0.625% at July 1, 2017), adjusted quarterly based on our leverage ratio. The Company is also required to pay, quarterly in arrears, a commitment fee for unused capacity ranging from 0.075% to 0.200% per annum (0.100% at July 1, 2017), adjusted quarterly based on the Company’s leverage ratio. Borrowings under the June 2017 Term Loan bear interest at either the bank’s base rate (4.250% at July 1, 2017) or LIBOR (1.224% at July 1, 2017) plus an additional 1.000% per annum. Proceeds from the 2016 Senior Credit Facility may be used for working capital, capital expenditures, dividends, share repurchases and other matters. There are no compensating balance requirements associated with the 2016 Senior Credit Facility. The 2016 Senior Credit Facility requires quarterly compliance with respect to two material covenants: a fixed charge coverage ratio and a leverage ratio. Both ratios are calculated on a trailing twelve-month basis at the end of each fiscal quarter. The fixed charge coverage ratio compares earnings before interest, taxes, depreciation, amortization, share-based compensation and rent expense (“consolidated EBITDAR”) to the sum of interest paid and rental expense (excluding any straight-line rent adjustments). The fixed charge coverage ratio shall be greater than or equal to 2.00 as of the last day of each fiscal quarter. The leverage ratio compares rental expense (excluding any straight-line rent adjustments) multiplied by a factor of six plus total debt to consolidated EBITDAR. The leverage ratio shall be less than or equal to 4.00 as of the last day of each fiscal quarter. The 2016 Senior Credit Facility also contains certain other restrictions regarding additional indebtedness, capital expenditures, business operations, guarantees, investments, mergers, consolidations and sales of assets, transactions with subsidiaries or affiliates, and liens. As of July 1, 2017, the Company was in compliance with all debt covenants.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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