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Borrowings (Tables)

12 Months Ended

Sep. 27, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The following table presents certain information regarding the Company’s long-term debt at September 27, 2019 and September 28, 2018 (dollars in thousands):

	Interest Rate		Maturity		September 27, 2019				September 28, 2018
New Credit Agreement	LIBOR + applicable margin (1)		March 2024		$	303,780			$	—
Revolving Credit Facility	LIBOR + applicable margin (2)		February 2020		—				149,129
Term Loan Facility	LIBOR + applicable margin (3)		December 2020		400,000				1,500,000
Fixed-rate notes due:
Senior Notes, Series A	4.27%		May 2025		190,000				190,000
Senior Notes, Series B	4.42%		May 2028		180,000				180,000
Senior Notes, Series C	4.52%		May 2030		130,000				130,000
Less: Deferred Financing Fees					(2,535		)		(4,998		)
Other	Varies		Varies		—				36
Total Long-term debt, net					$	1,201,245			$	2,144,167

(1) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the New Credit Agreement (defined below)), borrowings under the New Credit Agreement bear interest at either a eurocurrency rate plus a margin of between 0.875% and 1.5%  or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rate, including applicable margin, at September 27, 2019 was approximately 1.00%.

(2) Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Revolving Credit Facility), borrowings under the Revolving Credit Facility bear interest at either a eurocurrency rate plus a margin of between 1.0% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rates, including applicable margin, at September 28, 2018 were approximately 1.38% to 3.47%.

(3)

Depending on the Company’s Consolidated Leverage Ratio (as defined in the credit agreement governing the Term Loan Facility), borrowings under the Term Loan Facility bear interest at either a eurocurrency rate plus a margin of between 1.0% and 1.5% or a base rate plus a margin of between 0% and 0.5%. The applicable LIBOR rate, including applicable margin, at September 27, 2019 and September 28, 2018 was approximately 3.05% and 3.71%, respectively.

Schedule of interest expense

The following table presents the amount of interest paid by the Company during September 27, 2019, September 28, 2018 and September 29, 2017 (in thousands):

For the Years Ended
September 27, 2019		September 28, 2018		September 29, 2017
$81,582		$68,467		$12,862

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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