Recapitalization	3 Months Ended
Mar. 28, 2021
Debt Disclosure [Abstract]
Recapitalization	5. Recapitalization Subsequent to the end of the first quarter of 2021, on April 16, 2021 (the “closing date”), the Company completed a recapitalization (the “2021 Recapitalization”) in which certain of the Company’s subsidiaries issued new notes pursuant to an asset-backed securitization. The new notes consist of $ 850.0 million Series 2021-1 2.662 % Fixed Rate Senior Secured Notes, Class A-2-I with an anticipated term of 7.5 years (the “ 2021 A-2-I Fixed Rate Notes”), and $ 1.0 billion Series 2021-1 3.151 % Fixed Rate Senior Secured Notes, Class A-2-II with an anticipated term of 10 years (the “ 2021 A-2-II Fixed Rate Notes” and, collectively with the 2021 A-2-I Fixed Rate Notes, the “ 2021 Notes”) in an offering exempt from registration under the Securities Act of 1933 , as amended. The 2021 Notes have scheduled principal payments of $ 9.3 million in 2021 , $ 18.5 million in each of 2022 through 2027 , $ 804.8 million in 2028 , $ 10.0 million in each of 2029 and 2030 and $ 905.0 million in 2031 . Gross proceeds from the issuance of the 2021 Notes were $ 1.85 billion. Concurrently, certain of the Company’s subsidiaries also issued a new variable funding note facility which allows for advances of up to $ 200.0 million of Series 2021-1 Variable Funding Senior Secured Notes, Class A-1 Notes and certain other credit instruments, including letters of credit (the “2021 Variable Funding Notes”). The 2021 Variable Funding Notes were undrawn on the closing date. In connection with the issuance of the 2021 Variable Funding Notes, the Company’s previous $200.0 million variable funding note facility was canceled. A portion of proceeds from the 2021 Recapitalization was used to repay the remaining $ 291.0 million in outstanding principal under the Company’s 2017 five-year floating rate notes and $ 582.0 million in outstanding principal under the Company’s 2017 five -year fixed rate notes, prefund a portion of the interest payable on the 2021 Notes and pay transaction fees and expenses. In connection with the repayment of the 2017 five-year floating rate notes and 2017 five -year fixed rate notes, the Company expensed approximately $ 2.0 million for the remaining unamortized debt issuance costs associated with these notes. Additionally, in connection with the 2021 Recapitalization, the Company capitalized $ 14.9 million of debt issuance costs, which are being amortized into interest expense over the 7.5 and 10-year expected terms of the 2021 Notes. As of the first quarter of 2021 and the fourth quarter of 2020 , the Company had a leverage ratio of less than 5.0 x, and accordingly, did not make the previously scheduled debt amortization payment for its then outstanding notes beginning in the first quarter of 2021. Accordingly, all principal amounts of the Company’s outstanding notes have been classified as long-term debt in the consolidated balance sheet as of March 28, 2021 and January 3, 2021. Subsequent to the closing of the 2021 Recapitalization, the Company had a leverage ratio of greater than 5.0 x and, accordingly, the Company resumed making the scheduled amortization payments on its notes in the second quarter of 2021 .

Subsequent to the end of the first quarter of 2021, on April 16, 2021 (the “closing date”), the Company completed a recapitalization (the “2021 Recapitalization”) in which certain of the Company’s subsidiaries issued new notes pursuant to an asset-backed securitization. The new notes consist of

850.0

million Series

2021-1

2.662

% Fixed Rate Senior Secured Notes,

Class A-2-I

with an anticipated term of

7.5

years (the “

2021

A-2-I

Fixed Rate Notes”), and $

1.0

billion Series

2021-1

3.151

% Fixed Rate Senior Secured Notes,

Class A-2-II

with an anticipated term of

years (the “

2021

A-2-II

Fixed Rate Notes” and, collectively with the

2021

A-2-I

Fixed Rate Notes, the “

2021

Notes”) in an offering exempt from registration under the Securities Act of

1933

, as amended. The

2021

Notes have scheduled principal payments of $

9.3

million in

2021

, $

18.5

million in each of

2022

through

2027

, $

804.8

million in

2028

, $

10.0

million in each of

2029

and

2030

and $

905.0

million in

2031

. Gross proceeds from the issuance of the

2021

Notes were $

1.85

billion.

Concurrently, certain of the Company’s subsidiaries also issued a new variable funding note facility which allows for advances of up to

200.0

million of Series 2021-1 Variable Funding Senior Secured Notes, Class A-1 Notes and certain other credit instruments, including letters of credit (the “2021 Variable Funding Notes”). The 2021 Variable Funding Notes were undrawn on the closing date. In connection with the issuance of the 2021 Variable Funding Notes, the Company’s previous $200.0 million variable funding note facility was canceled.

A portion of proceeds from the

2021

Recapitalization was used to repay the remaining $

291.0

million in outstanding principal under the Company’s

2017

five-year floating

rate notes and $

582.0

million in outstanding principal under the Company’s

2017

five

-year fixed rate notes, prefund a portion of the interest payable on the

2021

Notes and pay transaction fees and expenses. In connection with the repayment of the

2017

five-year floating

rate notes and

2017

five

-year fixed rate notes, the Company expensed approximately $

2.0

million for the remaining unamortized debt issuance costs associated with these notes. Additionally, in connection with the

2021

Recapitalization, the Company capitalized $

14.9

million of debt issuance costs, which are being amortized into interest expense over the

7.5

and

10-year

expected terms of the

2021

Notes.

As of the first quarter of

2021

and the fourth quarter of

2020

, the Company had a leverage ratio of less than

5.0

and accordingly, did not make the previously scheduled debt amortization payment for its then outstanding notes beginning in the first quarter of 2021. Accordingly, all principal amounts of the Company’s outstanding notes have been classified as long-term debt in the consolidated balance sheet as of March 28, 2021 and January 3, 2021. Subsequent to the closing of the 2021 Recapitalization, the Company had a leverage ratio of greater than

5.0

x and, accordingly, the Company resumed making the scheduled amortization payments on its notes in the second quarter of

2021