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Debt | 12 Months Ended
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Dec. 27, 2014
Debt [Abstract] |
Debt | Note 7 – Debt
(In thousands) |  | 2014 |  |  | 2013 |
Term Loan Facility with interest at 1.53%, due 2017 |  | $ | 200,000 |  |  | $ | 200,000 |
Mueller-Xingrong credit facility with interest at 5.60%, due 2015 |  |  | 29,968 |  |  |  | 28,033 |
2001 Series IRB’s with interest at 1.13%, due through 2021 |  |  | 6,250 |  |  |  | 7,250 |
Other |  |  | 5,226 |  |  |  | 50 |
|  |  | 241,444 |  |  |  | 235,333 |
Less current portion of debt |  |  | (36,194 | ) |  |  | (29,083 | )
Long-term debt |  | $ | 205,250 |  |  | $ | 206,250 |
Effective May 29, 2014, the Company elected to modify its credit agreement (the Credit Agreement) entered into on March 7, 2011 to reduce the unsecured $350.0 million revolving credit facility to $200.0 million. The Credit Agreement also provides for a $200.0 million Term Loan Facility, which, together with the Revolving Loan Facility, mature on December 11, 2017. Borrowings under the Credit Agreement bear interest, at the Company’s option, at LIBOR or Base Rate as defined by the Credit Agreement, plus a variable premium. LIBOR advances may be based upon the one, three, or six-month LIBOR. The variable premium is based upon the Company’s debt to total capitalization ratio, and can range from 112.5 to 162.5 basis points for LIBOR based loans and 12.5 to 62.5 basis points for Base Rate loans. At December 27, 2014, the premium was 137.5 basis points for LIBOR loans and 37.5 basis points for Base Rate loans. Additionally, a facility fee is payable quarterly on the total commitment and varies from 25.0 to 37.5 basis points based upon the Company’s debt to total capitalization ratio. Availability of funds under the Revolving Credit Facility is reduced by the amount of certain outstanding letters of credit, which are used to secure the Company’s payment of insurance deductibles and certain retiree health benefits, totaling approximately $10.5 million at December 27, 2014. Terms of the letters of credit are generally one year but are renewable annually. There were no borrowings outstanding on the Revolving Credit Facility at the end of 2014. On March 21, 2014, Mueller Europe, Limited (MEL) entered into a credit agreement (the Invoice Facility) establishing a total borrowing capacity of £40.0 million, or approximately $62.2 million. The Invoice Facility has an initial term of two years. Borrowings outstanding under the Invoice Facility are secured by MEL’s trade account receivables denominated in British pounds which totaled $57.9 million at December 27, 2014. There were no borrowings outstanding at the end of 2014. On September 23, 2013, Mueller-Xingrong entered into a secured revolving credit facility (the JV Credit Agreement), which matured on September 24, 2014. At the maturity date, individual draws on the JV Credit Agreement had maturity dates ranging up to nine months. Borrowings under the JV Credit Agreement bear an interest rate at the latest base-lending rate published by the People’s Bank of China, which was 5.6 percent at December 27, 2014. On February 2, 2015, Mueller-Xingrong entered into a new secured revolving credit agreement with a total borrowing capacity of RMB 230 million (or approximately $37.1 million). In addition, Mueller-Xingrong occasionally finances working capital through various accounts receivable and bank draft discount arrangements. Total borrowings at Mueller-Xingrong were $35.2 million at December 27, 2014. Covenants contained in the Company’s financing obligations require, among other things, the maintenance of minimum levels of tangible net worth and the satisfaction of certain minimum financial ratios. At December 27, 2014, the Company was in compliance with all debt covenants. Aggregate annual maturities of the Company’s debt are as follows:
(In thousands) |  | Amount |
2015 |  | $ | 36,194 |
2016 |  |  | 1,000 |
2017 |  |  | 201,000 |
2018 |  |  | 1,000 |
2019 |  |  | 1,000 |
Thereafter |  |  | 1,250 |
Long-term debt |  | $ | 241,444 |
Net interest expense consisted of the following:
(In thousands) |  | 2014 |  |  | 2013 |  |  | 2012 |
Interest expense |  | $ | 6,393 |  |  | $ | 5,147 |  |  | $ | 6,890 |
Capitalized interest |  |  | (653 | ) |  |  | (1,157 | ) |  |  | — |
|  | $ | 5,740 |  |  | $ | 3,990 |  |  | $ | 6,890 |
Interest paid in 2014, 2013, and 2012 was $5.7 million, $4.9 million, and $8.4 million, respectively.

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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 SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: 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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