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Debt | 12 Months Ended
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Dec. 26, 2015
Debt [Abstract] |
Debt | Note 8 – Debt
(In thousands) |  | 2015 |  |  | 2014 |
Term Loan Facility with interest at 2.66%, due 2017 |  | $ | 200,000 |  |  | $ | 200,000 |
Mueller-Xingrong credit facility with interest at 5.60%, due 2016 |  |  | 5,275 |  |  |  | 29,968 |
2001 Series IRB's with interest at 1.23%, due through 2021 |  |  | 5,250 |  |  |  | 6,250 |
Other |  |  | 5,485 |  |  |  | 5,226 |
|  |  | 216,010 |  |  |  | 241,444 |
Less current portion of debt |  |  | (11,760 | ) |  |  | (36,194 | )
Long-term debt |  | $ | 204,250 |  |  | $ | 205,250 |
The Company's credit agreement provides for an unsecured $200.0 million revolving credit facility (the Revolving Credit Facility) and a $200.0 million term loan facility, both maturing 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 26, 2015, the premium was 137.5 basis points for LIBOR-based 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 $8.8 million at December 26, 2015. 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 2015. On February 2, 2015, Mueller-Xingrong entered into a secured revolving credit agreement with a total borrowing capacity of RMB 230 million (or approximately $36.0 million). In addition, Mueller-Xingrong occasionally finances working capital through various accounts receivable and bank draft discount arrangements. Total borrowings at Mueller-Xingrong were $10.8 million at December 26, 2015. 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 26, 2015, the Company was in compliance with all debt covenants. Aggregate annual maturities of the Company's debt are as follows:
(In thousands) |  | Amount |
2016 |  | $ | 11,760 |
2017 |  |  | 201,000 |
2018 |  |  | 1,000 |
2019 |  |  | 1,000 |
2020 |  |  | 1,000 |
Thereafter |  |  | 250 |
Long-term debt |  | $ | 216,010 |
Net interest expense consisted of the following:
(In thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Interest expense |  | $ | 8,335 |  |  | $ | 6,393 |  |  | $ | 5,147 |
Capitalized interest |  |  | (668 | ) |  |  | (653 | ) |  |  | (1,157 | )
|  | $ | 7,667 |  |  | $ | 5,740 |  |  | $ | 3,990 |
Interest paid in 2015, 2014, and 2013 was $8.1 million, $5.7 million, and $4.9 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 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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