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Debt | 12 Months Ended
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Dec. 26, 2020
Debt Disclosure [Abstract] |
Debt | Debt
(In thousands) |  | 2020 |  | 2019
Subordinated Debentures with interest at 6.00%, due 2027 |  | $ | 284,479 |  |  | $ | 284,479 |
Revolving Credit Facility with interest at 1.52%, due 2021 |  | 35,000 |  |  | 90,000 |
Jungwoo-Mueller credit facility with interest at 1.90%, due 2021 |  | 5,811 |  |  | — |
Jungwoo-Mueller credit facility with interest at 2.55%, due 2020 |  | — |  |  | 5,768 |
2001 Series IRB's with interest at 1.14%, due 2021 |  | 250 |  |  | 1,250 |
Other |  | 2,555 |  |  | 5,295 |
|  | 328,095 |  |  | 386,792 |
Less debt issuance costs |  | (219) |  |  | (538) |
Less current portion of debt |  | (41,283) |  |  | (7,530) |
Long-term debt |  | $ | 286,593 |  |  | $ | 378,724 |
Subordinated Debentures On March 9, 2017, the Company distributed a special dividend of $3.00 in cash and $5.00 in principal amount of the Company’s 6% Subordinated Debentures (Debentures) due March 1, 2027 for each share of common stock outstanding. Interest on the Debentures is payable semiannually on September 1 and March 1. The Debentures are subordinated to all other funded debt of the Company and are callable, in whole or in part, at any time at the option of the Company, subject to declining call premiums during the first five years. The Debentures also grant each holder the right to require the Company to repurchase such holder’s Debentures in the event of a change in control at declining repurchase premiums during the first five years. The Debentures may be redeemed, subject to the conditions set forth above, at the following redemption price (expressed as a percentage of principal amount) plus any accrued but unpaid interest to, but excluding, the redemption date: If redeemed during the 12-month period beginning March 9:
Year |  | Redemption Price
2020 |  | 103%
2021 |  | 102
2022 and thereafter |  | 100
Revolving Credit Facility The Company’s Credit Agreement provides for an unsecured $350.0 million revolving credit facility (Revolving Credit Facility) that matures on December 6, 2021. Borrowings under the Revolving Credit Facility 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, 2020, the premium was 137.5 basis points for LIBOR loans and 37.5 basis points for Base Rate loans. Additionally, a commitment fee is payable quarterly on the total commitment less any outstanding loans or issued letters of credit, and varies from 15.0 to 30.0 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 $19.4 million at December 26, 2020. Terms of the letters of credit are generally renewable annually. Jungwoo-Mueller Jungwoo-Mueller has several secured revolving credit arrangements with a total borrowing capacity of KRW 25.8 billion (or approximately $23.5 million). Borrowings are secured by the real property and equipment of Jungwoo-Mueller. 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, 2020, the Company was in compliance with all debt covenants. Aggregate annual maturities of the Company’s debt are as follows:
(In thousands) |  | Amount
2021 |  | $ | 41,283 |
2022 |  | 222 |
2023 |  | 222 |
2024 |  | 222 |
2025 |  | 167 |
Thereafter |  | 285,979 |
Long-term debt |  | $ | 328,095 |
Net interest expense consisted of the following:
(In thousands) |  | 2020 |  | 2019 |  | 2018
Interest expense |  | $ | 19,510 |  |  | $ | 25,957 |  |  | $ | 25,349 |
Capitalized interest |  | (263) |  |  | (274) |  |  | (150) |
|  | $ | 19,247 |  |  | $ | 25,683 |  |  | $ | 25,199 |
Interest paid in 2020, 2019, and 2018 was $19.8 million, $25.4 million, and $25.2 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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