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Long-Term Debt (Tables)

6 Months Ended

Jul. 02, 2021

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Following is a summary of the Company’s long-term debt:

(in thousands)						Maturity Date						Interest Rate						Interest Paid						Public/ Nonpublic						July 2, 2021						December 31, 2020
2016 Term Loan Facility(1)						6/7/2021						Variable						Varies						Nonpublic						$	—					$	217,500
Senior notes						2/27/2023						3.28%						Semi-annually						Nonpublic						125,000						125,000
2018 Revolving Credit Facility						6/8/2023						Variable						Varies						Nonpublic						55,000						—
Senior bonds(2)						11/25/2025						3.80%						Semi-annually						Public						350,000						350,000
Senior notes						10/10/2026						3.93%						Quarterly						Nonpublic						100,000						100,000
Senior notes						3/21/2030						3.96%						Quarterly						Nonpublic						150,000						150,000
Unamortized discount on senior bonds(2)						11/25/2025																								(39)						(43)
Debt issuance costs																														(1,725)						(1,992)
Total long-term debt																														$	778,236					$	940,465

(1)At the end of fiscal 2020, the Company intended to refinance outstanding principal payments due in the next 12 months under the 2016 Term Loan Facility (as defined below) using the 2018 Revolving Credit Facility (as defined below), which was classified as long-term debt, and the Company was not restricted by any subjective acceleration clause within the agreement for the 2018 Revolving Credit Facility. As such, the 2016 Term Loan Facility balance was classified as long term as of December 31, 2020.

(2)The senior bonds due in 2025 were issued at 99.975% of par.

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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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