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Note 5 - Long-term Debt | 3 Months Ended
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Mar. 28, 2020
Notes to Financial Statements |
Long-term Debt [Text Block] | Note 5 - Long-Term Debt On May 17, 2019, we entered into a credit agreement (the “Current Credit Agreement”), which provides for a five-year secured term loan facility in an aggregate principal amount of $175.0 million and a five-year secured revolving loan facility in an aggregate principal amount of up to $75.0 million. Details of the term loan and the revolving loan (collectively, "long-term debt"), including the basis for interest, payment terms, and covenant compliance are more fully described in the Current Credit Agreement and our 2019 10-K. During the first three months of fiscal 2020, we drew $50.0 million on our revolving loan facility and paid a required quarterly installment of $4.4 million on our long-term debt. The fair value of our long-term debt approximates the carrying value, which is reflected in our Consolidated Balance Sheets as follows:
|  | March 28, |  |  | December 28, |
(In thousands) |  | 2020 |  |  | 2019 |
Principal amount |  | $ | 193,750 |  |  | $ | 148,125 |
Unamortized original issue discount and debt costs |  |  | (1,475 | ) |  |  | (1,579 | )
Less: Current portion of long-term debt |  |  | (21,484 | ) |  |  | (21,474 | )
Long-term debt, net of current portion and unamortized debt issue costs |  | $ | 170,791 |  |  | $ | 125,072 |
As of March 28, 2020, the effective interest rate on the term loan was 3.07%, and the effective interest rate on the revolving loan was 2.17%. We pay a commitment fee of 0.20% on the unused portion of the revolving loan. Interest expense related to our long-term debt was included in Interest expense on our Consolidated Statements of Operations as follows:
|  | Three Months Ended |
|  | March 28, |  |  | March 30, |
(In thousands) |  | 2020 |  |  | 2019 |
Contractual interest |  | $ | 1,086 |  |  | $ | 4,316 |
Amortization of debt issuance costs and discount |  |  | 103 |  |  |  | 687 |
Total interest expense related to long-term debt |  | $ | 1,189 |  |  | $ | 5,003 |
Expected future principal payments are based on the schedule of required quarterly installments, adjusted for known voluntary payments. Our 53-week fiscal 2020 will result in five quarterly installments being paid during this fiscal year. As of March 28, 2020, expected future principal payments on our long-term debt were as follows:
Fiscal year |  | (in thousands) |
2020 (remaining 9 months) |  | $ | 17,500 |
2021 |  |  | 17,500 |
2022 |  |  | 17,500 |
2023 |  |  | 13,125 |
2024 |  |  | 128,125 |
|  | $ | 193,750 |

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- Definition The entire disclosure for long-term debt. + 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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