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Note 5 - Long-term Debt | 9 Months Ended
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Sep. 26, 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 described in the Current Credit Agreement and in the Notes to Consolidated Financial Statements in our 2019 10-K. During the first nine months of fiscal 2020, we have made principal payments totaling $26.3 million, including $13.1 million in accelerated principal payments made during the second quarter of fiscal 2020 that fulfilled the required quarterly installments through the first quarter of fiscal 2021. We drew $50.0 million on our revolving loan facility during the first quarter of fiscal 2020. The fair value of our long-term debt approximates the carrying value, which is reflected in our Consolidated Balance Sheets as follows:
|  | September 26, |  |  | December 28, |
(In thousands) |  | 2020 |  |  | 2019 |
Principal amount |  | $ | 171,875 |  |  | $ | 148,125 |
Unamortized original issuance discount and debt costs |  |  | (1,278 | ) |  |  | (1,579 | )
Less: Current portion of long-term debt |  |  | (8,382 | ) |  |  | (21,474 | )
Long-term debt, net of current portion and unamortized debt issue costs |  | $ | 162,215 |  |  | $ | 125,072 |
As of September 26, 2020, the effective interest rate on the term loan was 1.62%, and the effective interest rate on the revolving loan was 1.42%. 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 |  |  | Nine Months Ended |
|  | September 26, |  |  | September 28, |  |  | September 26, |  |  | September 28, |
(In thousands) |  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Contractual interest |  | $ | 663 |  |  | $ | 1,686 |  |  | $ | 2,667 |  |  | $ | 8,991 |
Amortization of original issuance discount and debt costs |  |  | 92 |  |  |  | 324 |  |  |  | 300 |  |  |  | 1,539 |
Total interest expense related to long-term debt |  | $ | 755 |  |  | $ | 2,010 |  |  | $ | 2,967 |  |  | $ | 10,530 |
Expected future principal payments are based on the schedule of required quarterly installments. With the accelerated principal payments we made during the second quarter of fiscal 2020, our next required quarterly installment is due in the second quarter of fiscal 2021. As of September 26, 2020, expected future principal payments on our long-term debt were as follows:
Fiscal year |  | (in thousands) |
2020 (remaining 3 months) |  | $ | - |
2021 |  |  | 13,125 |
2022 |  |  | 17,500 |
2023 |  |  | 13,125 |
2024 |  |  | 128,125 |
|  | $ | 171,875 |

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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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