XML 24 R12.htm IDEA: XBRL DOCUMENT
v3.21.2

Note 5 - Long-term Debt | 6 Months Ended
--- | ---
Jul. 03, 2021
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 covenants are described in the Current Credit Agreement. During the second quarter of fiscal 2021, we 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:
|  | July 3, |  |  | January 2, |
(In thousands) |  | 2021 |  |  | 2021 |
Principal amount |  | $ | 167,500 |  |  | $ | 171,875 |
Unamortized original issuance discount and debt costs |  |  | (994 | ) |  |  | (1,179 | )
Less: Current portion of long-term debt |  |  | (17,154 | ) |  |  | (12,762 | )
Long-term debt, net of current portion and unamortized debt issue costs |  | $ | 149,352 |  |  | $ | 157,934 |
As of July 3, 2021, the effective interest rate on the term loan was 1.57%, and the effective interest rate on the revolving loan was 1.35%. 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 |  |  | Six Months Ended |
|  | July 3, |  |  | June 27, |  |  | July 3, |  |  | June 27, |
(In thousands) |  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
Contractual interest |  | $ | 588 |  |  | $ | 918 |  |  | $ | 1,185 |  |  | $ | 2,004 |
Amortization of original issuance discount and debt costs |  |  | 92 |  |  |  | 105 |  |  |  | 184 |  |  |  | 208 |
Total interest expense related to long-term debt |  | $ | 680 |  |  | $ | 1,023 |  |  | $ | 1,369 |  |  | $ | 2,212 |
Expected future principal payments are based on the schedule of required quarterly installments. As of July 3, 2021, expected future principal payments on our long-term debt were as follows:
Fiscal year |  | (in thousands) |
2021 (Remaining 2 quarters) |  | $ | 8,750 |
2022 |  |  | 17,500 |
2023 |  |  | 17,500 |
2024 |  |  | 123,750 |
|  | $ | 167,500 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration