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Note 5 - Long-term Debt | 3 Months Ended
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Apr. 02, 2022
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 first three months of fiscal 2022, we paid required quarterly installments totaling $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:
|  | April 2, |  |  | January 1, |
(In thousands) |  | 2022 |  |  | 2022 |
Principal amount |  | $ | 154,375 |  |  | $ | 158,750 |
Unamortized original issuance discount and debt costs |  |  | (732 | ) |  |  | (817 | )
Less: Current portion of long-term debt |  |  | (17,182 | ) |  |  | (17,173 | )
Long-term debt, net of current portion and unamortized debt issue costs |  | $ | 136,461 |  |  | $ | 140,760 |
As of April 2, 2022, the effective interest rate on the term loan was 1.92%, and the effective interest rate on the revolving loan was 1.71%. 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 |
|  | April 2, |  |  | April 3, |
(In thousands) |  | 2022 |  |  | 2021 |
Contractual interest |  | $ | 562 |  |  | $ | 598 |
Amortization of original issuance discount and debt costs |  |  | 85 |  |  |  | 92 |
Total interest expense related to long-term debt |  | $ | 647 |  |  | $ | 690 |
Expected future principal payments are based on the schedule of required quarterly installments. As of April 2, 2022, expected future principal payments on our long-term debt were as follows:
Fiscal year |  | (in thousands) |
2022 (Remaining 3 quarters) |  |  | 13,125 |
2023 |  |  | 17,500 |
2024 |  |  | 123,750 |
|  | $ | 154,375 |

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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 https://asc.fasb.org/topic&trid=2208564 + Details
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