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Debt (Tables) | 3 Months Ended
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Mar. 30, 2023
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | The following table summarizes the Company’s long-term debt as of March 30, 2023 and December 29, 2022:
in thousands | Maturity Date |  | Interest Rate Per Annum at 3/30/2023 (1) |  | March 30, 2023 |  | December 29, 2022
Credit Facilities: |  |  |  |  |  |  |  |
Term Loan Facility | February 14, 2027 |  | 6.62% | Variable |  | $ | 203,973 |  |  | $ | 204,499 |
Asset-based Loan Facility (“ABL Facility”) | August 4, 2027 |  | 6.03% | Variable |  | 106,500 |  |  | 210,200 |
Total secured debt at par value |  |  |  |  |  | 310,473 |  |  | 414,699 |
Less: current maturities |  |  |  |  |  | 2,103 |  |  | 2,103 |
Long-term debt maturities |  |  |  |  |  | 308,370 |  |  | 412,596 |
Less: unamortized discount and debt issuance costs |  |  |  |  |  | 6,622 |  |  | 7,045 |
Total long-term debt |  |  |  |  |  | $ | 301,748 |  |  | $ | 405,551 |
(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements.
Schedule of Maturities of Debt | The following table summarizes scheduled maturities of the Company’s debt as of March 30, 2023:
in thousands | Amount
Thirty-nine weeks ending December 28, 2023 | $ | 1,577 |
2024 | 2,103 |
2025 | 2,103 |
2026 | 2,629 |
2027 | 302,061 |
Total minimum debt payments | $ | 310,473 |
Schedule of Components of Interest Expense | Components of interest expense are as follows for the periods presented:
| Thirteen Weeks Ended |  |
in thousands | March 30, 2023 |  | March 31, 2022 |  |  |  |
Total interest costs, net of interest income | $ | 6,186 |  |  | $ | 1,875 |  |  |  |  |
Interest capitalized | 1,324 |  |  | 713 |  |  |  |  |
Interest expense, net | $ | 4,862 |  |  | $ | 1,162 |  |  |  |  |
Schedule of Fair Value of Debt | The estimated fair values and classifications within the fair value hierarchy of the Term Loan Facility and the ABL Facility were as follows as of March 30, 2023 and December 29, 2022:
in thousands | Fair Value Hierarchy Classification |  | March 30, 2023 |  | December 29, 2022
Term Loan Facility | Level 3 |  | $ | 199,894 |  |  | $ | 196,575 |
ABL Facility | Level 2 |  | 106,500 |  |  | 210,200 |
Total |  |  | $ | 306,394 |  |  | $ | 406,775 |

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- Definition Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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