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Debt (Tables) | 6 Months Ended
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Jun. 27, 2024
Debt Disclosure [Abstract] |
Schedule of Long Term Debt | The following table summarizes the Company’s long-term debt as of June 27, 2024 and December 28, 2023:
in thousands | Maturity Date |  | Interest Rate Per Annum at June 27, 2024 (1) |  | June 27, 2024 |  | December 28, 2023
Credit Facilities: |  |  |  |  |  |  |  |
Term Loan Facility | February 14, 2027 |  | 7.33% | Variable |  | $ | 201,345 |  |  | $ | 202,396 |
Asset-based Loan Facility (“ABL Facility”) | August 4, 2027 |  | 6.60% | Variable |  | — |  |  | — |
Total secured debt at par value |  |  |  |  |  | 201,345 |  |  | 202,396 |
Less: current maturities |  |  |  |  |  | 2,103 |  |  | 2,103 |
Long-term debt maturities |  |  |  |  |  | 199,242 |  |  | 200,293 |
Less: unamortized discount and debt issuance costs |  |  |  |  |  | 4,509 |  |  | 5,354 |
Total long-term debt |  |  |  |  |  | $ | 194,733 |  |  | $ | 194,939 |
(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.
Schedule of Maturities of Debt | The following table summarizes scheduled maturities of the Company’s debt as of June 27, 2024:
in thousands | Amount
Twenty-six weeks ending December 26, 2024 | $ | 1,052 |
2025 | 2,103 |
2026 | 2,629 |
2027 | 195,561 |
Total minimum debt payments | $ | 201,345 |
Schedule of Components of Interest Expense | Components of interest expense are as follows for the periods presented:
| Thirteen Weeks Ended |  | Twenty-six Weeks Ended
in thousands | June 27, 2024 |  | June 29, 2023 |  | June 27, 2024 |  | June 29, 2023
Total interest expense, net of interest income (1) | $ | 3,002 |  |  | $ | 4,581 |  |  | $ | 6,804 |  |  | $ | 10,767 |
Less: interest capitalized | 2,339 |  |  | 1,683 |  |  | 4,186 |  |  | 3,007 |
Interest expense, net | $ | 663 |  |  | $ | 2,898 |  |  | $ | 2,618 |  |  | $ | 7,760 |
(1)Total interest expense, net of interest income includes interest income related to the Company’s interest rate cap agreements totaling $0.5 million and $1.2 million for the thirteen weeks ended June 27, 2024 and June 29, 2023, respectively, and $1.9 million and $2.3 million for the twenty-six weeks ended June 27, 2024 and June 29, 2023, respectively. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.
Schedule of Fair Value of Debt | The estimated fair value and classification within the fair value hierarchy of the Term Loan Facility was as follows as of June 27, 2024 and December 28, 2023:
in thousands | Fair Value Hierarchy Classification |  | June 27, 2024 |  | December 28, 2023
Term Loan Facility | Level 3 |  | $ | 200,841 |  |  | $ | 201,637 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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