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DEBT
 12 Months Ended
Dec. 28, 2024
DEBT  
DEBT

E.DEBT

As of December 6, 2022, we entered into a five-year, $750 million unsecured revolving credit facility with a syndicate of U.S. banks.  This facility includes up to $60 million which may be advanced in the form of letters of credit, and up to $100 million (U.S. dollar equivalent) which may be advanced in Canadian dollars, Australian dollars, Sterling, Euros and such other foreign currencies as may subsequently be agreed upon among the parties. Cash borrowings are charged interest based upon an index selected by the Company, plus a margin that is determined based upon the index selected and upon the financial performance of the Company and certain of its subsidiaries. We are charged a facility fee on the entire amount of the lending commitment, at a per annum rate ranging from 15.0 to 30.0 basis points, also determined based upon our performance. The facility fee is payable quarterly in arrears.

Outstanding letters of credit extended on our behalf on December 28, 2024 and December 30, 2023 aggregated $39.7 million and $47.8 million. These letters of credit are comprised of $37.3 million issued under the revolving credit facility, including approximately $3.3 million related to industrial development revenue bonds, and $2.3 million issued outside of the facility. We had no amount outstanding on the revolver at December 28, 2024, and an outstanding balance on the revolver of $3.7 million, which includes foreign subsidiary borrowings, at December 30, 2023. After considering letters of credit, we had $712.7 million and $709.0 million in remaining availability on the revolver on December 28, 2024, and December 30, 2023, respectively. Letters of credit have one-year terms, include an automatic renewal clause, and are charged an annual interest rate of 112.5 to 122.5 basis points, based upon our financial performance.

Long-term debt obligations are summarized as follows on December 28, 2024 and December 30, 2023 (amounts in thousands):

​

​

​

​

​

​

​

​

​

    

2024

    

2023

Series 2020 Senior Notes E, due on August 10, 2032, interest payable semi-annually at 3.04%

​

$

50,000

​

$

50,000

Series 2020 Senior Notes F, due on August 10, 2033, interest payable semi-annually at 3.08%

​

​

50,000

​

​

50,000

Series 2020 Senior Notes G, due on August 10, 2035, interest payable semi-annually at 3.15%

​

​

50,000

​

​

50,000

Series 2018 Senior Notes C, due on June 14, 2028, interest payable semi-annually at 4.20%

​

​

40,000

​

​

40,000

Series 2018 Senior Notes D, due on June 14, 2030, interest payable semi-annually at 4.27%

​

 

35,000

​

 

35,000

Series 2012 Senior Notes Tranche B, due on December 17, 2024, interest payable semi-annually at 3.98%

​

 

—

​

 

40,000

Foreign subsidiary borrowings under revolving credit facility, due on December 6, 2027, interest payable monthly at a floating rate (5.44% on December 30, 2023)

​

​

—

​

​

3,692

Series 1999 Industrial Development Revenue Bonds, due on August 1, 2029, interest payable monthly at a floating rate (3.32% on December 28, 2024 and 3.33% on December 30, 2023)

​

 

3,300

​

 

3,300

Finance leases and foreign affiliate debt

​

 

5,732

​

 

4,592

​

​

 

234,032

​

 

276,584

Less current portion

​

 

(4,125)

​

 

(42,900)

Less debt issuance costs

​

 

(77)

​

 

(150)

Long-term portion

​

$

229,830

​

$

233,534

​

Financial covenants on the unsecured revolving credit facility and unsecured notes include minimum interest coverage tests and a maximum leverage ratio. The agreements also restrict the amount of additional indebtedness we may incur and the amount of assets which may be sold among other industry standard covenants. We were within all of our lending requirements on December 28, 2024 and December 30, 2023.

On December 28, 2024, the principal maturities of long-term debt and finance lease obligations are as follows (in thousands):

​

​

​

​

​

2025

    

$

4,093

2026

​

 

291

2027

​

 

456

2028

​

 

40,246

2029

​

 

3,575

Thereafter

​

 

185,294

Total

​

$

233,955

​

On December 28, 2024, the estimated fair value of our long-term debt, including the current portion, was $201.2 million, which was $32.8 million less than the carrying value. The estimated fair value is based on rates anticipated to be available to us for debt with similar terms and maturities. We consider the valuations of our long-term debt, including the current portion, to be Level 2 liabilities which rely on quoted prices in markets that are not active or observable inputs over the full term of the liability.