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Borrowings | 9 Months Ended
--- | ---
Sep. 29, 2019
Debt Disclosure [Abstract] |
Borrowings | Borrowings The Company's borrowings at September 29, 2019 and December 31, 2018 were as follows:
| September 29, 2019 |  | December 31, 2018
| (Dollars in thousands) |  |
Senior Credit Facility: |  |  |
Revolving credit facility, at a rate of 3.55% at September 29, 2019, due 2024 | $ | 143,000 |  |  | $ | 293,000 |
Term loan facility, at a rate of 3.55% at September 29, 2019, due 2024 | 673,000 |  |  | 683,500 |
5.25% Senior Notes due 2024 | 250,000 |  |  | 250,000 |
4.875% Senior Notes due 2026 | 400,000 |  |  | 400,000 |
4.625% Senior Notes due 2027 | 500,000 |  |  | 500,000 |
Securitization program, at a rate of 2.78% at September 29, 2019 | 50,000 |  |  | 50,000 |
| 2,016,000 |  |  | 2,176,500 |
Less: Unamortized debt issuance costs | (16,932) |  |  | (17,675) |
| 1,999,068 |  |  | 2,158,825 |
Current borrowings | (50,000) |  |  | (86,625) |
Long-term borrowings | $ | 1,949,068 |  |  | $ | 2,072,200 |
Credit Agreement On April 5, 2019, the Company amended and restated its existing credit agreement by entering into a Second Amended and Restated Credit Agreement (the "Credit Agreement"), which provides for a five-year revolving credit facility of $1.0 billion and a term loan facility of $700.0 million. The Company's obligations under the Credit Agreement are guaranteed (subject to certain exceptions and limitations) by substantially all of the material domestic subsidiaries of the Company. The obligations under the Credit Agreement are secured, subject to certain exceptions and limitations, by a lien on substantially all of the assets owned by the Company and each guarantor. The maturity date of the revolving credit facility and the term loan facility under the Credit Agreement is April 5, 2024. At the Company’s option, loans under the Credit Agreement will bear interest at a rate equal to adjusted LIBOR plus an applicable margin ranging from 1.250% to 2.00% or at an alternate base rate, which generally is defined as the highest of (i) the “Prime Rate” in the U.S. last quoted by The Wall Street Journal, (ii) 0.50% above the greater of the federal funds rate and the rate comprised of both overnight federal funds and overnight eurodollar borrowings and (iii) 1.00% above adjusted LIBOR for a one month interest period, plus in each case an applicable margin ranging from 0.125% to 1.00%, in each case subject to adjustments based on the Company’s consolidated total net leverage ratio. Overdue loans will bear interest at the rate otherwise applicable to such loans plus 2.00%. The Credit Agreement contains customary representations and warranties and covenants that, in each case, subject to certain exceptions, qualifications and thresholds, (a) place limitations on the Company and its subsidiaries regarding the incurrence of additional indebtedness, additional liens, fundamental changes, dispositions of property, investments and acquisitions, dividends and other restricted payments, transactions with affiliates, restrictive agreements, changes in lines of business and swap agreements, and (b) require the Company and its subsidiaries to comply with sanction laws and other laws and agreements, to deliver financial information and certain other information and give notice of certain events, to maintain their existence and good standing, to pay their other obligations, to permit the administrative agent and the lenders to inspect their books and property, to use the proceeds of the Credit Agreement only for certain permitted purposes and to provide collateral in the future. Subject to certain exceptions, the Company is required to maintain a maximum consolidated total net leverage ratio of 4.50 to 1.00. The Company is further required to maintain a minimum consolidated interest coverage ratio of 3.50 to 1.00. The Company capitalized $3.9 million related to transaction fees, including underwriters' discounts and commissions incurred in connection with the Credit Agreement.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + 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
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