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Debt | 6 Months Ended
--- | ---
Jun. 29, 2024
Debt Disclosure [Abstract] |
Debt | Debt Debt consists of the following (in thousands):
| June 29, 2024 |  | December 30, 2023
Amended Credit Agreement: |  |  |
Revolving Credit Facility ($107.1 million and $82.9 million denominated in € at June 29, 2024 and December 30, 2023, respectively) | $ | 607,110 |  |  | $ | 610,875 |
Term A-1 facility | 398,000 |  |  | 400,000 |
Less unamortized deferred loan costs | (456) |  |  | (546) |
Carrying value Term A-1 facility | 397,544 |  |  | 399,454 |
Term A-2 facility | 475,000 |  |  | 481,250 |
Less unamortized deferred loan costs | (640) |  |  | (771) |
Carrying value Term A-2 facility | 474,360 |  |  | 480,479 |
Term A-3 facility | 298,500 |  |  | 300,000 |
Less unamortized deferred loan costs | (697) |  |  | (832) |
Carrying value Term A-3 facility | 297,803 |  |  | 299,168 |
Term A-4 facility | 484,375 |  |  | 490,625 |
Less unamortized deferred loan costs | (834) |  |  | (1,002) |
Carrying value Term A-4 facility | 483,541 |  |  | 489,623 |
6% Senior Notes due 2030 with effective interest of 6.12% | 1,000,000 |  |  | 1,000,000 |
Less unamortized deferred loan costs net of bond premium | (6,030) |  |  | (6,441) |
Carrying value 6% Senior Notes due 2030 | 993,970 |  |  | 993,559 |
5.25% Senior Notes due 2027 with effective interest of 5.47% | 500,000 |  |  | 500,000 |
Less unamortized deferred loan costs | (2,792) |  |  | (3,249) |
Carrying value 5.25% Senior Notes due 2027 | 497,208 |  |  | 496,751 |
3.625% Senior Notes due 2026 - Denominated in euro with effective interest of 3.83% | 551,617 |  |  | 569,075 |
Less unamortized deferred loan costs - Denominated in euro | (2,136) |  |  | (2,763) |
Carrying value 3.625% Senior Notes due 2026 | 549,481 |  |  | 566,312 |
Other Notes and Obligations | 108,370 |  |  | 90,852 |
| 4,409,387 |  |  | 4,427,073 |
Less Current Maturities | 92,258 |  |  | 60,703 |
| $ | 4,317,129 |  |  | $ | 4,366,370 |
As of June 29, 2024, the Company had outstanding debt under the revolving credit facility denominated in euros of €100.0 million and outstanding debt under the Company’s 3.625% Senior Notes due 2026 denominated in euros of €515.0 million. In addition, at June 29, 2024, the Company had finance lease obligations denominated in euros of approximately €7.2 million. As of June 29, 2024, the Company had other notes and obligations of $108.4 million that consist of various overdraft facilities of approximately $47.3 million, Brazilian notes of approximately $30.5 million, a China working capital line of credit of approximately $2.0 million and other debt of approximately $28.6 million, including U.S. finance lease obligations of approximately $3.9 million. On January 6, 2014, Darling, Darling International Canada Inc. (“Darling Canada”) and Darling International NL Holdings B.V. (“Darling NL”) entered into a Second Amended and Restated Credit Agreement (as subsequently amended, the “Amended Credit Agreement”), restating its then existing Amended and Restated Credit Agreement dated September 27, 2013, with the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents from time to time party thereto. The interest rate applicable to any borrowings under the revolving credit facility equals the adjusted term secured overnight financing rate (SOFR) for U.S. dollar borrowings or the adjusted euro interbank rate (EURIBOR) for euro borrowings or the adjusted daily simple Sterling overnight index average (SONIA) for British pound borrowings plus 1.50% per annum or base rate or the adjusted term SOFR for U.S. dollar borrowings or Canadian prime rate for Canadian dollar borrowings or the adjusted daily simple European short term rate (ESTR) for euro borrowings or the adjusted daily SONIA rate for British pound borrowings plus 0.50% per annum subject to certain step-ups or step-downs based on the Company’s total leverage ratio. The interest rate applicable to any borrowing under the term A-1 facility and term A-3 facility equals the adjusted term SOFR plus 1.625% per annum subject to certain step-ups and step-downs based on the Company’s total leverage ratio. The interest rate applicable to any borrowing under the term A-2 facility and term A-4 facility equals the adjusted term SOFR plus 1.50% per annum subject to certain step-ups or step-downs based on the Company’s total leverage ratio. As of June 29, 2024, the Company had (i) $5.0 million outstanding under the revolver at base rate plus a margin of 0.50% per annum for a total of 9.0%, (ii) $495.0 million outstanding under the revolver at SOFR plus a margin of 1.50% per annum for a total of 6.94272% per annum, (iii) $398.0 million outstanding under the term A-1 facility at SOFR plus a margin of 1.625% per annum for a total of 7.06893% per annum, (iv) $475.0 million outstanding under the term A-2 facility at SOFR plus a margin of 1.50% per annum for a total of 6.94393% per annum, (v) $298.5 million outstanding under the term A-3 facility at SOFR plus a margin 1.625% per annum for a total of 7.06893% per annum, (vi) $484.4 million outstanding under the term A-4 facility at SOFR plus a margin 1.50% per annum for a total of 6.94393% per annum, and (vii) €100.0 million outstanding under the revolving credit facility at EURIBOR plus a margin of 1.50% per annum for a total of 5.14365% per annum. As of June 29, 2024, the Company had revolving credit facility availability of $814.4 million, under the Amended Credit Agreement taking into account amounts borrowed, ancillary facilities of $77.5 million and letters of credit issued of $1.0 million. The Company also had foreign bank guarantees of approximately $11.3 million and U.S. bank guarantees of approximately $8.9 million that are not part of the Company’s Amended Credit Agreement at June 29, 2024. As of June 29, 2024, the Company believes it is in compliance with all of the financial covenants under the Amended Credit Agreement, as well as all of the other covenants contained in the Amended Credit Agreement, the 6% Senior Notes due 2030, the 5.25% Senior Notes due 2027 and the 3.625% Senior Notes due 2026.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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