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Long-term Debt and Letters of Credit | 9 Months Ended
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Sep. 28, 2020
Debt Disclosure [Abstract] |
Long-term Debt and Letters of Credit | (8) Long-term Debt and Letters of Credit The following table summarizes the long-term debt of the Company as of September 28, 2020 and December 30, 2019:
|  | Interest Rate as of September 28, 2020 |  |  | Principal Outstanding as of September 28, 2020 |  |  | Interest Rate as of December 30, 2019 |  |  | Principal Outstanding as of December 30, 2019 |
|  | (In thousands) |
Term Loan due September 2024 |  |  | 2.65 |  | % | $ | 405,879 |  |  |  | 4.28 |  | % | $ | 805,879 |
Senior Notes due October 2025 |  |  | 5.63 |  |  |  | 375,000 |  |  |  | 5.63 |  |  |  | 375,000 |
Convertible Senior Notes due December 2020 |  |  | 1.75 |  |  |  | 249,975 |  |  |  | 1.75 |  |  |  | 249,975 |
U.S. ABL Revolving Loan due June 2024 |  |  | 1.40 |  |  |  | 40,000 |  |  |  | 3.03 |  |  |  | 40,000 |
Asia ABL Revolving Loan due June 2024 |  |  | 1.55 |  |  |  | 30,000 |  |  |  | 3.18 |  |  |  | 30,000 |
|  |  |  |  |  |  | 1,100,854 |  |  |  |  |  |  |  | 1,500,854 |
Less: Long-term debt unamortized discount |  |  |  |  |  |  | (3,054 | ) |  |  |  |  |  |  | (11,943 | )
Long-term debt unamortized debt issuance costs |  |  |  |  |  |  | (7,802 | ) |  |  |  |  |  |  | (12,974 | )
|  |  |  |  |  |  | 1,089,998 |  |  |  |  |  |  |  | 1,475,937 |
Less: current maturities |  |  |  |  |  |  | (249,975 | ) |  |  |  |  |  |  | (249,975 | )
Long-term debt, less current maturities |  |  |  |  |  | $ | 840,023 |  |  |  |  |  |  | $ | 1,225,962 |
As of September 28, 2020, the Company’s restricted cash balance of $249,975 consisted of a specific deposit account to be used for principal payment on the Convertible Senior Notes due December 2020. The Company has twelve months to reinvest the cash proceeds received from the sale of the Mobility business unit. If the proceeds are not reinvested, the Company is required to use the proceeds to prepay the Term Loan. The Company used a portion of the cash proceeds to repay $400,000 of the Term Loan during the quarter ended September 28, 2020 and plans to use the remaining cash proceeds for reinvestment. Permitted investments, as defined in the Term Loan Credit Agreement, include extensions of trade credit in the ordinary course of business, investments in cash and cash equivalents, permitted acquisitions, investments in assets useful in the business of the Company and its restricted subsidiaries, investments in joint ventures and unrestricted subsidiaries among others. Debt Covenants Borrowings under the Term Loan and Senior Notes are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments and dispositions, and share payments. Under the occurrence of certain events, the U.S. Asset-Based Lending Credit Agreement (U.S. ABL) and Asia Asset-Based Lending Credit Agreement (Asia ABL) (collectively, the ABL Revolving Loans), are subject to various financial and operational covenants, including maintaining minimum fixed charge coverage ratios. Debt Issuance and Debt Discount As of September 28, 2020 and December 30, 2019, remaining unamortized debt discount and debt issuance costs for the Term Loan Facility, Senior Notes and Convertible Senior Notes are as follows:
|  | As of September 28, 2020 |  |  | As of December 30, 2019
|  | Debt Issuance Costs |  |  | Debt Discount |  |  | Effective Interest Rate |  |  | Debt Issuance Costs |  |  | Debt Discount |  |  | Effective Interest Rate |  |
|  | (In thousands, except interest rates)
Term Loan due September 2024 |  | $ | 2,862 |  |  | $ | 866 |  |  |  | 4.66 |  | % | $ | 6,663 |  |  | $ | 2,016 |  |  |  | 4.66 |  | %
Senior Notes due October 2025 |  |  | 4,721 |  |  | — |  |  |  | 5.92 |  |  |  | 5,316 |  |  | — |  |  |  | 5.92 |  |
Convertible Senior Notes |  |  | 219 |  |  |  | 2,188 |  |  |  | 6.48 |  |  |  | 995 |  |  |  | 9,927 |  |  |  | 6.48 |  |
|  | $ | 7,802 |  |  | $ | 3,054 |  |  |  |  |  |  | $ | 12,974 |  |  | $ | 11,943 |  |  |  |  |  |
The above debt discount and debt issuance costs are recorded as a reduction of the debt and are amortized into interest expense using an effective interest rate over the duration of the debt. Remaining unamortized debt issuance costs for the ABL Revolving Loans of $2,084 and $2,511 as of September 28, 2020 and December 30, 2019, respectively, are included in other non-current assets and are amortized to interest expense over the duration of the ABL Revolving Loans using the straight-line method of amortization. As of September 28, 2020, the remaining weighted average amortization period for all unamortized debt discount and debt issuance costs was 3.6 years.

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- Definition The entire disclosure for long-term debt. + 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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