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v3.25.1

Long-term Debt and Letters of Credit | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Long-term Debt and Letters of Credit | (8) Long-term Debt and Letters of Credit Long-term debt was as follows:
|  | As of |
|  | March 31, 2025 |  |  | December 30, 2024 |
|  | Interest Rate |  | Principal Outstanding |  |  | Interest Rate |  | Principal Outstanding |
|  | (In thousands, except interest rates) |
Senior Notes due March 2029 |  |  | 4.00 |  | % |  | $ | 500,000 |  |  |  | 4.00 |  | % |  | $ | 500,000 |
Term Loan due May 2030 |  |  | 6.57 |  |  |  |  | 344,768 |  |  |  | 6.59 |  |  |  |  | 345,634 |
Asia ABL Revolving Loan due June 2028 |  |  | 5.62 |  |  |  |  | 80,000 |  |  |  | 5.64 |  |  |  |  | 80,000 |
Other |  |  | 5.99 |  |  |  |  | 2,230 |  |  |  | 5.99 |  |  |  |  | 2,311 |
Total debt |  |  |  |  |  |  | 926,998 |  |  |  |  |  |  |  | 927,945 |
Less: Unamortized debt issuance costs |  |  |  |  |  |  | (6,625 | ) |  |  |  |  |  |  | (6,951 | )
Less: Unamortized debt discount |  |  |  |  |  |  | (2,727 | ) |  |  |  |  |  |  | (2,840 | )
Subtotal |  |  |  |  |  |  | 917,646 |  |  |  |  |  |  |  | 918,154 |
Less: Current maturities |  |  |  |  |  |  | (3,800 | ) |  |  |  |  |  |  | (3,795 | )
Long-term debt, less current maturities |  |  |  |  |  | $ | 913,846 |  |  |  |  |  |  | $ | 914,359 |
Debt Covenants Borrowings under the Senior Notes due 2029 and Term Loan Facility due 2030 (Term Loan Facility) are subject to certain affirmative and negative covenants, including limitations on indebtedness, corporate transactions, investments, dispositions, and restricted 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 covenants, including leverage and fixed charge coverage ratios. Debt Issuance Costs and Debt Discount Remaining unamortized debt issuance costs and debt discount were as follows:
|  | As of
|  | March 31, 2025 |  | December 30, 2024
|  | Debt Issuance Costs |  |  | Debt Discount |  |  | Effective Interest Rate |  | Debt Issuance Costs |  |  | Debt Discount |  |  | Effective Interest Rate
|  | (In thousands, except interest rates)
Senior Notes due March 2029 |  | $ | 3,176 |  |  | $ | — |  |  |  | 4.18 |  | % |  | $ | 3,362 |  |  | $ | — |  |  |  | 4.18 |  | %
Term Loan due May 2030 |  |  | 3,449 |  |  |  | 2,727 |  |  |  | 8.01 |  |  |  |  | 3,589 |  |  |  | 2,840 |  |  |  | 8.01 |  |
Total |  | $ | 6,625 |  |  | $ | 2,727 |  |  |  |  |  |  | $ | 6,951 |  |  | $ | 2,840 |  |  |  |  |
The above debt issuance costs and debt discount 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 $1,147 and $1,239 as of March 31, 2025 and December 30, 2024, respectively, are included in deposits and 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 March 31, 2025, the remaining weighted average amortization period for all unamortized debt issuance costs and debt discount was 4.6 years.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
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