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Revolving Line of Credit | 6 Months Ended
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Jun. 27, 2020
Revolving Line of Credit |
M. | Revolving Line of Credit
In March 2018, the Company amended its $150.0 million revolving line of credit facility to extend the scheduled expiration date to March 31, 2023. On March 12, 2020, the Company borrowed $100.0 million of the available balance to provide flexibility and enhance its ability to address potential future uncertainties regarding the impact of the COVID-19 pandemic. The interest rate for the borrowings was 1.15% (LIBOR rate of 0.70% plus 0.45%). As of June 27, 2020, the Company had repaid the entire $100.0 million. As of June 27, 2020, the Company was not in violation of any of its financial covenants to the lender under the credit facility and the entire balance of $150.0 million on the line of credit was available to the Company for future borrowing.

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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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