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NOTES PAYABLE AND LONG-TERM DEBT | 12 Months Ended
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Mar. 28, 2020
Debt Disclosure [Abstract] |
NOTES PAYABLE AND LONG-TERM DEBT | NOTES PAYABLE AND LONG-TERM DEBT Notes payable and long-term debt consisted of the following:
(In thousands) | March 28, 2020 |  | March 30, 2019
Term loan, net of financing fees | $ | 322,330 |  |  | $ | 334,859 |
Other borrowings | 60,163 |  |  | 15,261 |
Less current portion | (76,980 | ) |  | (27,666 | )
Long-term debt | $ | 305,513 |  |  | $ | 322,454 |
On June 15, 2018, the Company entered into a credit agreement with certain lenders which provided for a $350.0 million term loan (the "Term Loan") and a $350.0 million revolving loan (the "Revolving Credit Facility" and together with the Term Loan, the "Credit Facilities"). The Credit Facilities expire on June 15, 2023. Interest on the Credit Facilities is established using LIBOR plus 1.13% - 1.75%, depending on the Company's leverage ratio. At March 28, 2020, $323.8 million was outstanding under the Term Loan and $60.0 million was outstanding on the Revolving Credit Facility, both with an effective interest rate of 2.9%. In April 2020, the Company borrowed an additional $150.0 million on the Revolving Credit Facility. The Company also had $25.6 million of uncommitted operating lines of credit to fund its global operations under which there were no outstanding borrowings as of March 28, 2020. Under the Credit Facilities, the Company is required to maintain a Consolidated Leverage Ratio not to exceed 3.5:1.0 and a Consolidated Interest Coverage Ratio not to be less than 4.0:1.0 during periods when the Credit Facilities are outstanding. In addition, the Company is required to satisfy these covenants, on a pro forma basis, in connection with any new borrowings (including any letter of credit issuances) on the Revolving Credit Facility as of the time of such borrowings. The Consolidated Interest Coverage Ratio is calculated as the Consolidated EBITDA divided by Consolidated Interest Expense while the Consolidated Leverage Ratio is calculated as Consolidated Total Debt divided by Consolidated EBITDA. Consolidated EBITDA includes EBITDA adjusted by non-recurring and unusual transactions specifically as defined in the Credit Facilities. The Credit Facilities also contain usual and customary non-financial affirmative and negative covenants that include certain restrictions with respect to subsequent indebtedness, liens, loans and investments (including acquisitions), financial reporting obligations, mergers, consolidations, dissolutions or liquidation, asset sales, affiliate transactions, change of its business, capital expenditures, share repurchase and other restricted payments. These covenants are subject to exceptions and qualifications set forth in the credit agreement. Any failure to comply with the financial and operating covenants of the Credit Facilities would prevent the Company from being able to borrow additional funds and would constitute a default, which could result in, among other things, the amounts outstanding including all accrued interest and unpaid fees, becoming immediately due and payable. In addition, the Credit Facilities include customary events of default, in certain cases subject to customary cure periods. As of March 28, 2020, the Company was in compliance with the covenants. Commitment Fee Pursuant to the Credit Facilities, the Company is required to pay, on the last day of each calendar quarter, a commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee is subject to a pricing grid based on the Company's Consolidated Leverage Ratio. The commitment fee ranges from 0.150% to 0.275%. The current commitment fee on the undrawn portion of the Revolving Credit Facility is 0.175%. Debt Issuance Costs and Interest Expenses associated with the issuance of the Term Loan were capitalized and are amortized to interest expense over the life of the term loan using the effective interest method. As of March 28, 2020, the $323.8 million term loan balance was netted down by the $1.4 million of remaining debt discount, resulting in a net note payable of $322.3 million. Interest expense was $13.5 million, $12.6 million and $7.7 million for fiscal 2020, 2019 and 2018, respectively. Accrued interest associated with the outstanding debt is included as a component of other current liabilities in the accompanying consolidated balance sheets. As of both March 28, 2020 and March 30, 2019, the Company had an insignificant amount of accrued interest associated with the outstanding debt. The aggregate amount of debt maturing during the next five fiscal years and thereafter are as follows:
Fiscal year (In thousands) |
2021 | $ | 81,919 |
2022 | 17,545 |
2023 | 214,422 |
2024 | 70,026 |
2025 | — |
Thereafter | — |

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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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