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Long-Term Debt | 12 Months Ended
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Jan. 02, 2016
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt
(In thousands) | 2015 |  |  | 2014 |
Note payable to bank, revolving credit facility with interest at a variable rate (2015 - 1.5%; 2014 - 1.8%) | $ | 40,300 |  |  | $ | 47,700 |
Senior notes due April 2016 with interest at a fixed rate of 5.54% per annum. | 150,000 |  |  | 150,000 |
Other notes and amounts | 177 |  |  | 91 |
Total debt | 190,477 |  |  | 197,791 |
Less: current portion | 5,477 |  |  | 55 |
Long-term debt | $ | 185,000 |  |  | $ | 197,736 |
Aggregate maturities of long-term debt are as follows:
(In thousands) |
2016 | $ | 5,477 |
2017 | 35,000 |
2018 | — |
2019 | — |
2020 | — |
Thereafter | 150,000 |
The carrying value of the Corporation's outstanding variable-rate, long-term debt obligations at January 2, 2016 and January 3, 2015 was $40 million and $48 million, respectively, which approximated fair value. The fair value of the Corporation’s outstanding fixed rate long-term debt obligations was estimated based on discounted cash flow method (Level 2) to be $148 million at January 2, 2016 and $154 million at January 3, 2015 compared to the carrying value of $150 million. The Corporation increased the borrowing capacity (while preserving the existing $150 million accordian feature) under the revolving credit facility on January 6, 2016 to $400 million and will use the additional borrowings to pay off the Corporation's Senior Notes due April 6, 2016. These Senior Notes were classified as long term as of January 2, 2016 since the Corporation will pay off the Senior Notes upon maturity with revolving credit facility borrowings expected to remain outstanding for more than twelve months.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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