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Long-Term Debt | 9 Months Ended
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Sep. 28, 2024
Long-Term Debt [Abstract] |
Long-Term Debt | Note 7 – Long-Term Debt Long-term debt consists of the following:
|  | September 28, 2024 |  |  | December 31, 2023 |
Credit facility |  | $ | - |  |  | $ | - |
Convertible senior notes, due 2025 |  |  | 95,102 |  |  |  | 95,102 |
Convertible senior notes, due 2030 |  |  | 750,000 |  |  |  | 750,000 |
Deferred financing costs |  |  | (24,303 | ) |  |  | (26,914 | )
|  |  | 820,799 |  |  |  | 818,188 |
Less current portion |  |  | - |  |  |  | - |
|  | $ | 820,799 |  |  | $ | 818,188 |
The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of September 28, 2024:
|  | 2025 Notes |  |  | 2030 Notes |
Issuance date |  | June 12, 2018 |  |  | September 12, 2023 |
Maturity date |  | June 15, 2025 | * |  | September 15, 2030 |
Principal amount as of September 28, 2024 |  | $ | 95,102 |  |  | $ | 750,000 |
Cash coupon rate (per annum) |  |  | 2.25 | % |  |  | 2.25 | %
Conversion rate (per $1 principal amount) |  |  | 32.1955 |  |  |  | 33.1609 |
Effective conversion price (per share) |  | $ | 31.06 |  |  | $ | 30.16 |
130% of the current effective conversion price (per share) |  | $ | 40.38 |  |  | $ | 39.21 |
*As the Company has the intent and ability to refinance its convertible senior notes due 2025 (the "2025 Notes") upon maturity using its revolving credit facility, the 2025 Notes remain classified as long-term liabilities. On August 15, 2024, the Company entered into an amendment to its credit agreement with a consortium of banks led by JPMorgan Chase Bank, N.A., as administrative agent, and the lenders and other parties thereto (the "Credit Facility"). The amendment redefines the Interest Coverage Ratio to remove Capital Expenditures from the calculation, increases the minimum Interest Coverage Ratio to 3.25 to 1.00, increases the threshold of Indebtedness of Foreign Subsidiaries to the greater of $300,000 and 15% of Consolidated Tangible Net Worth as of the last day of the fiscal quarter for which financial statements are delivered, and increases the threshold of Investments of Subsidiaries that are not Loan Parties to $300,000. Other significant terms and conditions of the Credit Facility have not been modified. Deferred financing costs are recognized as non-cash interest expense. Non-cash interest expense was $1,249 and $3,675 for the fiscal quarter and nine fiscal months ended September 28, 2024, respectively, and $883 and $2,521 for the fiscal quarter and nine fiscal months ended September 30, 2023, respectively. Subsequent to the end of the third fiscal quarter of 2024, the Company repurchased $40,684 principal amount of 2025 Notes. The repurchase was funded with a draw on the Credit Facility.

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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/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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