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Long Term Debt | 6 Months Ended
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Jul. 01, 2023
Debt Disclosure [Abstract] |
Long Term Debt | The following table summarizes the Company’s debt:
| July 1, 2023 |  | December 31, 2022
Revolving loans | $ | 8,000 |  |  | $ | 72,000 |
Senior Term loan, due 2028 | 836,108 |  |  | 840,363 |
Finance lease & other obligations | 7,356 |  |  | 6,406 |
| 851,464 |  |  | 918,769 |
Unamortized discount on Senior Term loan | (4,549) |  |  | (5,012) |
Current portion of long-term debt and finance leases | (11,240) |  |  | (10,570) |
Deferred financing fees | (16,877) |  |  | (18,551) |
Total long-term debt, net | $ | 818,798 |  |  | $ | 884,636 |
As of July 1, 2023, the ABL Revolver had an outstanding amount of $8,000 and outstanding letters of credit of $35,890. The Company has $283,069 of available borrowings under the revolving credit facility as a source of liquidity as of July 1, 2023 based on the customary asset-backed loan borrowing base and availability provisions. Conversion of Debt from LIBOR Interest Rate to SOFR Interest Rate The Company's debt instruments are subject to interest rate adjustments that were initially based on the London Interbank Offered Rate ("LIBOR"). However, due to the discontinuation of LIBOR as a benchmark rate and the industry's transition to the Secured Overnight Financing Rate (SOFR), the Company has undertaken the necessary steps to convert its debt from LIBOR interest rate to SOFR interest rate. On June 30, 2023, the Company amended the term loan credit agreement to change the benchmark rate from LIBOR to SOFR, and had previously amended the ABL revolver to do the same on July 29, 2022. The interest rate for the term loan is, at the discretion of the Company, (i) term SOFR plus a margin varying from 2.50% to 2.75% per annum based on leverage, plus a credit spread adjustment varying between 0.11448% to 0.42826%, depending on the SOFR tenor selected; or (ii) an alternate base rate plus a margin varying from 1.50% to 1.75% per annum based on leverage.

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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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