XML 28 R15.htm IDEA: XBRL DOCUMENT
v3.21.2

Credit Facilities | 6 Months Ended
--- | ---
Jul. 03, 2021
Debt Disclosure [Abstract] |
CREDIT FACILITIES | 8. CREDIT FACILITIES Total long-term non-revolving debt consists of the following:
| Maturity Date |  | July 3, 2021 |  |  | January 2, 2021 |
Long-term non-revolving debt: |  |  |  |  |  |  |  |  |
Term loan with PNC Bank | Oct 2025 |  | $ | 195,000 |  |  | $ | 200,000 |
Term loan with Intesa Sanpaolo S.p.A | Dec 2021 |  |  | 2,975 |  |  |  | 6,106 |
Term loan with Citibank | May 2023 |  |  | 323 |  |  |  | 400 |
Other long-term debt | Various |  |  | 183 |  |  |  | 264 |
Total long-term non-revolving debt |  |  |  | 198,481 |  |  |  | 206,770 |
Less: current portion of long-term non-revolving debt |  |  |  | 15,662 |  |  |  | 16,229 |
Less: unamortized debt issuance costs |  |  |  | 547 |  |  |  | 609 |
Total long-term non-revolving debt, net |  |  | $ | 182,272 |  |  | $ | 189,932 |
Information on the Company’s revolving credit facilities is as follows:
|  |  | Balance |  |  | Available Credit |
| Maturity Date |  | July 3, 2021 |  |  | January 2, 2021 |  |  | July 3, 2021 |  |  | January 2, 2021 |
Revolving line of credit with PNC Bank | Oct 2025 |  | $ | 238,777 |  |  | $ | 255,909 |  |  | $ | 159,525 |  |  | $ | 144,045 |
Revolving line of credit with Citibank | Nov 2021 |  |  | 421 |  |  |  | 315 |  |  |  | 1,897 |  |  |  | 1,982 |
|  |  | $ | 239,198 |  |  | $ | 256,224 |  |  | $ | 161,422 |  |  | $ | 146,027 |
Future maturities of total debt are as follows:
Year: |  |  |
2021 Remaining | $ | 8,464 |
2022 |  | 15,353 |
2023 |  | 15,085 |
2024 |  | 20,000 |
2025 |  | 378,777 |
Total | $ | 437,679 |
Term Loan and Line of Credit with PNC Bank The Company has a credit agreement that includes a revolving line of credit and term loan credit facility with PNC Bank, National Association, as administrative agent, and the lenders party thereto. The revolving line of credit allows for borrowings up to an aggregate maximum principal amount of $400,000. The Company has exchanged a portion of the USD denominated borrowings on the line of credit for €90,000 in order to hedge currency exposure in foreign operations. The borrowings have been designated as a net investment hedge, see additional information in Note 7. The effective interest rate on the credit agreement at July 3, 2021 was 2.43%. Interest expense recognized on the credit agreement during the six months ended July 3, 2021 and June 27, 2020, totaled $6,842 and $4,250, respectively. As of the date of this filing, the Company was in compliance with all debt covenants related to the credit agreement. Term Loan with Intesa Sanpaolo S.p.A. The Company has an agreement with Intesa Sanpaolo S.p.A. that provides an unsecured term loan of €5,000. The facility bears interest at 1.25%. Repayment of the facility began in January 2021 and is due in 12 monthly installments. The loan bears a guarantee from SACE S.p.A. – the Italian export public credit agency operating in the insurance and financial services sectors – pursuant to the Law Decree No. 23 of April 8, 2020, converted (with amendments) into Law No. 40 of June 5, 2020. Term Loan and Line of Credit with Citibank The Company has an uncommitted fixed asset facility agreement (the “Fixed Asset Facility”) and short-term revolving facility agreement (the “Working Capital Facility”) with Citibank (China) Co., Ltd. Shanghai Branch, as lender. Under the Fixed Asset Facility, the Company may, from time-to-time, borrow amounts on a secured basis up to a total of RMB 50,000. The proceeds of such loans may be used for purchases of certain equipment. Outstanding borrowings under the Fixed Asset Facility accrue interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 1.50%, to be repaid on a specified schedule. Currently drawn funds have a final payment due date of May 2023. Under the Working Capital Facility, the Company may from time to time borrow amounts on an unsecured revolving facility of up to a total of RMB 15,000. Proceeds may only be used for expenditures related to production at the Company’s facility located in Kunshan City, China. Outstanding borrowings under the Working Capital Facility accrue interest at a rate equal to the National Interbank Funding Center 1-year loan prime rate plus 0.50%. All outstanding balances will be due in November 2021. As of the date of this filing, the Company was in compliance with all debt covenants related to the Fixed Asset Facility and Working Capital Facility.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + 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
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration