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Debt | 9 Months Ended
--- | ---
Sep. 29, 2024
Debt Disclosure [Abstract] |
Debt | 8. Debt Long-term debt, net, consists of the following (in thousands):
|  | September 29, 2024 |  | December 31, 2023
Senior notes |  | $ | 400,000 |  | $ | 400,000
Revolving facilities (a) |  | 332,412 |  | 364,000
Outstanding debt |  | $ | 732,412 |  | $ | 764,000
Unamortized debt issuance costs |  | (5,407) |  |  | (6,578) |
Current portion of long-term debt |  | (5,650) |  | —
Total long-term debt, net |  | $ | 721,355 |  | $ | 757,422
___________________________________ (a) Revolving facilities as of September 29, 2024 includes $5.7 million outstanding under the PJMF Revolving Facility as defined and discussed below. Senior Notes On September 14, 2021, the Company issued $400.0 million of 3.875% senior notes (the “Notes”) which will mature on September 15, 2029. Interest on the Notes is payable semi-annually in cash in arrears on March 15 and September 15 of each year at a fixed interest rate of 3.875% per annum. Refer to Note 12 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 for further description of the provisions and covenant requirements under the Senior Notes. Credit Agreement The Company’s amended and restated credit agreement, dated September 14, 2021 and amended May 30, 2023 (as amended, the “Credit Agreement”), provides for a senior secured revolving credit facility in an aggregate available principal amount of $600.0 million (the “PJI Revolving Facility”), of which up to $40.0 million is available as swingline loans and up to $80.0 million is available as letters of credit. The PJI Revolving Facility will mature on September 14, 2026. The remaining availability under the PJI Revolving Facility was approximately $273.2 million as of September 29, 2024. Refer to Note 12 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2023 for further description of the provisions and covenant requirements under the Credit Agreement. PJMF Revolving Facility PJMF has a $30.0 million revolving line of credit (the “PJMF Revolving Facility”) pursuant to a Revolving Loan Agreement, dated September 30, 2015, and most recently amended on September 30, 2024. The PJMF Revolving Facility is secured by substantially all assets of PJMF. The PJMF Revolving F acility matures on September 30, 2025, but is subject to annual renewals. The borrowings under the PJMF Revolving Facility accrue interest at a variable rate of a one month SOFR plus 1.975%. The applicable interest rate on the PJMF Revolving facility was 7.2% for the three months ended September 29, 2024. As of September 29, 2024, t he principal amount of debt outstanding under the PJMF Revolving Facility was approximately $5.7 million and is classified as Current portion of long-term debt in the Condensed Consolidated Balance Sheets. The PJMF operating results and the related debt outstanding do not impact the financial covenants under the Company’s Credit Agreement. Derivative Financial Instruments On June 23, 2023, the Company entered into a new interest rate swap with an initial notional value of $100.0 million to replace the Company’s prior interest rate swaps, which had a notional value of $125.0 million and matured on April 30, 2023. The objective of the interest rate swap is to mitigate the Company’s exposure to the impact of interest rate changes associated with our variable rate debt under the PJI Revolving Facility. We designated the interest rate swap as a cash flow hedge and assess hedge effectiveness at regular intervals through the maturity date of June 30, 2025. The interest rate swaps are recorded at fair value at each reporting date, and any unrealized gains or losses are included in Accumulated other comprehensive loss in the Condensed Consolidated Balance Sheets and reclassified to Net interest expense in the Condensed Consolidated Statements of Operations in the same period or periods during which the hedged transaction affect earnings. As of September 29, 2024, we have the following interest rate swap agreements:
Effective Dates |  | Floating Rate Debt |  | Fixed Rates
June 23, 2023 through June 30, 2025 |  | $ | 50 million |  | 4.55%
June 23, 2023 through June 30, 2025 |  | $ | 50 million |  | 4.55%
The following table provides information on the location and amounts of our current swaps in the accompanying condensed consolidated financial statements (in thousands):
|  | Interest Rate Swap Derivatives
Balance Sheet Location |  | Fair Value September 29, 2024 |  | Fair Value December 31, 2023
Prepaid and other current assets |  | $ | — |  | $ | 107
Accrued expenses and other current liabilities |  | $ | 479 |  | $ | —
Other long-term liabilities |  | $ | — |  | $ | 483
The effect of derivative instruments on the accompanying condensed consolidated financial statements is as follows (in thousands):
Derivatives - Cash Flow Hedging Relationships |  | Amount of Gain or (Loss) Recognized in AOCL on Derivative |  | Location of (Loss) or Gain Reclassified from AOCL into Income |  | Amount of (Loss) or Gain Reclassified from AOCL into Income |  | Total Net Interest Expense on Condensed Consolidated Statements of Operations
Interest rate swaps for the three months ended: |  |  |  |  |  |  |  |
September 29, 2024 |  | $ | (820) |  | Interest expense |  | $ | 194 |  |  | $ | (10,629) |
September 24, 2023 |  | $ | 801 |  | Interest expense |  | $ | 203 |  |  | $ | (11,378) |
Interest rate swaps for the nine months ended: |  |  |  |  |  |  |  |
September 29, 2024 |  | $ | (80) |  | Interest expense |  | $ | 591 |  |  | $ | (32,588) |
September 24, 2023 |  | $ | 2,225 |  | Interest expense |  | $ | (40) |  |  | $ | (31,674) |
Net interest paid, including payments made or received under the swaps, was $13.9 million and $34.3 million for the three and nine months ended September 29, 2024, respectively, and $11.2 million and $28.0 million for the three and nine months ended September 24, 2023, respectively.

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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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