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Debt | 3 Months Ended
--- | ---
Mar. 30, 2025
Debt Disclosure [Abstract] |
Debt | 8. Debt Long-term debt, net, consists of the following (in thousands):
|  | March 30, 2025 |  | December 29, 2024
Senior Notes |  | $ | 400,000 |  | $ | 400,000
Term Loan |  | 200,000 |  | —
Revolving Facilities |  | 149,893 |  | 346,732
Outstanding debt |  | $ | 749,893 |  | $ | 746,732
Unamortized debt issuance costs |  | (7,960) |  |  | (5,082) |
Total long-term debt, net |  | $ | 741,933 |  | $ | 741,650
Senior Notes On September 14, 2021, the Company issued $400.0 million of 3.875% Senior Notes (the “Notes”) which 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 29, 2024 for further description of the provisions and covenant requirements under the Senior Notes. Term Loan and Revolving Facilities On March 26, 2025, the Company amended and restated the Amended and Restated Credit Agreement, dated as of September 14, 2021 and amended May 30, 2023 (together, the “Previous Credit Agreement”) pursuant to the Second Amended and Restated Credit Agreement dated as of March 26, 2025 (the “Second Amended and Restated Credit Agreement”). The Second Amended and Restated Credit Agreement provides for a senior secured term loan in a principal amount of $200.0 million (the “Term Loan”) and a senior secured revolving credit facility in an aggregate available principal amount of $600.0 million (the “PJI Revolving Facility” together with the Term Loan, the “PJI Credit Facilities”), of which up to $40.0 million is available as swingline loans and up to $80.0 million as letters of credit. The PJI Credit Facilities will mature on March 26, 2030 (the “Maturity Date”) with term loans amortizing in quarterly installments commencing on June 30, 2026 in amounts as set forth in the Second Amended and Restated Credit Agreement and the unpaid balance maturing on the Maturity Date. The remaining availability under the PJI Revolving Facility was approximately $450.1 million as of March 30, 2025. Future principal maturities under the Term Loan by year are as follows (in thousands):
2025 |  | $ | —
2026 |  | 7,500
2027 |  | 13,750
2028 |  | 15,000
2029 |  | 18,750 |
Thereafter |  | 145,000
Total |  | $ | 200,000
The Term Loan was advanced in full at the closing of the Second Amended and Restated Credit Agreement, with the proceeds used to repay borrowings outstanding under the senior secured revolving credit facility under the Previous Credit Agreement. The Company incurred $3.2 million of lender and third-party fees, which are being amortized into Net interest expense over the term of the Second Amended and Restated Credit Agreement. Refer to Note 12 of the consolidated financial statements in our Annual Report on Form 10-K for the year ended December 29, 2024 for further description of other key provisions and covenant requirements under the Second Amended and Restated Credit Agreement, which are similar to the terms of the Previous 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 Company did not have any borrowings under the PJMF Revolving Facility as of March 30, 2025 or December 29, 2024. The PJMF operating results and the related debt outstanding do not impact the financial covenants under the Company’s Second Amended and Restated Credit Agreement. Derivative Financial Instruments The Company has historically entered into interest rate swaps with the objective of mitigating the Company’s exposure to the impact of interest rate changes associated with our variable rate debt under the PJI Credit Facilities. As of March 30, 2025, 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%
We have designated the interest rate swaps as cash flow hedges and assess hedge effectiveness on a quarterly basis. 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. On April 25, 2025, as part of our strategy to manage interest rate risk exposure beyond the maturity date of the interest rate swaps listed above, the Company entered into a new interest rate swap with a notional value of $50.0 million at a 3.49% fixed rate that matures on April 25, 2028. The following table provides information on the location and amounts of our current swaps in the accompanying Condensed Consolidated Balance Sheets (in thousands):
|  | Interest Rate Swap Derivatives
Balance Sheet Location |  | Fair Value March 30, 2025 |  | Fair Value December 29, 2024
Accrued expenses and other current liabilities |  | $ | 70 |  | $ | 161
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 |  | Net Interest Expense on Condensed Consolidated Statements of Operations
Interest rate swaps for the three months ended: |  |  |  |  |  |  |  |
March 30, 2025 |  | $ | 71 |  | Interest expense |  | $ | (56) |  |  | $ | (10,079) |
March 31, 2024 |  | $ | 672 |  | Interest expense |  | $ | 200 |  |  | $ | (11,063) |
Net interest paid, including payments made or received under the swaps, was $17.6 million and $14.5 million for the three months ended March 30, 2025 and March 31, 2024, 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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