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LONG -TERM DEBT(Details) (USD $)
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6 Months Ended | ||
|---|---|---|---|
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Jul. 02, 2011
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Jan. 01, 2011
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Jul. 03, 2010
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| Debt Instrument [Line Items] | |||
| Current maturities | $ 0 | $ 0 | $ 3,503,000 |
| Total long-term debt | 236,000,000 | 236,000,000 | 229,269,000 |
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Line of Credit BOA [Member]
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| Debt Instrument [Line Items] | |||
| Revolving credit facility | 236,000,000 | 236,000,000 | 0 |
| Current maturities | 0 | 0 | |
| Maximum borrowing capacity | 375,000,000 | ||
| Initiation date of credit facility | 2010-10-15 | ||
| Expiration date of credit facility | 2015-10-15 | ||
| Revolving credit facility interest rate description | This revolving credit facility provides for two pricing options for revolving loans: (i) revolving loans on which interest is payable quarterly at a base rate equal to the highest of (x) the Federal Funds Rate plus ½ of 1%, (y) the rate of interest in effect for such day as publicly announced from time to time by Bank of America, N.A. as its prime rate, or (z) the Eurodollar Rate plus 1%, plus, in each case, an applicable margin initially equal to 1.25%, which may be adjusted based upon a leverage-based pricing grid ranging from 1.00% to 1.50% and (ii) revolving loans on which interest accrues for one, two, three, six or if, generally available, nine or twelve month interest periods (but is payable not less frequently than every three months) at a rate of interest per annum equal to an adjusted British Bankers Association LIBOR rate, plus an applicable margin initially equal to 2.25%, which may be adjusted based upon a leverage-based pricing grid ranging from 2.00% to 2.50%. Amounts currently outstanding under the revolving credit facility initially accrue interest at a LIBOR rate plus 2.25%. | ||
| Covenant terms | The revolving credit facility contains and defines financial covenants, including a lease adjusted leverage ratio (defined as, with certain adjustments, the ratio of the Company's consolidated indebtedness plus six times rent expense to consolidated net income before interest, taxes, depreciation, amortization, and rent expense ("EBITDAR")) to exceed (x) if such period ends on or before December 31, 2014, 3.75:1.00 and (y) if such period ends after December 31, 2014, 3.50:1.00; and consolidated fixed charge coverage ratio (defined as, with certain adjustments, the ratio of consolidated EBITDAR to consolidated fixed charges (defined as interest plus rent expense)), for any such period to be less than 2.75:1.00. | ||
| Available under the revolver for future borrowings | 130,000,000 | ||
| Effective interest rate (in hundredths) | 2.44% | 2.51% | |
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Letter of Credit BOA [Member]
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| Debt Instrument [Line Items] | |||
| Maximum borrowing capacity | 130,000,000 | ||
| Outstanding letters of credit | 18,500,000 | 8,600,000 | |
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Swingline BOA [Member]
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| Debt Instrument [Line Items] | |||
| Maximum borrowing capacity | 40,000,000 | ||
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Former letter of credit [Member]
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| Debt Instrument [Line Items] | |||
| Maximum borrowing capacity | 80,000,000 | ||
| Outstanding letters of credit | 8,600,000 | ||
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Former term loan [Member]
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| Debt Instrument [Line Items] | |||
| Former term loan | 232,800,000 | 0 | 232,772,000 |
| Applicable rate of interest on borrowed funds | Amounts borrowed under the former term loan had an applicable rate of LIBOR + 1.50%, regardless of the Company's overall leverage level. | ||
| Effective interest rate (in hundredths) | 1.80% | ||
| Amount drawn upon from new BOA credit facility to pay off company's former term loan | 232,200,000 | ||
| Transaction fees and expenses associated with former term loan pay off | 3,800,000 | ||
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Former credit facilty [Member]
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| Debt Instrument [Line Items] | |||
| Revolving credit facility | $ 125,000,000 |