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LONG-TERM DEBT
 3 Months Ended
Apr. 01, 2023
Debt Disclosure [Abstract]  
LONG-TERM DEBT LONG-TERM DEBT
Long-term debt consisted of the following:
(dollars in thousands)April 1, 2023December 31, 2022April 2, 2022
$500 million 5.625% senior notes due March 15, 2027
$500,000 $500,000 $500,000 
Less unamortized issuance-related costs for senior notes
(3,197)(3,376)(3,896)
      Senior notes, net$496,803 $496,624 $496,104 
Secured revolving credit facility80,000 120,000 — 
Total long-term debt, net
$576,803 $616,624 $496,104 
Secured Revolving Credit Facility
As of April 1, 2023, the Company had $80.0 million outstanding borrowings under its secured revolving credit facility, exclusive of $4.4 million of outstanding letters of credit. As of April 1, 2023, there was approximately $765.6 million available for future borrowing. All outstanding borrowings under the Company’s secured revolving credit facility are classified as non-current liabilities on the Company’s consolidated balance sheets because of the contractual repayment terms under the credit facility.
The Company’s revolving credit facility provides for an aggregate credit line of $850 million which includes a $750 million U.S. dollar facility and a $100 million multicurrency facility. The credit facility matures in April 2027. The facility contains covenants that restrict the Company’s ability to, among other things: (i) create or incur liens, debt, guarantees or other investments, (ii) engage in mergers and consolidations, (iii) pay dividends or other distributions to, and redemptions and repurchases from, equity holders, (iv) prepay, redeem or repurchase subordinated or junior debt, (v) amend organizational documents, and (vi) engage in certain transactions with affiliates.
As of April 1, 2023, the interest rate margins applicable to the secured revolving credit facility were 1.125% for adjusted term Secured Overnight Financing Rate (“SOFR”) rate loans and 0.125% for base rate loans. As of April 1, 2023, U.S. dollar borrowings outstanding under the secured revolving credit facility accrued interest at an adjusted term SOFR rate plus the applicable margin, which resulted in an overall borrowing rate of 5.92%. There were no foreign currency borrowings outstanding on April 1, 2023. As of April 1, 2023, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.