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LONG-TERM DEBT | 6 Months Ended
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Jun. 29, 2024
Debt Disclosure [Abstract] |
LONG-TERM DEBT | LONG-TERM DEBT The components of Long-term debt, net were as follows:
(dollars in thousands) | June 29, 2024 |  | December 30, 2023 |  | July 1, 2023
$500 million 5.625% senior notes due March 15, 2027 | $ | 500,000 |  |  | $ | 500,000 |  |  | $ | 500,000 |
Less unamortized issuance-related costs for senior notes | (2,265) |  |  | (2,646) |  |  | (3,016) |
Senior notes, net | $ | 497,735 |  |  | $ | 497,354 |  |  | $ | 496,984 |
Secured revolving credit facility | — |  |  | — |  |  | — |
Long-term debt, net | $ | 497,735 |  |  | $ | 497,354 |  |  | $ | 496,984 |
Secured Revolving Credit Facility As of June 29, 2024, the Company had no outstanding borrowings under its secured revolving credit facility, exclusive of $5.7 million of outstanding letters of credit. As of June 29, 2024, there was approximately $844.3 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 condensed consolidated balance sheets because of the contractual repayment terms under the credit facility. The Company’s secured 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. On June 24, 2024, the Company, through its wholly owned subsidiary, The William Carter Company (“TWCC”), entered into Amendment No. 5 to its fourth amended and restated credit agreement (“Amendment No. 5”) that provides for the transition from Canadian Dollar Offered Rate (“CDOR”) to Canadian Overnight Repo Rate Average (“CORRA”) for use as a reference rate when determining interest for Term Benchmark Loans. As of June 29, 2024, the interest rate margins applicable to the secured revolving credit facility were 1.125% for adjusted term Secured Overnight Financing Rate (“SOFR”) loans and 0.125% for base rate loans. As of June 29, 2024, the applicable borrowing rate for the secured revolving credit facility would have accrued interest at an adjusted term SOFR rate plus the applicable margin, which would have resulted in a borrowing rate of 6.56%. As of June 29, 2024, the Company was in compliance with its financial and other covenants under the secured revolving credit facility.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent + Details
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