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Long-Term Debt (Tables)
 12 Months Ended
Jan. 01, 2022
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
As of January 1, 2022, and January 2, 2021, long-term debt consisted of the following:
January 1, 2022January 2, 2021
(In thousands)
Senior secured notes (1)
$300,000 $— 
Revolving credit facility (2)
— 288,247 
Term loan facility (3)
— 43,204 
Finance lease obligations (4)
274,717 273,118 
574,717 604,569 
Unamortized debt issuance costs(4,701)(9,010)
Unamortized bond discount costs(4,028)— 
565,988 595,559 
Less: current maturities of long-term debt7,864 6,846 
Long-term debt, net of current maturities$558,124 $588,713 
(1) As of January 1, 2022, our long-term debt was comprised of $300 million of senior secured notes issued in October 2021. These notes are presented under the long-term debt caption of our balance sheet at $291.3 million which is net of their discount of $4.0 million and the combined carrying value of our debt issuance costs of $4.7 million. Our senior secured notes are presented in this table at their face value.
(2) The average effective interest rate was 2.5 percent and 3.3 percent for the years ended January 1, 2022 and January 2, 2021, respectively.
(3) The average interest rate, exclusive of fees and prepayment penalties, was 8.0 percent and 8.2 percent for the years ended January 1, 2022 and January 2, 2021, respectively.
(4) Refer to Note 11, Lease Commitments, for interest rates associated with finance lease obligations.