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Long-Term Debt (Tables)

3 Months Ended

Apr. 02, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

As of April 2, 2022, and January 1, 2022, long-term debt consisted of the following:

			April 2, 2022						January 1, 2022
			(In thousands)
Senior secured notes (1)			$	300,000					$	300,000
Revolving credit facility (2)			—						—
Term loan facility (3)			—						—
Finance lease obligations (4)			271,940						274,717
			571,940						574,717
Unamortized debt issuance costs			(4,565)						(4,701)
Unamortized bond discount costs			(3,901)						(4,028)
			563,474						565,988
Less: current maturities of long-term debt			7,264						7,864
Long-term debt, net of current maturities			$	556,210					$	558,124

(1)As of April 2, 2022 and January 1, 2022, our long-term debt was comprised of $300.0 million of senior secured notes issued in October 2021. These notes are presented under the “Long-term debt” caption of our condensed consolidated balance sheets at $291.5 million and $291.3 million at April 2, 2022, and January 1, 2022, respectively. This presentation is net of their discount of 3.9 million and 4.0 million and the combined carrying value of our debt issuance costs of 4.6 million and 4.7 million at April 2, 2022, and January 1, 2022, respectively. Our senior secured notes are presented in this table at their face value.

(2) The average effective interest rate was zero percent and 2.4 percent for the quarters ended April 2, 2022, and April 3, 2021, respectively.

(3) The average effective interest rate, exclusive of fees and prepayment premiums, was zero percent and 8.0 percent for the quarters ended April 2, 2022, and April 3, 2021, respectively.

(4) Refer to Note 9, Leases, for interest rates associated with finance lease obligations.

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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