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Debt and Finance Lease Obligations | 9 Months Ended
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Sep. 28, 2024
Debt Disclosure [Abstract] |
Debt and Finance Lease Obligations | Debt and Finance Lease Obligations As of September 28, 2024 and December 30, 2023, debt and finance lease obligations consisted of the following:
| September 28, 2024 |  | December 30, 2023
(In thousands)
Senior Secured Notes (“2029 Notes”) (1) | $ | 300,000 |  |  | $ | 300,000 |
Revolving Credit Facility (2) | — |  |  | — |
Finance lease obligations (3) | 293,810 |  |  | 285,426 |
| 593,810 |  |  | 585,426 |
Unamortized debt issuance costs | (2,629) |  |  | (3,246) |
Unamortized bond discount costs | (2,638) |  |  | (3,011) |
| 588,543 |  |  | 579,169 |
Less: current portion of finance lease obligations | 12,547 |  |  | 11,178 |
Total, net of current portion | $ | 575,996 |  |  | $ | 567,991 |
(1) As of September 28, 2024 and December 30, 2023, long-term debt was comprised of $300 million of Senior Secured Notes (“2029 Notes”) issued in October 2021. These notes are presented under the Long-term debt caption of the Company’s unaudited condensed consolidated balance sheets at $294.7 million and $293.7 million as of September 28, 2024 and December 30, 2023, respectively. This balance sheet presentation is net of unamortized discount of $2.6 million and $3.0 million, respectively, and unamortized debt issuance costs of $2.6 million and $3.2 million, respectively, as of September 28, 2024 and December 30, 2023. The Senior Secured Notes are presented in this table at their face value. (2) Available borrowing capacity under the Revolving Credit Facility was $346.5 million as of September 28, 2024 and December 30, 2023. The available borrowing capacity reflects undrawn letters of credit. (3) Refer to Note 8, Leases, for interest rates associated with finance lease obligations. Amounts on this line include $125.1 million and $125.0 million as of September 28, 2024 and December 30, 2023, respectively, for sale-leasebacks of real estate in fiscal 2019 and 2020 that did not qualify for sale treatment for accounting purposes. Interest expense, net on the Company’s unaudited condensed consolidated statements of operations consisted of the following components:
| Three Months Ended |  | Nine Months Ended
| September 28, 2024 |  | September 30, 2023 |  | September 28, 2024 |  | September 30, 2023
| (In thousands)
Interest expense | $ | 11,668 |  |  | $ | 11,394 |  |  | $ | 35,958 |  |  | 33,977 |
Interest income | 7,049 |  |  | 5,817 |  |  | 21,914 |  |  | 14,402 |
Interest expense, net | $ | 4,619 |  |  | $ | 5,577 |  |  | $ | 14,044 |  |  | $ | 19,575 |
Interest expense for the reporting periods presented in the above table primarily reflects interest expense for the 2029 Notes, interest expense on finance lease obligations, certain ongoing fees for the Revolving Credit Facility that are classified as interest expense, amortization of debt issuance costs for the 2029 Notes and Revolving Credit Facility, and amortization of original-issue bond discount on the 2029 Notes. Total amortization of debt issuance costs and bond discount costs was $0.3 million and $1.0 million for the three and nine months ended September 28, 2024, respectively, and $0.3 million and $1.0 million for the three and nine months ended September 30, 2023, respectively. Interest expense for the nine months ended September 28, 2024 also includes $1.2 million for estimated interest expense related to import duties that the Company believes it may owe (see Note 9, Commitments and Contingencies). Interest income for the reporting periods presented in the above table primarily reflects interest earned on the Company’s cash and cash equivalents. Interest income for the three and nine months ended September 28, 2024 also includes $0.7 million and $2.7 million, respectively, on refunds approved in fiscal 2024 from U.S. Customs for anti-dumping import duties (see Note 2, Inventories). 2029 Notes Interest expense, excluding amortization of debt issuance costs and bond discount, for the 2029 Notes totaled $4.5 million and $13.5 million for the three and nine months ended September 28, 2024, respectively, and $4.5 million and $13.5 million for the three and nine months ended September 30, 2023, respectively. The 2029 Notes pay interest at a fixed annual rate of 6.0 percent through maturity. Revolving Credit Facility As of September 28, 2024 and December 30, 2023, the Company had zero outstanding borrowings under the Revolving Credit Facility. Available borrowing capacity, reduced for undrawn letters of credit, under the Revolving Credit Facility was $346.5 million as of September 28, 2024 and December 30, 2023. Excess availability, which includes availability under the Revolving Credit Facility plus cash and cash equivalents in qualified deposit accounts, was $872.8 million and $868.2 million as of September 28, 2024 and December 30, 2023, respectively. Debt Covenants The Revolving Credit Facility and the 2029 Notes contain various covenants and restrictions, including customary financial covenants. The Company was in compliance with all such covenants as of September 28, 2024 and December 30, 2023. The Company’s right to make draws on the Revolving Credit Facility may be conditioned upon, among other things, compliance with these covenants. These covenants also limit the Company’s ability to, among other things: incur additional debt; grant liens on assets; make investments; repurchase stock; pay dividends and make distributions; sell or acquire assets, including certain real estate assets, outside the ordinary course of business; engage in transactions with affiliates; and make fundamental business changes. Finance Lease Obligations The Company’s finance lease liabilities consist of leases related to equipment, vehicles, and real estate, with the majority of those finance leases related to real estate. For more information on the Company’s finance lease obligations, refer to Note 8, Leases.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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