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Long-Term Debt | 12 Months Ended
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Dec. 25, 2019
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt consisted of the following:
| December 25, 2019 |  | December 26, 2018
| (In thousands)
Revolving loans | $ | 240,000 |  |  | $ | 286,500 |
Finance lease obligations | 16,453 |  |  | 30,591 |
Total long-term debt | 256,453 |  |  | 317,091 |
Less current maturities | 1,674 |  |  | 3,410 |
Noncurrent portion of long-term debt | $ | 254,779 |  |  | $ | 313,681 |
There are no future maturities of our revolving loans due in 2020 through 2021. The $240.0 million of revolving loans are due October 26, 2022. Denny’s Corporation and certain of its subsidiaries have a credit facility consisting of a five-year $400 million senior secured revolver (with a $30 million letter of credit sublimit). The credit facility includes an accordion feature that would allow us to increase the size of the revolver to $450 million. As of December 25, 2019, we had outstanding revolver loans of $240.0 million and outstanding letters of credit under the senior secured revolver of $20.6 million. These balances resulted in availability of $139.4 million under the credit facility. Prior to considering the impact of our interest rate swaps, described below, the weighted-average interest rate on outstanding revolver loans was 3.47% and 4.43% as of December 25, 2019 and December 26, 2018, respectively. Taking into consideration the interest rate swaps, the weighted-average interest rate of outstanding revolver loans was 3.99% and 4.48% as of December 25, 2019 and December 26, 2018, respectively. A commitment fee, which is based on our consolidated leverage ratio, is paid on the unused portion of the credit facility and was 0.25% as of December 25, 2019. Borrowings under the credit facility bear a tiered interest rate, also based on our leverage ratio, and was set at LIBOR plus 1.75% as of December 25, 2019. The credit facility is available for working capital, capital expenditures and other general corporate purposes. The credit facility is guaranteed by Denny's and its material subsidiaries and is secured by assets of Denny's and its subsidiaries, including the stock of its subsidiaries (other than our insurance captive subsidiary). It includes negative covenants that are usual for facilities and transactions of this type. The credit facility also includes certain financial covenants with respect to a maximum consolidated leverage ratio and a minimum consolidated fixed charge coverage ratio. We were in compliance with all financial covenants as of December 25, 2019. Interest Rate Hedges We have interest rate swaps to hedge a portion of the forecasted cash flows of our floating rate borrowings. We designated these interest rate swaps as cash flow hedges of our exposure to variability in future cash flows attributable to payments of LIBOR due on forecasted notional debt obligations. Under the interest rate swaps, we pay a fixed rate on the notional amount in addition to the current interest rate as determined by our consolidated leverage ratio in effect at the time. A summary of our interest rate swaps as of December 25, 2019 is as follows:
Trade Date |  | Effective Date |  | Maturity Date |  | Notional Amount |  | Fixed Rate
|  |  |  |  |  | (In thousands) |  |
March 20, 2015 |  | March 29, 2018 |  | March 31, 2025 |  | $ | 120,000 |  |  | 2.44 | %
October 1, 2015 |  | March 29, 2018 |  | March 31, 2026 |  | $ | 50,000 |  |  | 2.46 | %
February 15, 2018 |  | March 31, 2020 |  | December 31, 2033 |  | $ | 80,000 |  | (1) | 3.19 | %
(1) | The notional amount of the swaps entered into on February 15, 2018 increases annually beginning September 30, 2020 until they reach the maximum notional amount of $425.0 million on September 28, 2029.
As of December 25, 2019, the fair value of the interest rate swaps was a liability of $44.7 million, which is recorded as a component of other noncurrent liabilities in our Consolidated Balance Sheets. See Note 17 for the amounts recorded in accumulated other comprehensive loss related to the interest rate swaps.

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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