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Credit Agreement | 12 Months Ended
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Dec. 29, 2018
Debt Disclosure [Abstract] |
Debt | (7) Credit Agreement Our revolving credit facility as of December 29, 2018, had a net aggregate availability of $300 million. The credit facility is for general corporate purposes, to meet our seasonal working capital requirements and to repurchase our stock. The credit agreement provides the lenders with a collateral security interest in substantially all of our assets and those of our subsidiaries and requires us to comply with, among other things, a maximum leverage ratio and a minimum interest coverage ratio. Under the terms of the credit agreement we pay a variable rate of interest and a commitment fee based on our leverage ratio. We were in compliance with all financial covenants as of December 29, 2018. The following tables summarizes our borrowings under the credit facility ($ in thousands):
|  | December 29, 2018 |  |  | December 30, 2017 |
Outstanding borrowings |  | $ | 199,600 |  |  | $ | 24,500 |
Outstanding letters of credit |  | $ | 3,497 |  |  | $ | 3,150 |
Additional borrowing capacity |  | $ | 96,903 |  |  | $ | 125,500 |
Weighted-average interest rate |  |  | 4.2 | % |  |  | 3.1 | %
In February 2019, we amended our revolving credit facility (Credit Agreement, as amended) to increase our net aggregate availability from $300 million to $450 million. We maintained the accordion feature which allows us to increase the amount of the credit facility from $450 million to $600 million, subject to Lenders’ approval. The Credit Agreement, as amended, matures in February 2024. There were no other significant changes to the credit facility’s terms and conditions.

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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://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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