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Credit Agreement | 9 Months Ended
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Sep. 28, 2019
Debt Disclosure [Abstract] |
Debt | 5. Credit Agreement Our $450 million 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 (4.5x) and a minimum interest coverage ratio (3.0x). Under the terms of the credit agreement, we pay a variable rate of interest and a commitment fee based on our leverage ratio. The credit agreement includes an accordion feature which allows us to increase the amount of the credit facility from $450 million to $600 million, subject to lenders' approval. The credit agreement matures in February 2024. We were in compliance with all financial covenants as of September 28, 2019. The following table summarizes our borrowings under the credit facility ($ in thousands):
|  | September 28, 2019 |  |  | December 29, 2018 |
Outstanding borrowings |  | $ | 213,700 |  |  | $ | 199,600 |
Outstanding letters of credit |  | $ | 3,497 |  |  | $ | 3,497 |
Additional borrowing capacity |  | $ | 232,803 |  |  | $ | 96,903 |
Weighted-average interest rate |  |  | 3.9 | % |  |  | 4.2 | %

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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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