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Credit Agreement | 9 Months Ended
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Sep. 28, 2024
Debt Disclosure [Abstract] |
Credit Agreement | Credit Agreement As of September 28, 2024, the Company’s credit facility had a total commitment amount of $680 million. The credit facility is for general corporate purposes and to meet sea sonal working capital requirements. The Amended and Restated Credit and Security Agreement, dated February 14, 2018, among the Company, U.S. Bank National Association and the several banks and other financial institutions from time to time party thereto (as amended, the Credit Agreement), includes an accordion feature which allows the Company to increase the amount of the credit facility from $680 million to $1.0 billion, subject to lenders’ approval. The Credit Agreement provides the lenders with a collateral security interest in substantially all of the Company’s assets and those of its subsidiaries and requires the Company to comply with, among other things, a maximum net leverage ratio and a minimum interest coverage ratio. The maximum net leverage ratio permitted by the Credit Agreement is 5.00 to 1.00 for the quarterly period ended September 28, 2024; 4.80 to 1.00 for the quarterly reporting period ending December 28, 2024; and 4.00 to 1.00 for each quarterly reporting period occurring thereafter until maturity. The minimum interest coverage ratio permitted by the Credit Agreement is 1.50 to 1.00 for both quarterly reporting periods ending September 28, 2024 and December 28, 2024; and 3.00 to 1.00 for each quarterly reporting period occurring thereafter until maturity. The carrying amount of the outstanding borrowings under the Credit Agreement approximates fair value because interest rates approximate the current rates available to the Company. Under the terms of the Credit Agreement, the Company pays a variable rate of interest and a commitment fee based on its leverage ratio. The Credit Agreement matures in December 2026. The Company was in compliance with all financial covenants as of September 28, 2024. The following table summarizes the Company’s borrowings under the credit facility ($ in thousands):
| September 28, 2024 |  | December 30, 2023
Outstanding borrowings | $516,500 |  | $539,500
Outstanding letters of credit | $7,147 |  | $7,147
Additional borrowing capacity | $156,353 |  | $138,353
Weighted-average interest rate | 8.2% |  | 8.5%

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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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