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Long-Term Debt (Tables)

12 Months Ended

Jan. 02, 2021

Debt Disclosure [Abstract]

Summary of Debt Instruments

Long-term debt consists of the following:

																January 2,					December 28,
(In thousands)																2021					2019
Senior secured revolving credit facility, due December 2023																$		440,177			$		640,409
Finance lease obligations (Note 10)																		43,632					44,966
Other, 2.61% - 4.36%, due 2021 - 2026																		6,707					8,633
Total debt - Principal																		490,516					694,008
Unamortized debt issuance costs																		(4,072	)				(5,455	)
Total debt - Principal																		486,444					688,553
Less current portion																		5,135					6,349
Total long-term debt																$		481,309			$		682,204

Schedule of Interest Rate Terms for Each of Aforementioned Tranches

Borrowings under the credit facility bear interest at the Company’s option as either Eurodollar loans or Base Rate loans, subject to a grid based upon Excess Availability. The interest rate terms for each of the aforementioned tranches are as follows:

Credit		Outstanding as of
Facility		January 2, 2021
Tranche		(In thousands)					Eurodollar Rate		Base Rate
Tranche A		$		409,636			LIBOR plus 1.25% to 1.50%		Greater of:	(i) the Federal Funds Rate plus 0.75% to 1.00%
										(ii) the Eurodollar Rate plus 2.25% to 2.50%
										(iii) the prime rate plus 0.25% to 0.50%
Tranche A-1		$		30,541			LIBOR plus 2.25% to 2.50%		Greater of:	(i) the Federal Funds Rate plus 1.75% to 2.00%
										(ii) the Eurodollar Rate plus 2.25% to 2.50%
										(iii) the prime rate plus 1.25% to 1.50%

Schedule of Aggregate Annual Maturities and Scheduled Payments of Long-term Debt

At January 2, 2021, aggregate annual maturities and scheduled payments of long-term debt are as follows:

(In thousands)	2021					2022					2023					2024					2025					Thereafter					Total
Total borrowings	$		5,135			$		4,614			$		444,734			$		4,450			$		4,104			$		27,479			$		490,516

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Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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