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Long-Term Debt | 12 Months Ended
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Jan. 01, 2022
Debt Disclosure [Abstract] |
Long-Term Debt | Note 6 – Long-Term Debt Long-term debt consists of the following:
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | January 1, |  |  | January 2, |
(In thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2022 |  |  | 2021 |
Senior secured revolving credit facility, due December 2023 | $ |  | 359,640 |  |  | $ |  | 440,177 |
Finance lease obligations (Note 9) |  |  | 43,142 |  |  |  |  | 43,632 |
Other, 4.35% - 4.36%, due 2023 - 2026 |  |  | 5,617 |  |  |  |  | 6,707 |
Total debt - Principal |  |  | 408,399 |  |  |  |  | 490,516 |
Unamortized debt issuance costs |  |  | (2,675 | ) |  |  |  | (4,072 | )
Total debt - Principal |  |  | 405,724 |  |  |  |  | 486,444 |
Less current portion |  |  | 6,334 |  |  |  |  | 5,135 |
Total long-term debt and finance lease liabilities | $ |  | 399,390 |  |  | $ |  | 481,309 |
The Company’s Amended and Restated Loan and Security Agreement (the “Credit Agreement”) matures December 18, 2023. The Credit Agreement provides for a Tranche A revolving loan of up to $975 million and a Tranche A-1 revolving loan with $40 million of capacity. The Company has the ability to increase the size of the Credit Agreement by an additional $325 million, subject to certain conditions. The Company’s obligations under the Credit Agreement are secured by substantially all of the Company’s personal and real property. The Company may repay all loans in whole or in part at any time without penalty. Availability under the Credit Agreement is based upon advance rates on certain asset categories owned by the Company, including, but not limited to the following: inventory, accounts receivable, real estate, prescription lists, cigarette tax stamps, and rolling stock. The Credit Agreement imposes certain requirements, including limitations on dividends and investments, limitations on the Company’s ability to incur debt, make loans, acquire other companies, change the nature of the Company’s business, enter a merger or consolidation, or sell assets. These requirements can be more restrictive depending upon the Company’s Excess Availability, as defined under the Credit Agreement. 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 1, 2022 |  |  |  |  |  |
Tranche |  | (In thousands) |  |  | Eurodollar Rate |  | Base Rate
Tranche A |  | $ |  | 328,940 |  |  | 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 |  | $ |  | 30,700 |  |  | 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%
The Company also incurs an unused line of credit fee on the unused portion of the loan commitments at a rate of 0.25%. The Credit Agreement requires that the Company maintain Excess Availability of 10% of the borrowing base, as defined in the Credit Agreement. The Company is in compliance with all financial covenants as of January 1, 2022 and had Excess Availability after the 10% requirement of $468.5 million and $432.4 million at January 1, 2022 and January 2, 2021, respectively. The Credit Agreement provides for the issuance of letters of credit, of which $16.1 million and $15.6 million were outstanding as of January 1, 2022 and January 2, 2021, respectively. The weighted average interest rate for all borrowings, including loan fee amortization, was 2.82% for 2021. At January 1, 2022, aggregate annual maturities and scheduled payments of long-term debt are as follows:
(In thousands) | 2022 |  |  | 2023 |  |  | 2024 |  |  | 2025 |  |  | 2026 |  |  | Thereafter |  |  | Total |
Total borrowings | $ |  | 6,334 |  |  | $ |  | 364,848 |  |  | $ |  | 5,061 |  |  | $ |  | 4,471 |  |  | $ |  | 5,691 |  |  | $ |  | 21,994 |  |  | $ |  | 408,399 |

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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