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Long-Term Debt (Tables) | 12 Months Ended
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Jan. 01, 2022
Debt Disclosure [Abstract] |
Summary of Debt Instruments | 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 |
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 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%
Schedule of Aggregate Annual Maturities and Scheduled Payments of Long-term Debt | 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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