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Long-Term Debt (Tables)

12 Months Ended

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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