BANK CREDIT ARRANGEMENTS

12 Months Ended

Dec. 29, 2018

BANK CREDIT ARRANGEMENTS

BANK CREDIT ARRANGEMENTS

(9) BANK CREDIT ARRANGEMENTS

The Company maintains various lines of credit for short-term borrowings totaling $137,679 at December 29, 2018. As of December 29, 2018 and December 30, 2017, $10,678 and $161 was outstanding and recorded as notes payable in the Consolidated Balance Sheets, respectively. The interest rates charged on these lines of credit vary in relation to the banks’ costs of funds. The weighted average interest rate on short-term borrowings was 1.37% at December 29, 2018. The unused and available borrowings under the lines of credit were $127,001 at December 29, 2018. The lines of credit can be modified at any time at the option of the banks. The Company pays no fees in connection with unused lines of credit.