LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 28, 2019

Debt Disclosure [Abstract]

Long-term debt

Long-term debt is as follows:

	December 28, 2019			December 29, 2018
5.00% senior unsecured notes due 2044(a)	$	450,000		$	450,000
5.25% senior unsecured notes due 2054(b)	305,000			305,000
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a)(b)	(21,143		)	(21,468		)
Revolving credit agreement (c)	29,044			5,719
IDR Bonds(d)	8,500			8,500
Other notes	2,089			2,918
Debt issuance costs	(7,786		)	(8,068		)
Long-term debt	765,704			742,601
Less current installments of long-term debt	760			779
Long-term debt, excluding current installments	$	764,944		$	741,822

(a) The 5.00% senior unsecured notes due 2044 include an aggregate principal amount of $450,000 on which interest is paid and an unamortized discount balance of $13,675 at December 28, 2019. The notes bear interest at 5.000% per annum and are due on October 1, 2044. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(b) The 5.25% senior unsecured notes due 2054 include an aggregate principal amount of $305,000 on which interest is paid and an unamortized discount balance of $7,468 at December 28, 2019. The notes bear interest at 5.250% per annum and are due on October 1, 2054. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(c) The amended and restated revolving credit facility with JP Morgan Chase Bank, N.A., as Administrative Agent, and the other lenders party thereto has a maturity date of October 18, 2022.  The credit facility provides for $600,000 of committed unsecured revolving credit loans with available borrowings thereunder to $400,000 in foreign currencies.  We may increase the credit facility by up to an additional $200,000 at any time, subject to lenders increasing the amount of their commitments. The interest rate on the borrowings will be, at the Company's option, either:

(i) LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 100 to 162.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc., or;

(11) LONG-TERM DEBT (Continued)

(ii) the higher of

• the prime lending rate,

• the Federal Funds rate plus 50 basis points, and

• LIBOR (based on a 1 month interest period) plus 100 basis points,

plus, in each case, 0 to 62.5 basis points, depending on the credit rating of the Company's senior debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc.

At December 28, 2019, the Company had $29,044 outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 18, 2022 and contains certain financial covenants that may limit additional borrowing capability under the agreement. At December 28, 2019, the Company had the ability to borrow $556,569 under this facility, after consideration of standby letters of credit of $14,608 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $132,849, $111,075 of which was unused at December 28, 2019.

(d)

The Industrial Development Revenue Bonds were issued to finance the construction of a manufacturing facility in Jasper, Tennessee. Variable interest is payable until final maturity on June 1, 2025. The effective interest rates at December 28, 2019 and December 29, 2018 were 2.73% and 3.27% respectively.