Long-Term Debt

6 Months Ended

Jun. 29, 2024

Long-Term Debt [Abstract]

Long-Term Debt

Note 5 – Long-Term Debt

Long-term debt consists of the following:

	June 29, 2024			December 31, 2023
Credit facility	$	-		$	-
Convertible senior notes, due 2025		95,102			95,102
Convertible senior notes, due 2030		750,000			750,000
Deferred financing costs		(24,480	)		(26,914	)
		820,622			818,188
Less current portion		-			-
	$	820,622		$	818,188

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of June 29, 2024:

	2025 Notes			2030 Notes
Issuance date	June 12, 2018			September 12, 2023
Maturity date	June 15, 2025		*	September 15, 2030
Principal amount as of June 29, 2024	$	95,102		$	750,000
Cash coupon rate (per annum)		2.25	%		2.25	%
Conversion rate (per $1 principal amount)		32.1684			33.1609
Effective conversion price (per share)	$	31.09		$	30.16
130% of the current effective conversion price (per share)	$	40.42		$	39.21

*As the Company has the intent and ability to refinance its convertible senior notes due 2025 (the "2025 Notes") upon maturity using its revolving credit facility, the 2025 Notes remain classified as long-term liabilities.

Deferred financing costs are recognized as non-cash interest expense.  Non-cash interest expense was $1,213 and $2,426 for the fiscal quarter and six fiscal months ended June 29, 2024, respectively, and $820 and $1,638 for the fiscal quarter and six fiscal months ended July 1, 2023, respectively.