Long-Term Debt

3 Months Ended

Mar. 29, 2025

Long-Term Debt [Abstract]

Long-Term Debt

Note 5 – Long-Term Debt

Long-term debt consists of the following:

	March 29, 2025			December 31, 2024
Credit facility	$	218,000		$	136,000
Convertible senior notes, due 2025		41,911			41,911
Convertible senior notes, due 2030		750,000			750,000
Deferred financing costs		(21,676	)		(22,892	)
		988,235			905,019
Less current portion		-			-
	$	988,235		$	905,019

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes as of March 29, 2025:

	2025 Notes			2030 Notes
Issuance date	June 12, 2018			September 12, 2023
Maturity date	June 15, 2025		*	September 15, 2030
Principal amount as of March 29, 2025	$	41,911		$	750,000
Cash coupon rate (per annum)		2.25	%		2.25	%
Conversion rate (per $1 principal amount)		32.2497			33.1609
Effective conversion price (per share)	$	31.01		$	30.16
130% of the current effective conversion price (per share)		n/a	**	$	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.

**The 2025 Notes became convertible on December 15, 2024 and will remain convertible until maturity.  Accordingly, 130% of the conversion price of the 2025 Notes is not applicable.

Deferred financing costs are recognized as non-cash interest expense.  Non-cash interest expense was $1,223 and $1,213 for the fiscal quarters ended March 29, 2025 and March 30, 2024, respectively.