Debt

3 Months Ended

Apr. 01, 2022

Debt Disclosure [Abstract]

Debt

Debt

(Thousands)	April 1, 2022		December 31, 2021
Borrowings under Credit Agreement	$	201,363	$	152,296
Borrowings under the Term Loan Facility	296,250		300,000
Foreign debt	2,112		2,252
Total debt outstanding	499,725		454,548
Current portion of long-term debt	(15,351)		(15,359)
Gross long-term debt	484,374		439,189
Unamortized deferred financing fees	(4,553)		(4,801)
Long-term debt	$	479,821	$	434,388

As of April 1, 2022 and December 31, 2021, the Company had $201.4 million outstanding at an average interest rate of 2.55% and $152.3 million outstanding at an average interest rate of 2.12%, respectively, under its revolving credit facility. The available borrowing capacity under the revolving credit facility as of April 1, 2022 was $127.4 million. The Company has the option to repay or borrow additional funds under the revolving credit facility until the maturity date in 2026. The amended and restated credit agreement governing the revolving credit facility (Credit Agreement) includes covenants subject to a maximum leverage ratio and a minimum fixed charge coverage ratio. We were in compliance with all of our debt covenants as of April 1, 2022.

The balance outstanding on the term loan facility as of April 1, 2022 and December 31, 2021 was $296.3 million and $300.0 million, respectively.

At both April 1, 2022 and December 31, 2021, there was $46.3 million outstanding against the letters of credit sub-facility.