Long-Term Debt (Tables)

12 Months Ended

Jan. 01, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Long-term debt consists of the following:

	January 1,			January 2,
	2022			2021
	(in thousands)
2021 Senior Notes Due 2029 - Senior notes issued on September 24, 2021,     due October 1, 2029. Interest payable semi- annually, in arrears,     beginning on April 1, 2022, accruing at a rate of 4.375% per annum     beginning September 24, 2021.	$	575,000		$	—
2018 Senior Notes Due 2026 - Senior notes issued on August 10, 2018,     due August 10, 2026. Interest payable semi- annually, in arrears,     beginning on February 16, 2019, accruing at a rate of 6.75% per     annum beginning August 10, 2018.		—			365,000
2016 Credit Agreement Due 2024 - Term loan payable with no     contractually scheduled amortization payments. Original     lump-sum payment of $60.0 million due on October 31, 2024.     Interest payable quarterly at LIBOR or the Base prime rate     plus an applicable margin. At January 1, 2022, the average     rate was 2.10%. At January 2, 2021, the average rate     was 2.15%.		60,000			54,000
Long-term debt		635,000			419,000
Fees, costs, premium and discount (1)		(9,345	)		(6,902	)
Long-term debt, net		625,655			412,098
Less current portion of long-term debt		-			-
Long-term debt, net, less current portion	$	625,655		$	412,098

(1)Fees, costs, premium and discount represents third-party fees, lender fees, other debt-related costs, and original issue premium and discount, recorded as a net reduction of the carrying value of debt and are amortized over the lives of the debt instruments to which they relate under the effective interest method.

Activity Relating to Third-Party Fees and Costs, Lender Fees and Discount

All debt-related fees, costs and original issue discount, including those related to the revolving credit portion of the facility, is classified as a reduction of the carrying value of long-term debt. The activity relating to third-party fees and costs, lender fees and discount for the year ended January 1, 2022, are as follows:

(in thousands)	Total
At beginning of year	$	6,902
Add: Deferred financing costs from the issuance of the Second Additional Senior Notes		1,363
Less: Premium on the Second Additional Senior Notes		(3,300	)
Less: Write-off of deferred costs classified as debt extinguishment costs		(3,954	)
Add: Deferred financing costs from the issuance of the 2021 Senior Notes due 2029		8,700
Add: Deferred financing costs from the refinancing of the 2016 Credit Agreement		612
Less: Amortization expense		(978	)
At end of year	$	9,345

Estimated Amortization Expense Relating to Third-Party Fees and Costs, Lender Fees and Discount

Estimated amortization expense relating to third-party fees and costs, lender fees and discount for the years indicated, as of January 1, 2022, is as follows:

(in thousands)	Total
2022	$	1,233
2023		1,282
2024		1,282
2025		1,083
2026		1,114
Thereafter		3,351
Total	$	9,345

Future Maturities of Long-Term Debt

The following represents future maturities of long-term debt as of January 1, 2022 (at face value):

(in thousands)	Total
2021	$	—
2022		—
2023		—
2024		60,000
2025		—
Thereafter		575,000
Total	$	635,000

Schedule of Interest Expense, Net

Interest expense, net consisted of the following:

	Year Ended
	January 1,			January 2,			December 28,
	2022			2021			2019
(in thousands)
Long-term debt	$	28,625		$	26,339		$	24,750
Debt fees		474			327			383
Amortization and write-offs of deferred
financing costs and debt discount		978			1,206			1,674
Interest income		(27	)		(120	)		(339	)
Interest expense		30,050			27,752			26,468
Capitalized interest		(21	)		(33	)		(51	)
Interest expense, net	$	30,029		$	27,719		$	26,417