Long-Term Debt (Tables)

3 Months Ended

Apr. 02, 2021

Debt Disclosure [Abstract]

Summary of Long-Term Debt

Following is a summary of the Company’s long-term debt:

(in thousands)	Maturity Date	Interest Rate	Interest Paid	Public/ Nonpublic	April 2, 2021		December 31, 2020
Term loan facility(1)	6/7/2021	Variable	Varies	Nonpublic	$	186,250	$	217,500
Senior notes	2/27/2023	3.28%	Semi-annually	Nonpublic	125,000		125,000
Revolving credit facility(2)	6/8/2023	Variable	Varies	Nonpublic	—		—
Senior bonds(3)	11/25/2025	3.80%	Semi-annually	Public	350,000		350,000
Senior notes	10/10/2026	3.93%	Quarterly	Nonpublic	100,000		100,000
Senior notes	3/21/2030	3.96%	Quarterly	Nonpublic	150,000		150,000
Unamortized discount on senior bonds(3)	11/25/2025				(44)		(43)
Debt issuance costs					(1,902)		(1,992)
Total long-term debt					$	909,304	$	940,465

(1)The Company intends to refinance principal payments due in the next 12 months under the term loan facility, and has the capacity to do so using its revolving credit facility, which is classified as long-term debt, and the Company is not restricted by any subjective acceleration clause within the revolving credit agreement. As such, any amounts due in the next 12 months were classified as long term.

(2)The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million.

(3)The senior notes due in 2025 were issued at 99.975% of par.