Debt

3 Months Ended

Apr. 01, 2022

Debt Disclosure [Abstract]

Debt

Debt

Following is a summary of the Company’s debt:

(in thousands)	Maturity Date	Interest Rate	Interest Paid	Public/ Nonpublic	April 1, 2022		December 31, 2021
Senior notes	2/27/2023	3.28%	Semi-annually	Nonpublic	$	125,000	$	125,000
Senior bonds(1)	11/25/2025	3.80%	Semi-annually	Public	350,000		350,000
2021 Revolving Credit Facility	7/9/2026	Variable	Varies	Nonpublic	—		—
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(1)	11/25/2025				(32)		(34)
Debt issuance costs					(1,394)		(1,523)
Total debt					723,574		723,443
Less: Current portion of debt					125,000		—
Total long-term debt					$	598,574	$	723,443

(1)The senior bonds due in 2025 were issued at 99.975% of par.

The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis.

The indenture under which the Company’s senior bonds were issued does not include financial covenants but does limit the incurrence of certain liens and encumbrances as well as indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt was issued include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio, each as defined in the respective agreement. The Company was in compliance with these covenants as of April 1, 2022. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources.

All outstanding debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.