Long-Term Debt (Tables)

9 Months Ended

Sep. 29, 2023

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	September 29, 2023		December 31, 2022
Senior bonds(1)	11/25/2025	3.80%	Semi-annually	Public	$	350,000	$	350,000
Revolving credit facility(2)(3)	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				(19)		(26)
Debt issuance costs					(858)		(1,157)
Total long-term debt					$	599,123	$	598,817

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

(2)The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company.

(3)During the first nine months of 2023, the Company amended its revolving credit facility to complete the transition of the interest rate index from the London InterBank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR), as contemplated in the revolving credit facility.