

3.	DEFERRED FINANCING / DEBT ISSUANCE COSTS

The condensed consolidated statements of financial position at September 25, 2016 and December 31, 2015 reflect the reclassification of assets related to deferred financing costs associated with the Term Loan outstanding under the Company’s 2015 Credit Facility (as defined herein) that were reclassified and presented net of long-term debt outstanding. The reclassification is the result of the Company’s adoption of new accounting guidance that requires debt issuance costs be presented in the statement of financial position as a reduction in the carrying amount of debt, consistent with the presentation of debt issuance discounts. The deferred financing costs related to the 2015 Revolver (as defined herein) were not reclassified to long-term debt and are reflected as a component of non-current assets on the condensed consolidated statements of financial position for the periods presented because the guidance does not apply to line-of-credit arrangements. In the first quarter of 2016, the Company adopted this guidance as required on a retrospective basis.

At December 31, 2015, the total maximum borrowing limit under the Company’s 2015 Credit Facility was $300.0 million, of which $75.0 million or 25% represented the total commitment under the Term Loan and was the basis for allocating a portion of the deferred financing costs to the Term Loan. Unamortized total deferred financing costs were $2.4 million and $2.5 million at September 25, 2016 and December 31, 2015, respectively. The following tables illustrate the effect of the change on certain line items within the condensed consolidated statements of financial position for the periods presented.



(thousands)	Sep. 25, 2016			Dec. 31, 2015
Total long-term debt	$	280,855		$	204,484
Less: Net deferred financing costs related to Term Loan	(610		)	(628		)
Total long-term debt, net of deferred financing costs	280,245			203,856
Less: current maturities of long-term debt	(15,766		)	(10,714		)
Total long-term debt, less current maturities, net	$	264,479		$	193,142



(thousands)	Sep. 25, 2016			Dec. 31, 2015
Total deferred financing costs, net	$	2,440		$	2,513
Less: Net deferred financing costs related to Term Loan	(610		)	(628		)
Net deferred financing costs related to 2015 Revolver	$	1,830		$	1,885