Debt

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Debt

6. Debt

In March 2020, Dorman took proactive steps to increase its cash position and preserve financial flexibility in light of uncertainties from the COVID-19 pandemic by drawing down $99.0 million from its revolving credit facility available under its credit agreement. On June 29, 2020, the first day of our fiscal third quarter, the Company repaid the $99.0 million of outstanding borrowings under this revolving credit facility. The average interest rate while the debt was outstanding was 1.41%.

As of September 26, 2020, there were no borrowings under the credit agreement and two outstanding letters of credit for approximately $0.8 million in the aggregate which were issued to secure ordinary course of business transactions. Net of these letters of credit, there was approximately $99.2 million available under the credit agreement at September 26, 2020.  

As of September 26, 2020, we were not in default in respect to the credit agreement and paid $0.2 million and $0.4 million in interest during the three and nine months ended September 26, 2020, respectively.