Debt

9 Months Ended

Oct. 02, 2021

Debt Disclosure [Abstract]

Debt

Debt

Debt consists of the following (in thousands):

	October 2, 2021		January 2, 2021
Amended Credit Agreement:
Revolving Credit Facility	$	33,000	$	55,000
Term Loan B	200,000		300,000
Less unamortized deferred loan costs	(2,081)		(3,798)
Carrying value Term Loan B	197,919		296,202
5.25% Senior Notes due 2027 with effective interest of 5.47%	500,000		500,000
Less unamortized deferred loan costs	(5,159)		(5,747)
Carrying value 5.25% Senior Notes due 2027	494,841		494,253
3.625% Senior Notes due 2026 - Denominated in euro with effective interest of 3.83%	597,297		632,163
Less unamortized deferred loan costs - Denominated in euro	(5,423)		(6,586)
Carrying value 3.625% Senior Notes due 2026	591,874		625,577
Other Notes and Obligations	63,240		37,037
	1,380,874		1,508,069
Less Current Maturities	55,138		27,538
	$	1,325,736	$	1,480,531

As of October 2, 2021, the Company had outstanding debt under the Company's 3.625% Senior Notes due 2026 denominated in euros of €515.0 million. In addition, at October 2, 2021, the Company had finance lease obligations denominated in euros of approximately €2.5 million.

As of October 2, 2021, the Company had other notes and obligations of $63.2 million that consist of various overdraft facilities of approximately $32.9 million, a China working capital line of credit of approximately $19.2 million and other debt of approximately $11.1 million.

The interest rate applicable to any borrowings under the revolving credit facility is equal to either LIBOR/euro interbank offered rate/CDOR plus 1.50% per annum or base rate/Canadian prime rate plus 0.50% per annum, subject to certain step-ups or step-downs based on the Company's total leverage ratio. The interest rate applicable to any borrowings under the term loan B facility is equal to the base rate plus 1.00% or LIBOR plus 2.00%.

As of October 2, 2021, the Company had $33.0 million outstanding under the revolver at base rate plus a margin of 0.50% per annum for a total of 3.75% per annum. The Company had $200.0 million outstanding under the term loan B facility at LIBOR plus a margin of 2.00% per annum for a total of 2.09% per annum. As of October 2, 2021, the Company had availability of $912.6 million under the Amended Credit Agreement taking into account amounts borrowed, ancillary facilities and letters of credit issued of $4.1 million. The Company also has foreign bank guarantees that are not part of the Company's Amended Credit Agreement in the amount of approximately $11.8 million at October 2, 2021.

As of October 2, 2021, the Company believes it is in compliance with all of the financial covenants under the Amended Credit Agreement, as well as all of the other covenants contained in the Amended Credit Agreement, the 5.25% Senior Notes due 2027 and the 3.625% Senior Notes due 2026.