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Debt
 9 Months Ended
Sep. 28, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt consists of the following (in thousands):
September 28, 2024December 30, 2023
Amended Credit Agreement:  
Revolving Credit Facility ($68.1 million and $82.9 million denominated in € at September 28, 2024 and December 30, 2023, respectively)
$418,064 $610,875 
Term A-1 facility398,000 400,000 
Less unamortized deferred loan costs(411)(546)
Carrying value Term A-1 facility397,589 399,454 
Term A-2 facility475,000 481,250 
Less unamortized deferred loan costs(574)(771)
Carrying value Term A-2 facility474,426 480,479 
Term A-3 facility298,500 300,000 
Less unamortized deferred loan costs(629)(832)
Carrying value Term A-3 facility297,871 299,168 
Term A-4 facility484,375 490,625 
Less unamortized deferred loan costs(749)(1,002)
Carrying value Term A-4 facility483,626 489,623 
6% Senior Notes due 2030 with effective interest of 6.12%
1,000,000 1,000,000 
Less unamortized deferred loan costs net of bond premium(5,818)(6,441)
Carrying value 6% Senior Notes due 2030
994,182 993,559 
5.25% Senior Notes due 2027 with effective interest of 5.47%
500,000 500,000 
Less unamortized deferred loan costs(2,557)(3,249)
Carrying value 5.25% Senior Notes due 2027
497,443 496,751 
3.625% Senior Notes due 2026 - Denominated in euro with effective interest of 3.83%
574,637 569,075 
Less unamortized deferred loan costs - Denominated in euro(1,941)(2,763)
Carrying value 3.625% Senior Notes due 2026
572,696 566,312 
Other Notes and Obligations110,320 90,852 
4,246,217 4,427,073 
Less Current Maturities114,326 60,703 
$4,131,891 $4,366,370 

As of September 28, 2024, the Company had outstanding debt under the revolving credit facility denominated in euros of €61.0 million and outstanding debt under the Company’s 3.625% Senior Notes due 2026 denominated in euros of €515.0 million. In addition, at September 28, 2024, the Company had finance lease obligations denominated in euros of approximately €6.6 million.

As of September 28, 2024, the Company had other notes and obligations of $110.3 million that consist of various overdraft facilities of approximately $55.2 million, Brazilian notes of approximately $25.6 million, a China working capital line of credit of approximately $1.4 million and other debt of approximately $28.1 million, including U.S. finance lease obligations of approximately $3.5 million.

On January 6, 2014, Darling, Darling International Canada Inc. (“Darling Canada”) and Darling International NL Holdings B.V. (“Darling NL”) entered into a Second Amended and Restated Credit Agreement (as subsequently amended, the “Amended Credit Agreement”), restating its then existing Amended and Restated Credit Agreement dated September 27, 2013, with the lenders from time to time party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and the other agents from time to time party thereto.

The interest rate applicable to any borrowings under the revolving credit facility equals the adjusted term secured overnight financing rate (SOFR) for U.S. dollar borrowings or the adjusted euro interbank rate (EURIBOR) for euro borrowings or the adjusted daily simple Sterling overnight index average (SONIA) for British pound borrowings plus 1.75% per annum or base rate or the adjusted term SOFR for U.S. dollar borrowings or Canadian prime rate for Canadian dollar borrowings or the adjusted daily simple European short term rate (ESTR) for euro borrowings or the adjusted daily SONIA rate for British pound borrowings plus 0.75% per annum subject to certain step-ups or step-downs based on the Company’s total leverage ratio. The interest rate applicable to any borrowing under the term A-1
facility and term A-3 facility equals the adjusted term SOFR plus 1.875% per annum subject to certain step-ups and step-downs based on the Company’s total leverage ratio. The interest rate applicable to any borrowing under the term A-2 facility and term A-4 facility equals the adjusted term SOFR plus 1.75% per annum subject to certain step-ups or step-downs based on the Company’s total leverage ratio.

As of September 28, 2024, the Company had (i) $350.0 million outstanding under the revolver at SOFR plus a margin of 1.75% per annum for a total of 6.70528% per annum, (ii) $398.0 million outstanding under the term A-1 facility at SOFR plus a margin of 1.875% per annum for a total of 7.22174% per annum, (iii) $475.0 million outstanding under the term A-2 facility at SOFR plus a margin of 1.75% per annum for a total of 7.09674% per annum, (iv) $298.5 million outstanding under the term A-3 facility at SOFR plus a margin 1.875% per annum for a total of 7.22174% per annum, (v) $484.4 million outstanding under the term A-4 facility at SOFR plus a margin 1.75% per annum for a total of 7.09674% per annum, (vi) €53.0 million outstanding under the revolving credit facility at EURIBOR plus a margin of 1.75% per annum for a total of 5.14651% per annum, and (vii) €8.0 million outstanding under the revolving credit facility at ESTR plus a margin of 0.25% per annum for a total of 3.664% per annum. As of September 28, 2024, the Company had revolving credit facility availability of $1,008.3 million, under the Amended Credit Agreement taking into account amounts borrowed, ancillary facilities of $73.0 million and letters of credit issued of $0.7 million. The Company also had foreign bank guarantees of approximately $11.8 million that are not part of the Company’s Amended Credit Agreement at September 28, 2024.

As of September 28, 2024, the Company is in compliance with all of the financial covenants under the Amended Credit Agreement, and believes it is in compliance with all of the other covenants contained in the Amended Credit Agreement, the 6% Senior Notes due 2030, the 5.25% Senior Notes due 2027 and the 3.625% Senior Notes due 2026.