Annual report pursuant to Section 13 and 15(d)

Debt (Tables)

v3.24.0.1
Debt (Tables)
 12 Months Ended
Dec. 28, 2023
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table summarizes the Company's long-term debt as of December 28, 2023 and December 29, 2022:
in thousands Maturity Date Interest Rate Per Annum at December 28,
2023 (1)		 December 28,
2023		 December 29,
2022
Credit Facilities:
Term Loan Facility February 14, 2027 7.35% Variable $ 202,396  $ 204,499 
Asset-based Loan Facility (“ABL Facility”)
 August 4, 2027 6.61% Variable —  210,200 
Total secured debt at par value 202,396  414,699 
Less: current maturities 2,103  2,103 
Long-term debt maturities 200,293  412,596 
Less: unamortized discount and debt issuance costs 5,354  7,045 
Total long-term debt $ 194,939  $ 405,551 
(1)The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements, which caps the applicable interest rate for $150.0 million of the Term Loan Facility at less than 1.68%.
Schedule of Maturities of Debt
The following table summarizes scheduled maturities of the Company’s debt as of December 28, 2023:
in thousands Amount
2024 $ 2,103 
2025 2,103 
2026 2,629 
2027 195,561 
Total minimum debt payments $ 202,396 
Schedule of Components of Interest Expense
Components of interest expense are as follows for the periods presented:
Fiscal Year Ended
in thousands December 28,
2023		 December 29,
2022		 December 30,
2021
Total interest costs, net of interest income (1)
 $ 16,905  $ 14,942  $ 7,657 
Less: interest capitalized
 7,008  3,804  2,733 
Interest expense, net $ 9,897  $ 11,138  $ 4,924 
(1)Total interest costs, net of interest income includes interest income related to the Company’s interest rate cap agreements totaling $5.1 million during fiscal 2023 and $0.9 million during fiscal 2022, respectively. No interest income was recognized related to the Company’s interest cap agreements in fiscal 2021. Refer to Note 8, “Derivatives and Risk Management” for additional details related to the Company’s interest rate cap agreements.
Schedule of Fair Value of Debt The estimated fair values and classifications within the fair value hierarchy of the Term Loan Facility and the ABL Facility were as follows as of December 28, 2023 and December 29, 2022:
in thousands Fair Value Hierarchy Classification December 28,
2023		 December 29,
2022
Term Loan Facility Level 3 $ 201,637  $ 196,575 
ABL Facility Level 2 —  210,200 
Total $ 201,637  $ 406,775