Quarterly report pursuant to Section 13 or 15(d)

Debt (Tables)

v3.24.3
Debt (Tables)
 9 Months Ended
Sep. 26, 2024
Debt Disclosure [Abstract]  
Schedule of Long Term Debt
The following table summarizes the Company’s long-term debt as of September 26, 2024 and December 28, 2023:
in thousands Maturity Date
Interest Rate Per Annum at September 26, 2024 (1)
 September 26, 2024 December 28, 2023
Credit Facilities:
Term Loan Facility February 14, 2027 7.25% Variable $ 200,819  $ 202,396 
Asset-based Loan Facility (“ABL Facility”) August 4, 2027 6.10% Variable —  — 
Total secured debt at par value 200,819  202,396 
Less: current maturities 2,103  2,103 
Long-term debt maturities 198,716  200,293 
Less: unamortized discount and debt issuance costs 4,086  5,354 
Total long-term debt $ 194,630  $ 194,939 
(1) The applicable interest rate for the Term Loan Facility as presented herein does not include the effect of interest rate cap agreements. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.
Schedule of Maturities of Debt
The following table summarizes scheduled maturities of the Company’s debt as of September 26, 2024:
in thousands Amount
Thirteen weeks ending December 26, 2024 $ 526 
2025 2,103 
2026 2,629 
2027 195,561 
Total minimum debt payments $ 200,819 
Schedule of Components of Interest Expense
Components of interest expense are as follows for the periods presented:
Thirteen Weeks Ended Thirty-nine Weeks Ended
in thousands September 26, 2024 September 28, 2023 September 26, 2024 September 28, 2023
Total interest expense, net of interest income (1)
 $ 2,849  $ 3,255  $ 9,653  $ 14,022 
Less: interest capitalized 2,660  2,009  6,846  5,016 
Interest expense, net $ 189  $ 1,246  $ 2,807  $ 9,006 
(1)Total interest expense, net of interest income includes interest income related to the Company’s interest rate cap agreements. The Company recognized no interest income related to interest rate cap agreements for the thirteen weeks ended September 26, 2024 compared to $1.4 million for the thirteen weeks ended September 28, 2023. The Company recognized interest income related to interest rate cap agreements of $1.9 million for the thirty-nine weeks ended September 26, 2024 compared to $3.7 million for the thirty-nine weeks ended September 28, 2023. Refer to Note 8, “Fair Value Measurements” for additional details related to the Company’s interest rate cap agreements.
Schedule of Fair Value of Debt The estimated fair value and classification within the fair value hierarchy of the Term Loan Facility was as follows as of September 26, 2024 and December 28, 2023:
in thousands Fair Value Hierarchy Classification September 26, 2024 December 28, 2023
Term Loan Facility Level 3 $ 200,317  $ 201,637