|3 Months Ended|
Mar. 28, 2020
|Debt Disclosure [Abstract]|
8. CREDIT FACILITIES
Total long-term non-revolving debt consists of the following:
Information on the Company’s revolving credit facility is as follows:
Future maturities of total debt are as follows:
The Company has a credit agreement that includes a revolving line of credit and term loan credit facility with PNC Bank, National Association, as administrative agent, and the lenders party thereto. The revolving line of credit allows for up to an aggregate maximum principal amount of $400,000.
The effective interest rate on the credit agreement at March 28, 2020 was 2.34%. Interest expense recognized on the credit agreement during the three months ended March 28, 2020 and March 30, 2019, totaled $2,408 and $4,164, respectively. As of the date of this filing, the Company was in compliance with all debt covenants related to the credit agreement.
The Company had a credit agreement with Shinhan Bank that provided a term loan of 1,000,000 Korean won. The loan matured in March 2020, at which time the balance was paid in full.
The Company’s other long-term debt consists of auto loans payable to National Australia Bank. Principal and interest payments are due monthly. The loans mature at various dates through July 2023. Interest is charged at various rates ranging from 4.5% to 5.1%.
The entire disclosure for long-term debt.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef