Debt (Tables) |
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Apr. 27, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Outstanding Indebtedness | The following table summarizes the net carrying value of our outstanding indebtedness (dollars in thousands):
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| Carrying Value and Fair Value of Notes | The following table summarizes the net carrying value of the term loan as of April 27, 2024 and January 27, 2024 (dollars in thousands):
The following table summarizes the fair value of the 2029 Notes, net of debt issuance costs. The fair value of the 2029 Notes is based on the closing trading price per $100 of the 2029 Notes as of the last day of trading (Level 2), which was $91.80 and $92.49 as of April 27, 2024 and January 27, 2024, respectively (dollars in thousands):
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| Schedule Interest Rates for the Credit Agreement | Under our Credit Agreement, borrowings bear interest at the rates described below based upon our consolidated net leverage ratio, which is the ratio of our consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $25.0 million to our trailing four-quarter consolidated EBITDA, as defined by our Credit Agreement. In addition, we incur certain fees for unused balances and letters of credit at the rates described below, also based upon our consolidated net leverage ratio.
(1) Base rate is described in the Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Term SOFR plus 1.00% and, if such rate is less than zero, such rate shall be deemed zero. The weighted average interest rates and fees for balances under our Credit Agreement as of April 27, 2024 and January 27, 2024 were as follows:
(1) There were no outstanding borrowings under our revolving facility as of January 27, 2024.
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| Schedule of Long-term Debt Instruments | The following table summarizes the net carrying value of the 2029 Notes as of April 27, 2024 and January 27, 2024 (dollars in thousands):
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