Debt |
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Jun. 28, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 4. Debt Term loan borrowings consisted of the following at the dates indicated:
Term loan borrowings are recognized on the Condensed Consolidated Balance Sheets at the unpaid principal balance, and are not subject to fair value measurement; however, given the variable rates on the loans, the Company estimates that the unpaid principal balance approximates fair value. If measured at fair value in the financial statements, the term loans would be classified as Level 2 in the fair value hierarchy. At June 28, 2025 and September 28, 2024, $92.5 million and $96.3 million, respectively, were outstanding on the term loans. At June 28, 2025 and September 28, 2024, the stated interest rates on the term loans were 6.1% and 6.9%, respectively. At June 28, 2025 and September 28, 2024, the weighted-average annual effective interest rates for the term loans were 6.6% and 8.2%, respectively, which include amortization of the deferred financing costs. At June 28, 2025, $8.3 million of letters of credit were outstanding, which reduces the availability on the revolving line of credit. There were no borrowings outstanding on the Revolving Credit Facility; therefore, the Company would have been able to borrow $141.7 million on the revolving line of credit. Interest expense on all indebtedness was $1.7 million and $2.1 million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $5.5 million and $8.6 million for the nine months ended June 28, 2025 and June 29, 2024, respectively. The schedule of remaining principal payments through maturity for the term loans is as follows:
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