Secured Revolving Line of Credit (Notes)
|3 Months Ended|
Mar. 26, 2016
|Debt Disclosure [Abstract]|
|Secured Revolving Line of Credit||
Secured Revolving Line of Credit
At March 26, 2016 and December 26, 2015, the Secured Revolving Line of Credit had an outstanding loan balance of $230 million, at an interest rate of 4.03% and 4.00%, respectively. At March 26, 2016, the Secured Revolving Line of Credit also had $15 million related to outstanding Letters of Credit, and up to $79 million available for future borrowings. The Company reports its intra-period changes in its revolving credit balance on a net basis in its condensed consolidated statement of cash flows as the Company intends the period of the borrowings to be brief, repaying borrowed amounts within 90 days. As of March 26, 2016, the Company was in compliance with all required covenants stated in the Loan Agreement.
The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
Reference 1: http://www.xbrl.org/2003/role/presentationRef