Short Term Debt |
6 Months Ended | ||||||||||||||||||||||||||||||||||||
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Jul. 02, 2022 | |||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
| Short Term Debt |
Note 16: Short Term Debt Short term debt and other financing obligations as of July 2, 2022 and January 1, 2022, consist of the following (in $000’s):
AFCO Finance The Company has entered into a financing agreement with AFCO Credit Corporation (“AFCO”) purchased through Marsh Insurance on an annual basis to fund the annual premiums on insurance policies due July 1 of each year. These policies relate to workers’ compensation and various liability policies including, but not limited to, General, Auto, Umbrella, Property, and Directors’ and Officers’ insurance. The total amount of the premiums financed in July 2021 was approximately $538,000 with an interest rate of 3.3%. An initial down payment of approximately $134,000 was made on July 1, 2021 with additional monthly payments of approximately $72,000 made beginning August 1, 2021 and ending on April 1, 2022. The outstanding principal due AFCO at July 2, 2022 and January 1, 2022 was approximately $0 and $288,000, respectively. |
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- References No definition available.
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- Definition The entire disclosure for short-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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