|
Borrowings and Credit Arrangements (Tables)
|
12 Months Ended |
|
Sep. 28, 2013
|
| Debt Disclosure [Abstract] |
|
| Company's Borrowings |
Company’s
borrowings consisted of the following:
|
|
|
|
|
|
|
|
|
| |
|
September 28,
2013 |
|
|
September 29,
2012 |
|
|
Current debt obligations,
net of debt discount:
|
|
|
|
|
|
|
|
|
|
Term Loan A
|
|
$ |
49,713 |
|
|
$ |
49,582 |
|
|
Term Loan B
|
|
|
113,966 |
|
|
|
14,853 |
|
|
Convertible
Notes
|
|
|
400,133 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Total current debt
obligations
|
|
|
563,812 |
|
|
|
64,435 |
|
|
Long-term debt obligations,
net of debt discount:
|
|
|
|
|
|
|
|
|
|
Term Loan A
|
|
|
894,834 |
|
|
|
942,065 |
|
|
Term Loan B
|
|
|
1,159,272 |
|
|
|
1,470,454 |
|
|
Senior Notes
|
|
|
1,000,000 |
|
|
|
1,000,000 |
|
|
Convertible
Notes
|
|
|
1,187,992 |
|
|
|
1,558,660 |
|
|
|
|
|
|
|
|
|
|
|
Total long-term debt
obligations
|
|
|
4,242,098 |
|
|
|
4,971,179 |
|
|
|
|
|
|
|
|
|
|
|
Total debt
obligations
|
|
$ |
4,805,910 |
|
|
$ |
5,035,614 |
|
|
|
|
|
|
|
|
|
|
|
| Debt Maturity Schedule for Components of Company's Obligations |
The debt
maturity schedule for the Company’s obligations as of
September 28, 2013 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
2014 |
|
|
2015 |
|
|
2016 |
|
|
2017 |
|
|
2018 |
|
|
2019 and
Thereafter |
|
|
Total |
|
|
Term Loan A
|
|
$ |
50,000 |
|
|
$ |
100,000 |
|
|
$ |
200,000 |
|
|
$ |
600,000 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
950,000 |
|
|
Term Loan B (1)
|
|
|
115,000 |
|
|
|
15,000 |
|
|
|
15,000 |
|
|
|
15,000 |
|
|
|
15,000 |
|
|
|
1,110,000 |
|
|
|
1,285,000 |
|
|
Senior Notes
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,000,000 |
|
|
|
1,000,000 |
|
|
Convertible Notes
(2)
|
|
|
405,000 |
|
|
|
— |
|
|
|
— |
|
|
|
450,000 |
|
|
|
879,225 |
|
|
|
— |
|
|
|
1,734,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
570,000 |
|
|
$ |
115,000 |
|
|
$ |
215,000 |
|
|
$ |
1,065,000 |
|
|
$ |
894,225 |
|
|
$ |
2,110,000 |
|
|
$ |
4,969,225 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Fiscal 2014 column reflects
reclassifying the Company’s early pay-down of $100.0 million
of Term Loan B on October 31, 2013 to current. |
| (2) |
Classified based on the
earliest date of redemption for each respective issuance and the
balance in fiscal 2018 reflects accretion on the 2013 Notes through
September 28, 2013 as described below. |
|
| Convertible Notes and Related Equity Components |
As of
September 28, 2013 and September 29, 2012, the
Convertible Notes and related equity components (recorded in
additional paid-in-capital, net of deferred taxes) consisted of the
following:
|
|
|
|
|
|
|
|
|
| |
|
2013 |
|
|
2012 |
|
|
2007 Notes principal
amount
|
|
$ |
405,000 |
|
|
$ |
775,000 |
|
|
Unamortized
discount
|
|
|
(4,867 |
) |
|
|
(50,591 |
) |
|
|
|
|
|
|
|
|
|
|
Net carrying
amount
|
|
$ |
400,133 |
|
|
$ |
724,409 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity component, net of
taxes
|
|
$ |
121,496 |
|
|
$ |
233,353 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2010 Notes principal
amount
|
|
$ |
450,000 |
|
|
$ |
450,000 |
|
|
Unamortized
discount
|
|
|
(58,310 |
) |
|
|
(74,062 |
) |
|
|
|
|
|
|
|
|
|
|
Net carrying
amount
|
|
$ |
391,690 |
|
|
$ |
375,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity component, net of
taxes
|
|
$ |
60,054 |
|
|
$ |
60,054 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 Notes principal
amount
|
|
$ |
500,000 |
|
|
$ |
500,000 |
|
|
Unamortized
discount
|
|
|
(34,630 |
) |
|
|
(41,687 |
) |
|
|
|
|
|
|
|
|
|
|
Net carrying
amount
|
|
$ |
465,370 |
|
|
$ |
458,313 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity component, net of
taxes
|
|
$ |
49,195 |
|
|
$ |
49,195 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 Notes principal
amount
|
|
$ |
370,000 |
|
|
$ |
— |
|
|
Principal
accretion
|
|
|
9,225 |
|
|
|
— |
|
|
Unamortized
discount
|
|
|
(48,293 |
) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
Net carrying
amount
|
|
$ |
330,932 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity component, net of
taxes
|
|
$ |
131,451 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
| Interest Expense under Convertible Notes |
Interest
expense under the Convertible Notes is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Years
ended |
|
| |
|
September 28,
2013 |
|
|
September 29,
2012 |
|
|
September 24,
2011 |
|
|
Amortization of debt
discount
|
|
$ |
52,732 |
|
|
$ |
68,532 |
|
|
$ |
72,908 |
|
|
Amortization of deferred
financing costs
|
|
|
3,048 |
|
|
|
3,828 |
|
|
|
3,906 |
|
|
Principal
accretion
|
|
|
9,225 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash interest
expense
|
|
|
65,005 |
|
|
|
72,360 |
|
|
|
76,814 |
|
|
2.00% accrued
interest
|
|
|
34,376 |
|
|
|
34,898 |
|
|
|
34,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
99,381 |
|
|
$ |
107,258 |
|
|
$ |
111,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|