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Debt | 6 Months Ended
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Jul. 01, 2012
Debt [Abstract] |
Debt |
10. | Debt
Debt was summarized as follows:
|  |  |  | Interest |  |  | Interest |  | July 1, |  |  | Jan.1, |  |  | July 3, |
In Thousands |  | Maturity |  | Rate |  |  | Paid |  | 2012 |  |  | 2012 |  |  | 2011 |
Senior Notes |  | 2012 |  |  | 5.00 | % |  | Semi-annually |  | $ | 150,000 |  |  | $ | 150,000 |  |  | $ | 150,000 |
Senior Notes |  | 2015 |  |  | 5.30 | % |  | Semi-annually |  |  | 100,000 |  |  |  | 100,000 |  |  |  | 100,000 |
Senior Notes |  | 2016 |  |  | 5.00 | % |  | Semi-annually |  |  | 164,757 |  |  |  | 164,757 |  |  |  | 164,757 |
Senior Notes |  | 2019 |  |  | 7.00 | % |  | Semi-annually |  |  | 110,000 |  |  |  | 110,000 |  |  |  | 110,000 |
Unamortized discount on Senior Notes |  | 2019 |  |  |  |  |  |  |  |  | (1,456 | ) |  |  | (1,538 | ) |  |  | (1,618 | )
|  |  |  |  |  |  |  |  |  |  | 523,301 |  |  |  | 523,219 |  |  |  | 523,139 |
Less: Current portion of debt |  |  |  |  |  |  |  |  |  |  | 120,000 |  |  |  | 120,000 |  |  |  | 0 |
Long-term debt |  |  |  |  |  |  |  |  |  | $ | 403,301 |  |  | $ | 403,219 |  |  | $ | 523,139 |
On September 21, 2011, the Company entered into a new $200 million five-year unsecured revolving credit agreement (“$200 million facility”) replacing the existing $200 million five-year unsecured revolving credit facility, dated March 8, 2007 scheduled to mature in March 2012. The new $200 million facility has a scheduled maturity date of September 21, 2016 and up to $25 million is available for the issuance of letters of credit. Borrowings under the agreement will bear interest at a floating base rate or a floating Eurodollar rate plus an interest rate spread, dependent on the Company’s credit rating at the time of borrowing. The Company must pay an annual facility fee of .175% of the lenders’ aggregate commitments under the facility. The $200 million facility contains two financial covenants: a cash flow/fixed charges ratio (“fixed charges coverage ratio”) and a funded indebtedness/cash flow ratio (“operating cash flow ratio”), each as defined in the credit agreement. The fixed charges coverage ratio requires the Company to maintain a consolidated cash flow to fixed charges ratio of 1.5 to 1.0 or higher. The operating cash flow ratio requires the Company to maintain a debt to operating cash flow ratio of 6.0 to 1.0 or lower. The Company is currently in compliance with these covenants. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources. On July 1, 2012, January 1, 2012 and July 3, 2011, the Company had no outstanding borrowings on either $200 million facility. On February 10, 2010, the Company entered into an agreement for an uncommitted line of credit. Under this agreement, the Company may borrow up to a total of $20 million for periods of 7 days, 30 days, 60 days or 90 days at the discretion of the participating bank. On July 1, 2012, January 1, 2012 and July 3, 2011, the Company had no outstanding borrowings under the uncommitted line of credit. The Company has $150 million of senior notes which mature in November 2012. The Company expects to use a combination of available cash on hand, borrowings on the $20 million uncommitted line of credit and borrowings under the $200 million facility to repay these notes when due. The Company has classified $30 million of these senior notes due November 2012 as long-term, representing the portion the Company expects to be paid from borrowings under the $200 million facility. As of July 1, 2012, January 1, 2012 and July 3, 2011, the Company had a weighted average interest rate of 5.9% for its outstanding debt and capital lease obligations. The Company’s overall weighted average interest rate on its debt and capital lease obligations was 6.1% for YTD 2012 compared to 6.0% for YTD 2011. As of July 1, 2012, none of the Company’s debt and capital lease obligations of $595.3 million were subject to changes in short-term interest rates. The Company’s public debt is not subject to financial covenants but does limit the incurrence of certain liens and encumbrances as well as the incurrence of indebtedness by the Company’s subsidiaries in excess of certain amounts. All of the outstanding long-term debt has been issued by the Company with none being issued by any of the Company’s subsidiaries. There are no guarantees of the Company’s debt.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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