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Debt | 3 Months Ended
--- | ---
Mar. 30, 2014
Debt Disclosure [Abstract] |
Debt | 10. Debt Debt was summarized as follows:
|  |  |  |  | Interest |  |  | Interest |  |  | Mar. 30, |  |  | Dec. 29, |  |  | Mar. 31, |
In Thousands |  | Maturity |  |  | Rate |  |  | Paid |  |  | 2014 |  |  | 2013 |  |  | 2013 |
Revolving credit facility |  |  | 2016 |  |  |  | Variable |  |  |  | Varies |  |  | $ | 40,000 |  |  | $ | 5,000 |  |  | $ | 65,000 |
Line of credit |  |  | 2014 |  |  |  | Variable |  |  |  | Varies |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 20,000 |
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 |  |  |  |  |  |  |  |  |  |  |  | (1,144 | ) |  |  | (1,191 | ) |  |  | (1,327 | )
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 433,613 |  |  |  | 398,566 |  |  |  | 458,430 |
Less: Current portion of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,000 |  |  |  | 20,000 |  |  |  | 20,000 |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 413,613 |  |  | $ | 378,566 |  |  | $ | 438,430 |
The Company has a $200 million five-year unsecured revolving credit agreement (“$200 million facility”). The $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 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. The Company has $100 million of senior notes which mature in April 2015. The Company currently expects to use a combination of available cash on hand and borrowings under the $200 million facility to repay the notes when due. On March 30, 2014, the Company had $40.0 million of outstanding borrowings on the $200 million facility and had $160.0 million available to meet its cash requirements. On December 29, 2013, the Company had $5.0 million of outstanding borrowings on the $200 million facility. On March 31, 2013, the Company had $65.0 million of outstanding borrowings on the $200 million facility. The Company has an agreement for an uncommitted line of credit under which 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 March 30, 2014, December 29, 2013 and March 31, 2013, the Company had $20.0 million outstanding under the uncommitted line of credit at a weighted average interest rate of 0.91%, 0.88% and 0.93%, respectively. As of March 30, 2014, December 29, 2013 and March 31, 2013, the Company had a weighted average interest rate of 5.8%, 6.2% and 5.6%, respectively, for its outstanding debt and capital lease obligations. The Company’s overall weighted average interest rate on its debt and capital lease obligations was 5.9% and 5.7% for Q1 2014 and Q1 2013, respectively. As of March 30, 2014, $60.0 million of the Company’s debt and capital lease obligations of $497.2 million were subject to changes in short-term interest rates. The indentures under which the Company’s public debt was issued do not include financial covenants but do 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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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