XML 83 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Debt | 9 Months Ended
--- | ---
Sep. 28, 2014
Debt Disclosure [Abstract] |
Debt | 11. Debt Debt was summarized as follows:
|  |  |  |  | Interest |  |  | Interest |  |  | Sept. 28, |  |  | Dec. 29, |  |  | Sept. 29, |
In Thousands |  | Maturity |  |  | Rate |  |  | Paid |  |  | 2014 |  |  | 2013 |  |  | 2013 |
Revolving credit facility |  |  | 2016 |  |  |  | Variable |  |  |  | Varies |  |  | $ | 50,000 |  |  | $ | 5,000 |  |  | $ | 20,000 |
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 |  |  |  |  |  |  |  |  |  |  |  | (1,048 | ) |  |  | (1,191 | ) |  |  | (1,237 | )
Debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 443,709 |  |  |  | 398,566 |  |  |  | 413,520 |
Less: Current portion of debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0 |  |  |  | 20,000 |  |  |  | 20,000 |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 443,709 |  |  | $ | 378,566 |  |  | $ | 393,520 |
On October 16, 2014, the Company entered into a $350 million five-year unsecured revolving credit facility (“$350 million facility”) which amended and restated the Company’s existing $200 million five-year unsecured revolving credit agreement dated as of September 21, 2011 (“$200 million facility”). The $350 million facility has a scheduled maturity date of October 16, 2019 and up to $50 million is available for the issuance of letters of credit. Subject to obtaining commitments from the lenders and satisfying other conditions specified in the credit agreement, the Company may increase the aggregate availability under the facility to $450 million. Borrowings under the agreement bear interest at a floating base rate or a floating Eurodollar rate plus an applicable margin, dependent on the Company’s credit rating at the time of borrowing. At the Company’s current credit ratings, the Company must pay an annual facility fee of .15% of the lenders’ aggregate commitments under the facility. The $350 million facility includes, and the $200 million facility included, 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 respective credit agreements. The Company was in compliance with these covenants under the $200 million facility at September 28, 2014 and is currently in compliance with these covenants under the $350 million facility. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources. On September 28, 2014, the Company had $50.0 million of outstanding borrowings on the $200 million facility and had $150.0 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 September 29, 2013, the Company had $20.0 million of outstanding borrowings on the $200 million facility. The Company has $100 million of senior notes which mature in April 2015. The Company currently expects to use borrowings under the $350 million facility to repay the notes when due and, accordingly, has classified all the $100 million Senior Notes due April 2015 as long-term. On September 28, 2014, December 29, 2013 and September 29, 2013, the Company had $20.0 million outstanding on an uncommitted line of credit at a weighted average interest rate of 0.90%, 0.88% and 0.93%, respectively. On October 31, 2014, the Company terminated its uncommitted line of credit and refinanced the outstanding balance with additional borrowings under the $350 million facility and, accordingly, has classified the outstanding balance on the uncommitted line of credit at September 28, 2014 as long-term. As of September 28, 2014, December 29, 2013 and September 29, 2013, the Company had a weighted average interest rate of 5.8%, 6.2% and 6.1%, 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 5.8% for both YTD 2014 and YTD 2013. As of September 28, 2014, $70.0 million of the Company’s debt and capital lease obligations of $504.3 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.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration