XML 30 R19.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Debt | 9 Months Ended
--- | ---
Oct. 01, 2017
Debt Disclosure [Abstract] |
Debt | 11.Debt Following is a summary of the Company’s debt:
(in thousands) |  | Maturity |  | Interest Rate |  |  | Interest Paid |  | Public / Non-public |  | October 1, 2017 |  |  | January 1, 2017 |
Revolving Credit Facility |  | 2019 |  | Variable |  |  | Varies |  | Non-public |  | $ | 247,000 |  |  | $ | 152,000 |
Term Loan |  | 2021 |  | Variable |  |  | Varies |  | Non-public |  |  | 300,000 |  |  |  | 300,000 |
Senior Notes |  | 2023 |  |  | 3.28% |  |  | Semi-annually |  | Non-public |  |  | 125,000 |  |  |  | - |
Senior Notes |  | 2019 |  |  | 7.00% |  |  | Semi-annually |  | Public |  |  | 110,000 |  |  |  | 110,000 |
Senior Notes |  | 2025 |  |  | 3.80% |  |  | Semi-annually |  | Public |  |  | 350,000 |  |  |  | 350,000 |
Unamortized discount on Senior Notes(1) |  | 2019 |  |  |  |  |  |  |  |  |  |  | (393 | ) |  |  | (570 | )
Unamortized discount on Senior Notes(1) |  | 2025 |  |  |  |  |  |  |  |  |  |  | (72 | ) |  |  | (78 | )
Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (3,688 | ) |  |  | (4,098 | )
Total debt |  |  |  |  |  |  |  |  |  |  |  |  | 1,127,847 |  |  |  | 907,254 |
Less: Current portion of debt |  |  |  |  |  |  |  |  |  |  |  |  | - |  |  |  | - |
Long-term debt |  |  |  |  |  |  |  |  |  |  |  | $ | 1,127,847 |  |  | $ | 907,254 |
| (1) | The Senior Notes due 2019 were issued at 98.238% of par and the Senior Notes due 2025 were issued at 99.975% of par.
The Company had capital lease obligations of $43.1 million on October 1, 2017 and $48.7 million on January 1, 2017. The Company mitigates its financing risk by using multiple financial institutions and only entering into credit arrangements with institutions with investment grade credit ratings. The Company monitors counterparty credit ratings on an ongoing basis. On February 27, 2017, the Company sold $125 million aggregate principal amount of senior unsecured notes due 2023 to PGIM, Inc. (“Prudential”) and certain of its affiliates pursuant to the Note Purchase and Private Shelf Agreement dated June 10, 2016 between the Company, Prudential and the other parties thereto (the “Private Shelf Facility”). These notes bear interest at 3.28%, payable semi-annually in arrears on February 27 and August 27 of each year, and will mature on February 27, 2023 unless earlier redeemed by the Company. The Company may request Prudential to consider the purchase of additional senior unsecured notes of the Company under the Private Shelf Facility in an aggregate principal amount of up to $175 million. In October 2014, the Company entered into a five-year unsecured revolving credit facility (the “Revolving Credit Facility”), and in April 2015, the Company exercised an accordion feature which established a $450 million aggregate maximum borrowing capacity on the Revolving Credit Facility. The $450 million borrowing capacity includes up to $50 million available for the issuance of letters of credit. Borrowings under the Revolving Credit Facility bear interest at a floating base rate or a floating Eurodollar rate plus an applicable margin, at the Company’s option, 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 0.15% of the lenders’ aggregate commitments under the Revolving Credit Facility. The Revolving Credit Facility has a scheduled maturity date of October 16, 2019. In June 2016, the Company entered into a five-year term loan agreement for a senior unsecured term loan facility (the “Term Loan Facility”) in the aggregate principal amount of $300 million, maturing June 7, 2021. The Company may request additional term loans under the agreement, provided the Company’s aggregate borrowings under the Term Loan Facility do not exceed $500 million. Borrowings under the Term Loan Facility bear interest at a floating base rate or a floating Eurodollar rate plus an applicable margin, at the Company’s option, dependent on the Company’s credit rating. The Revolving Credit Facility, the Term Loan Facility and the Private Shelf Facility include two financial covenants: a consolidated cash flow/fixed charges ratio and a consolidated funded indebtedness/cash flow ratio, each as defined in the respective agreements. The Company was in compliance with these covenants as of October 1, 2017. 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 indebtedness by the Company’s subsidiaries in excess of certain amounts. All outstanding long-term debt has been issued by the Company and none has been issued by any of its subsidiaries. There are no guarantees of the Company’s debt.

X
- References No definition available. + 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 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration