XML 53 R27.htm IDEA: XBRL DOCUMENT
v3.19.3

Debt | 9 Months Ended
--- | ---
Sep. 29, 2019
Debt Disclosure [Abstract] |
Debt | 19.Debt Following is a summary of the Company’s debt:
(in thousands) |  | Maturity Date |  | Interest Rate |  |  | Interest Paid |  | Public or Nonpublic |  | September 29, 2019 |  |  | December 30, 2018 |
Senior notes(1) |  | 4/15/2019 |  | 7.00% |  |  | Semi-annually |  | Public |  | $ | - |  |  | $ | 110,000 |
Term loan facility(1) |  | 6/7/2021 |  | Variable |  |  | Varies |  | Nonpublic |  |  | 270,000 |  |  |  | 292,500 |
Senior notes |  | 2/27/2023 |  | 3.28% |  |  | Semi-annually |  | Nonpublic |  |  | 125,000 |  |  |  | 125,000 |
Revolving credit facility(2) |  | 6/8/2023 |  | Variable |  |  | Varies |  | Nonpublic |  |  | 35,000 |  |  |  | 80,000 |
Senior notes |  | 11/25/2025 |  | 3.80% |  |  | Semi-annually |  | Public |  |  | 350,000 |  |  |  | 350,000 |
Senior notes |  | 10/10/2026 |  | 3.93% |  |  | Quarterly |  | Nonpublic |  |  | 100,000 |  |  |  | - |
Senior notes |  | 3/21/2030 |  | 3.96% |  |  | Quarterly |  | Nonpublic |  |  | 150,000 |  |  |  | 150,000 |
Unamortized discount on senior notes(3) |  | 4/15/2019 |  |  |  |  |  |  |  |  |  |  | - |  |  |  | (78 | )
Unamortized discount on senior notes(3) |  | 11/25/2025 |  |  |  |  |  |  |  |  |  |  | (54 | ) |  |  | (61 | )
Debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | (2,603 | ) |  |  | (2,958 | )
Long-term debt |  |  |  |  |  |  |  |  |  |  |  | $ | 1,027,343 |  |  | $ | 1,104,403 |
(1) | The senior notes due in 2019 were refinanced on April 10, 2019 using proceeds from the issuance of the senior notes due in 2026 (as discussed below). The Company intends to refinance principal payments due in the next 12 months under the term loan facility, and has the capacity to do so under its revolving credit facility, which is classified as long-term debt. As such, any amounts due in the next 12 months were classified as noncurrent.
(2) | The Company’s revolving credit facility has an aggregate maximum borrowing capacity of $500 million, which may be increased at the Company’s option to $750 million, subject to obtaining commitments from the lenders and satisfying other conditions specified in the credit agreement. The Company currently believes all banks participating in the revolving credit facility have the ability to and will meet any funding requests from the Company.
(3) | The senior notes due in 2019 were issued at 98.238% of par and the senior notes due in 2025 were issued at 99.975% of par.
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. In April 2019, the Company sold $100 million aggregate principal amount of senior unsecured notes due in 2026 to MetLife Investment Advisors, LLC (“MetLife”) and certain of its affiliates pursuant to a Note Purchase and Private Shelf Agreement dated January 23, 2019 between the Company, MetLife and the other parties thereto. These notes bear interest at 3.93%, payable quarterly in arrears on each January 10, April 10, July 10 and October 10, commencing on July 10, 2019, and will mature on October 10, 2026, unless earlier redeemed by the Company. The Company used the proceeds to refinance the senior notes due on April 15, 2019. The Company may request that MetLife consider the purchase of additional senior unsecured notes of the Company under the agreement in an aggregate principal amount of up to $200 million. In July 2019, the Company entered into a $100 million fixed rate swap maturing June 7, 2021, to hedge a portion of the interest rate risk on the Company’s term loan facility. This interest rate swap is designated as a cash flow hedging instrument and is not expected to be material to the condensed consolidated balance sheets. Changes in the fair value of this interest rate swap were classified as accumulated other loss on the condensed consolidated balance sheets and included in the condensed consolidated statements of comprehensive income. 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 indebtedness by the Company’s subsidiaries in excess of certain amounts. The agreements under which the Company’s nonpublic debt were issued 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 September 29, 2019. These covenants do not currently, and the Company does not anticipate they will, restrict its liquidity or capital resources. 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://fasb.org/us-gaap/role/ref/legacyRef -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