XML 52 R41.htm IDEA: XBRL DOCUMENT
v3.19.1

Debt (Tables) | 3 Months Ended
--- | ---
Apr. 27, 2019
Debt Disclosure [Abstract] |
Outstanding Indebtedness | The Company’s outstanding indebtedness consisted of the following (dollars in thousands):
| April 27, 2019 |  | January 26, 2019
Credit Agreement - Revolving facility (matures October 2023) | $ | — |  |  | $ | — |
Credit Agreement - Term loan facility (matures October 2023) | 450,000 |  |  | 450,000 |
0.75% convertible senior notes, net (mature September 2021) | 428,626 |  |  | 423,199 |
| 878,626 |  |  | 873,199 |
Less: current portion | (11,250 | ) |  | (5,625 | )
Long-term debt | $ | 867,376 |  |  | $ | 867,574 |
Schedule Interest Rates for the Credit Agreement | Under the Credit Agreement, borrowings bear interest at the rates described below based upon the Company’s consolidated net leverage ratio, which is the ratio of the Company’s consolidated total funded debt reduced by unrestricted cash and equivalents in excess of $50.0 million to its trailing twelve-month consolidated EBITDA, as defined by the Credit Agreement. In addition, the Company incurs certain fees for unused balances and letters of credit at the rates described below, also based upon the Company’s consolidated net leverage ratio.
Borrowings - Eurodollar Rate Loans | 1.25% - 2.00% plus LIBOR
Borrowings - Base Rate Loans | 0.25% - 1.00% plus administrative agent’s base rate(1)
Unused Revolver Commitment | 0.20% - 0.40%
Standby Letters of Credit | 1.25% - 2.00%
Commercial Letters of Credit | 0.625% - 1.00%
(1) The administrative agent’s base rate is described in the Credit Agreement as the highest of (i) the Federal Funds Rate plus 0.50%, (ii) the administrative agent’s prime rate, and (iii) the Eurodollar rate plus 1.00%. The weighted average interest rates and fees for balances under the Credit Agreement as of April 27, 2019 and January 26, 2019 were as follows:
| Weighted Average Rate End of Period
| April 27, 2019 |  | January 26, 2019
Borrowings - Term loan facilities | 4.24% |  | 4.25%
Borrowings - Revolving facility(1) | —% |  | —%
Standby Letters of Credit | 1.75% |  | 1.75%
Unused Revolver Commitment | 0.35% |  | 0.35%
(1) There were no outstanding borrowings under the revolving facility as of April 27, 2019 or January 26, 2019.
Convertible Debt | The following table summarizes the fair value of the Notes, net of the debt discount and debt issuance costs. The fair value of the Notes is based on the closing trading price per $100 of the Notes as of the last day of trading for the respective periods (Level 2), which was $95.50 and $96.31 as of April 27, 2019 and January 26, 2019, respectively (dollars in thousands):
| April 27, 2019 |  | January 26, 2019
Fair value of principal amount of Notes | $ | 463,175 |  |  | $ | 467,104 |
Less: Debt discount and debt issuance costs | (56,374 | ) |  | (61,801 | )
Fair value of Notes | $ | 406,801 |  |  | $ | 405,303 |
The liability component of the Notes consisted of the following (dollars in thousands):
| April 27, 2019 |  | January 26, 2019
Liability component |  |  |
Principal amount of 0.75% convertible senior notes due September 2021 | $ | 485,000 |  |  | $ | 485,000 |
Less: Debt discount | (50,863 | ) |  | (55,795 | )
Less: Debt issuance costs | (5,511 | ) |  | (6,006 | )
Net carrying amount of Notes | $ | 428,626 |  |  | $ | 423,199 |

X
- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
Name: | us-gaap_ConvertibleDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

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 Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration