XML 71 R14.htm IDEA: XBRL DOCUMENT v2.4.1.9

Long-Term Debt and Capital Lease Obligations

3 Months Ended

Mar. 28, 2015

Debt Disclosure [Abstract]

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS

Long-Term Debt

Long-term debt consists of the following:

	March 28, 2015				December 27, 2014
	(in thousands)
Term loans	$	367,500			$	378,000
Revolving credit facility	392,426				375,536
Other long-term debt	214				214
Total debt	760,140				753,750
Less: current portion of long-term debt	(31,696		)		(31,714		)
Long-term debt	$	728,444			$	722,036

In 2013, the Company amended and restated its credit agreement creating a $970.0 million agreement ($970M Credit Facility) that provides for a $420.0 million U.S. term loan facility and a $550.0 million multi-currency revolving credit facility. Under specified circumstances, the Company has the ability to expand the term loan and/or revolving credit facility by up to $350.0 million in the aggregate.

The $420.0 million U.S. term loan facility matures in quarterly installments through maturity on May 29, 2018. The $550.0 million multi-currency revolving credit facility also matures on May 29, 2018, and requires no scheduled payment before this date. The interest rates applicable to the $970M Credit Facility are variable and are based on an applicable rate plus a spread determined by the Company’s leverage ratio. As of both March 28, 2015 and December 27, 2014, the weighted average interest rate on the Company’s debt was 1.42%.

The $970M Credit Facility includes certain customary representations and warranties, events of default, notices of material adverse changes to the Company’s business, and negative and affirmative covenants. As of March 28, 2015, the Company was compliant with all covenants.

At both March 28, 2015 and December 27, 2014, the Company had $5.0 million in outstanding letters of credit.

Capital Lease Obligations, including Build-to-Suit Lease

The Company acquired a built-to-suit lease as part of its acquisition of Argenta and BioFocus. In accordance with accounting guidance applicable to entities involved with the construction of an asset that will be leased when the construction is completed, the Company is considered the owner, for accounting purposes, of this property during the construction period. Accordingly, the Company records an asset and a corresponding financing obligation on its consolidated balance sheet for the amount of total project costs incurred related to the construction in progress for this building through completion of the construction period. Upon completion of the buildings, the Company will assess and determine if the assets and corresponding liabilities should be derecognized. As of March 28, 2015 and December 27, 2014, the remaining financing obligation totaled $25.3 million and $23.1 million, respectively.

Other capital lease obligations amounted to $1.0 million at both March 28, 2015 and December 27, 2014.

X

- Definition

The entire disclosure for debt and capital lease obligations can be reported. 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. Also includes descriptions and amounts of capital leasing arrangements that consist of direct financing, sales type and leveraged leases. Disclosure may include the effect on the balance sheet and the income statement resulting from a change in lease classification for leases that at inception would have been classified differently had guidance been in effect at the inception of the original lease.

+ References

No definition available.

+ Details

Name:	us-gaap_DebtAndCapitalLeasesDisclosuresTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Details

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