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LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS | 12 Months Ended
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Dec. 31, 2016
Debt Disclosure [Abstract] |
LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS | LONG-TERM DEBT AND CAPITAL LEASE OBLIGATIONS Long-Term Debt Long-term debt, net consists of the following:
| December 31, 2016 |  | December 26, 2015
| (in thousands)
Term loans | $ | 633,750 |  |  | $ | 390,000 |
Revolving credit facility | 578,759 |  |  | 446,041 |
Other long-term debt | 185 |  |  | 193 |
Total debt | 1,212,694 |  |  | 836,234 |
Less: Current portion of long-term debt | (24,560 | ) |  | (15,193 | )
Long-term debt | 1,188,134 |  |  | 821,041 |
Debt discount and debt issuance costs | (7,633 | ) |  | (6,805 | )
Long-term debt, net | $ | 1,180,501 |  |  | $ | 814,236 |
As of December 31, 2016 and December 26, 2015, the weighted average interest rate on the Company’s debt was 1.89% and 1.33%, respectively. In April 2015, the Company amended and restated the $970M Credit Facility, creating a $1.3 billion facility ($1.3B Credit Facility) that provides for a $400.0 million term loan facility and a $900.0 million multi-currency revolving facility. The interest rates applicable to term loans and revolving loans under the Company’s $1.3B Credit Facility were, at the Company’s option, equal to either the alternate base rate (which is the higher of (1) the prime rate, (2) the federal funds rate plus 0.5% or (3) the one-month adjusted LIBOR rate plus 1%) or the adjusted LIBOR rate, plus an interest rate margin based upon the Company’s leverage ratio. On March 30, 2016, the Company amended and restated its $1.3B credit facility creating a $1.65 billion credit facility ($1.65B Credit Facility) which (1) extends the maturity date for the credit facility and (2) makes certain other amendments in connection with the Company’s acquisition of WIL Research. The amendment was accounted for as a debt modification with a partial extinguishment of debt. In connection with the transaction, the Company capitalized approximately $3.3 million and expensed approximately $1.4 million of debt issuance costs. The $1.65B Credit Facility provides for a $650.0 million term loan and a $1.0 billion multi-currency revolving facility. The term loan facility matures in 19 quarterly installments with the last installment due March 30, 2021. The revolving facility matures on March 30, 2021, and requires no scheduled payment before that date. Under specified circumstances, the Company has the ability to increase the term loan and/or revolving line of credit by up to $500 million in the aggregate. The interest rates applicable to term loan and revolving loans under the $1.65B Credit Facility are, at the Company’s option, equal to either the base rate (which is the higher of (1) the prime rate, (2) the federal funds rate plus 0.50%, or (3) the one-month adjusted LIBOR rate plus 1%) or the adjusted LIBOR rate, plus an interest rate margin based upon the Company’s leverage ratio. The $1.65B 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. These covenants include (1) maintenance of a ratio of consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) less capital expenditures to consolidated cash interest expense, for any period of four consecutive fiscal quarters, of no less than 3.50 to 1.0 as well as (2) maintenance of a ratio of consolidated indebtedness to consolidated EBITDA for any period of four consecutive fiscal quarters, of no more than 4.25 to 1.0 with step downs to 3.50 to 1.0 by the last day of the fourth quarter of 2017. As of December 31, 2016, the Company was compliant with all covenants. The obligations of the Company under the $1.65B Credit Facility are collateralized by substantially all of the assets of the Company. Principal maturities of existing debt for the periods set forth in the table below, are as follows:
|  | Principal
|  | (in thousands)
2017 |  | $ | 24,560 |
2018 |  | 36,563 |
2019 |  | 52,813 |
2020 |  | 81,250 |
2021 |  | 1,017,508 |
Total |  | $ | 1,212,694 |
Letters of Credit As of both December 31, 2016 and December 26, 2015, the Company had $4.9 million outstanding under letters of credit. Capital Lease Obligations The Company acquired a build-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 was considered the owner, for accounting purposes, of this property during the construction period. Accordingly, the Company recorded 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 property through completion of the construction period. Upon completion of the construction during the second quarter of fiscal year 2015, the Company determined that it was no longer considered the owner of the property because it did not have continuing involvement. Consequently, the Company recorded a successful sale leaseback and derecognized the property and the associated financing obligation from the Company’s consolidated balance sheet and recorded a capital lease asset and a corresponding liability of $35.8 million. As of December 31, 2016, the minimum lease payments under capital leases for each of the next five years and total thereafter were as follows:
|  | Minimum Lease Payments
|  | (in thousands)
2017 |  | $ | 4,097 |
2018 |  | 3,503 |
2019 |  | 3,005 |
2020 |  | 2,385 |
2021 |  | 2,250 |
Thereafter |  | 27,974 |
Total |  | $ | 43,214 |

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- 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
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