XML 91 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Indebtedness | 12 Months Ended
--- | ---
Sep. 29, 2012
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness Short-term borrowings consist of:
|  | September 29, 2012 |  | October 1, 2011
Securitization program |  | $ | 81,800 |  |  | $ | — |
Lines of credit |  | 8,974 |  |  | 8,426 |
Other short-term debt |  | — |  |  | 857 |
Short-term borrowings |  | $ | 90,774 |  |  | $ | 9,283 |
On March 5, 2012, we entered into a securitization program which matures on March 4, 2013 and which effectively increases our borrowing capacity by up to $100,000. Under the securitization program, we sell certain trade receivables and related rights to an affiliate, which in turn sells an undivided variable percentage ownership interest in the trade receivables to a financial institution, while maintaining a subordinated interest in a portion of the pool of trade receivables. The securitization program can be extended by agreement of the parties for successive 364-day terms. Interest for the securitization program is 0.9% at September 29, 2012 and is based on prevailing market rates for short-term commercial paper plus an applicable margin. A commitment fee is also charged based on a percentage of the unused amounts available and is not material. The agreement governing the securitization program contains restrictions and covenants which include limitations on the making of certain restricted payments, creation of certain liens, and certain corporate acts such as mergers, consolidations and sale of substantially all assets. We are in compliance with all covenants. In addition to the securitization program we maintain short-term credit facilities with banks throughout the world that are principally demand lines subject to revision by the banks. Interest on outstanding lines of credit is 1.9% at September 29, 2012. Long-term debt consists of:
|  | September 29, 2012 |  | October 1, 2011
U.S. revolving credit facility |  | $ | 292,026 |  |  | $ | 332,874 |
Term loans |  | 3,216 |  |  | 4,115 |
Obligations under capital leases |  | 27 |  |  | 579 |
Senior debt |  | 295,269 |  |  | 337,568 |
6¼% senior subordinated notes |  | 187,004 |  |  | 187,021 |
7¼% senior subordinated notes |  | 191,575 |  |  | 191,575 |
Total long-term debt |  | 673,848 |  |  | 716,164 |
Less current installments |  | (3,186 | ) |  | (1,407 | )
Long-term debt |  | $ | 670,662 |  |  | $ | 714,757 |
Our U.S. revolving credit facility consists of a $900,000 revolver, which matures on March 18, 2016. The credit facility is secured by substantially all of our U.S. assets. The loan agreement contains various covenants which, among others, specify interest coverage and maximum leverage and capital expenditures. We are in compliance with all covenants. Interest on the majority of the outstanding credit facility borrowings is 1.9% and is based on LIBOR plus the applicable margin, which was 150 basis points at September 29, 2012. Interest on the remaining outstanding credit facility borrowings is 3.8% and is based on prime plus the applicable margin, which was 75 basis points at September 29, 2012. Term loans at September 29, 2012 consist of loans being repaid through 2014 that carry interest rates of 5.6%. Our 6¼% senior subordinated notes are due January 15, 2015, with interest paid semiannually on January 15 and July 15 of each year. Our 7¼% senior subordinated notes are due June 15, 2018, with interest paid semiannually on June 15 and December 15 of each year. Both the 6¼% and 7¼% senior subordinated notes are unsecured, general obligations, subordinated in right of payment to all existing and future senior indebtedness and contain normal incurrence-based covenants. Maturities of long-term debt are $3,186 in 2013, $57 in 2014, $187,004 in 2015, $292,026 in 2016, $0 in 2017 and $191,575 thereafter. At September 29, 2012, we had pledged assets with a net book value of $1,453,831 as security for long-term debt. Our only financial instrument for which the carrying value at times differs from its fair value is long-term debt. At September 29, 2012, the fair value of long-term debt was $686,741 compared to its carrying value of $673,848. The fair value of long-term debt was estimated based on quoted market prices. At September 29, 2012, we had $607,928 of unused short and long-term borrowing capacity, including $594,443 from the U.S. credit facility. Commitment fees are charged on some of these arrangements and on the U.S. credit facility based on a percentage of the unused amounts available and are not material.

X
- 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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration