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Indebtedness | 12 Months Ended
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Sep. 27, 2014
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness Short-term borrowings consist of:
|  | September 27, 2014 |  | September 28, 2013
Securitization program |  | $ | 100,000 |  |  | $ | 100,000 |
Lines of credit |  | 3,660 |  |  | 5,088 |
Short-term borrowings |  | $ | 103,660 |  |  | $ | 105,088 |
The Securitization Program matures on February 13, 2015 and 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 thereto for successive 364-day terms. Interest for the Securitization Program is 0.8% at September 27, 2014 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. The Securitization Program has a minimum borrowing requirement equal to the lesser of either 80% of our borrowing capacity or 100% of our borrowing base, which is a subset of the trade receivables sold under this agreement. As of September 27, 2014, our minimum borrowing requirement is $80,000. 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 1.4% at September 27, 2014. Long-term debt consists of:
|  | September 27, 2014 |  | September 28, 2013
U.S. revolving credit facility |  | $ | 765,000 |  |  | $ | 403,865 |
Other long-term debt |  | 5,225 |  |  | 8,577 |
Obligations under capital leases |  | 151 |  |  | 65 |
Senior debt |  | 770,376 |  |  | 412,507 |
7¼% senior subordinated notes |  | — |  |  | 191,562 |
Total long-term debt |  | 770,376 |  |  | 604,069 |
Less current installments |  | (5,262 | ) |  | (3,382 | )
Long-term debt |  | $ | 765,114 |  |  | $ | 600,687 |
On May 22, 2014, we amended our U.S. revolving credit facility. The amendment increased the capacity on our revolving credit facility from $900,000 to $1,100,000 and extended the maturity of the credit facility to May 22, 2019. The amendment also provides an expansion option, which permits us to request an increase to the credit facility of up to $200,000 upon satisfaction of certain conditions. 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 all of the outstanding credit facility borrowings is 1.5% and is based on LIBOR plus the applicable margin, which was 138 basis points at September 27, 2014. Other long-term debt at September 27, 2014 consists of debt instruments being repaid in 2015 that carry an interest rate of 3.3%. On December 19, 2013, we repurchased our 7¼% senior subordinated notes due on January 15, 2018 at 103.625%, pursuant to an early redemption right. We redeemed the aggregate principal amount of $200,000 using proceeds drawn from our U.S. revolving credit facility. The associated loss on the redemption includes $6,945 of call premium paid to external bondholders and a $1,057 write off of deferred debt issuance costs. Maturities of long-term debt are $5,262 in 2015, $38 in 2016, $37 in 2017, $27 in 2018 and $765,012 in 2019. At September 27, 2014, we had pledged assets with a net book value of $1,573,599 as security for long-term debt. At September 27, 2014, we had $333,806 of unused short and long-term borrowing capacity, including $320,665 from the U.S. revolving credit facility. Commitment fees are charged on some of these arrangements and on the U.S. revolving credit facility based on a percentage of the unused amounts available and are not material.

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- 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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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