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Indebtedness | 12 Months Ended
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Oct. 03, 2015
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness Short-term borrowings consist of:
|  | October 3, 2015 |  | September 27, 2014
Lines of credit |  | $ | 83 |  |  | $ | 3,660 |
Securitization program |  | — |  |  | 100,000 |
Short-term borrowings |  | $ | 83 |  |  | $ | 103,660 |
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 1.0% at October 3, 2015. Long-term debt consists of:
|  | October 3, 2015 |  | September 27, 2014
U.S. revolving credit facility |  | $ | 675,000 |  |  | $ | 765,000 |
Senior notes |  | 300,000 |  |  | — |
Securitization program |  | 100,000 |  |  | — |
Obligations under capital leases |  | 101 |  |  | 151 |
Other long-term debt |  | — |  |  | 5,225 |
Senior debt |  | 1,075,101 |  |  | 770,376 |
Less current installments |  | (34 | ) |  | (5,262 | )
Long-term debt |  | $ | 1,075,067 |  |  | $ | 765,114 |
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 1.8% and is based on LIBOR plus the applicable margin, which was 163 basis points at October 3, 2015. On November 21, 2014, we completed the sale of $300,000 aggregate principal amount of 5.25% senior notes due December 1, 2022 at par with interest paid semiannually on June 1 and December 1 of each year, which commenced on June 1, 2015. The senior notes are unsecured obligations, guaranteed on a senior unsecured basis by certain subsidiaries and contain normal incurrence-based covenants and limitations such as the ability to incur additional indebtedness, pay dividends, make other restricted payments and investments, create liens and certain corporate acts such as mergers and consolidations. The aggregate net proceeds of $294,430 were used to repay indebtedness under our U.S. bank credit facility, thereby increasing the unused portion of our revolving credit facility. The Securitization Program was extended on February 10, 2015 and now matures on February 10, 2017 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. Interest for the Securitization Program is 0.9% at October 3, 2015 and is based on 30-day LIBOR 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 October 3, 2015, our minimum borrowing requirement is $80,000. On December 19, 2013, we repurchased our 7.25% 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 $34 in 2016, $100,033 in 2017, $24 in 2018, $675,010 in 2019, $0 in 2020 and $300,000 thereafter. At October 3, 2015, we had pledged assets with a net book value of $1,508,996 as security for long-term debt. At October 3, 2015, we had $420,193 of unused short and long-term borrowing capacity, including $408,227 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 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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