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Indebtedness | 12 Months Ended
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Oct. 01, 2016
Debt Disclosure [Abstract] |
Indebtedness | Indebtedness Short-term borrowings consist of:
|  | October 1, 2016 |  | October 3, 2015
Lines of credit |  | $ | 99 |  |  | $ | 83 |
Other short-term debt |  | 1,280 |  |  | — |
Short-term borrowings |  | $ | 1,379 |  |  | $ | 83 |
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 0.9% at October 1, 2016. Long-term debt consists of:
|  | October 1, 2016 |  | October 3, 2015
U.S. revolving credit facility |  | $ | 590,000 |  |  | $ | 675,000 |
Senior notes |  | 300,000 |  |  | 300,000 |
Securitization program |  | 120,000 |  |  | 100,000 |
Obligations under capital leases |  | 471 |  |  | 101 |
Senior debt |  | 1,010,471 |  |  | 1,075,101 |
Less current installments |  | (167 | ) |  | (34 | )
Long-term debt |  | $ | 1,010,304 |  |  | $ | 1,075,067 |
On June 28, 2016, we amended our U.S. revolving credit facility. The amendment extended the maturity of the credit facility to June 28, 2021. Our U.S. revolving credit facility has a capacity of $1,100,000 and provides an expansion option, which permits us to request an increase of up to $200,000 to the credit facility 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 2.2% and is based on LIBOR plus the applicable margin, which was 1.63% at October 1, 2016. At October 1, 2016, we had $300,000 aggregate principal amount of 5.25% senior notes due December 1, 2022 with interest paid semiannually on June 1 and December 1 of each year. 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. On April 15, 2016, we amended the Securitization Program. The amendment increased our borrowing capacity to $120,000 and extended the maturity to April 13, 2018. 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 1.4% at October 1, 2016 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 1, 2016, our minimum borrowing requirement was $96,000. Maturities of long-term debt are $167 in 2017, $120,139 in 2018, $133 in 2019, $32 in 2020, $590,000 in 2021 and $300,000 thereafter. At October 1, 2016, we had pledged assets with a net book value of $1,447,486 as security for long-term debt. At October 1, 2016, we had $503,164 of unused short and long-term borrowing capacity, including $491,034 from the U.S. revolving credit facility. However, our leverage ratio covenant limits our total borrowing capacity to $417,742 as of October 1, 2016. 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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