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Debt, Capital Lease Obligations And Other Financing | 12 Months Ended
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Oct. 03, 2015
Debt and Capital Lease Obligations [Abstract] |
Debt, Capital Lease Obligations And Other Financing | Debt, Capital Lease Obligations and Other Financing Debt and capital lease obligations as of October 3, 2015 and September 27, 2014, consisted of the following (in thousands):
|  | 2015 |  | 2014
Borrowings under the credit facility |  | $ | 75,000 |  |  | $ | 75,000 |
5.20% Senior notes, due June 15, 2018 |  | 175,000 |  |  | 175,000 |
Non-cash financing of leased facility |  | 8,210 |  |  | 8,000 |
Capital lease obligations |  | 4,560 |  |  | 8,414 |
Total obligations |  | 262,770 |  |  | 266,414 |
Less: current portion |  | (3,513 | ) |  | (4,368 | )
Long-term debt and capital lease obligations, net of current portion |  | $ | 259,257 |  |  | $ | 262,046 |
The Company's weighted average interest rate on capital lease obligations was 7.59% and 7.43% as of October 3, 2015 and September 27, 2014, respectively. The aggregate scheduled maturities of the Company’s debt obligations as of October 3, 2015, are as follows (in thousands):
2016 | $ | — |
2017 | — |
2018 | 175,000 |
2019 | 75,000 |
2020 | — |
Thereafter | — |
Total | $ | 250,000 |
The aggregate scheduled maturities of the Company’s obligations under capital leases (excluding capital lease payments related to the Guadalajara plant disclosed in Note 3, "Property, Plant and Equipment") as of October 3, 2015, are as follows (in thousands):
2016 | $ | 3,513 |
2017 | 1,023 |
2018 | 24 |
2019 | — |
2020 | — |
Thereafter | — |
Total | $ | 4,560 |
The Company has a $235.0 million senior unsecured revolving credit facility with a termination date of May 15, 2019 (the "Credit Facility"). In October 2015, subsequent to fiscal 2015 year end, $30.0 million of an accordion feature thereunder was exercised, increasing the maximum commitment under the Credit Facility to $265.0 million. The Credit Facility may potentially be increased to $335.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2015, the highest daily borrowing was $207.0 million, the average daily borrowings were $147.8 million, and the Company borrowed and repaid $483.0 million of revolving borrowings under the Credit Facility. The financial covenants (as defined under the related Credit Agreement) require that the Company maintain, as of each fiscal quarter end, a maximum total leverage ratio and a minimum interest coverage ratio. As of October 3, 2015, the Company was in compliance with all financial covenants of the Credit Agreement. Borrowings under the Credit Facility, at the Company's option, bear interest at a defined base rate or the LIBOR rate plus, in each case, an applicable margin based upon the Company's leverage ratio as defined in the Credit Agreement. Rates would increase upon negative changes in specified Company financial metrics and would decrease to no less than LIBOR plus 1.0% or base rate plus 0.0% upon reduction in the current total leverage ratio. As of October 3, 2015, the borrowing rate under the Credit Agreement was LIBOR plus 1.125% (or 1.329%). As of October 3, 2015, the $75.0 million of outstanding debt under the Credit Facility is effectively at a fixed interest rate as a result of a $75.0 million notional amount of interest rate swap contracts discussed in Note 5, "Derivatives and Fair Value Measurements." The Company is required to pay an annual commitment fee on the unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.175% as of October 3, 2015. In the third quarter of fiscal 2014, the Company incurred approximately $0.2 million in new debt issuance costs in connection with an amendment to the Credit Facility. These costs, along with the remaining unamortized portion of the $0.9 million in new debt issuance costs the Company incurred in fiscal 2012, are being amortized over the five -year term of the Credit Facility. Origination fees and expenses associated with the accordion exercise in fiscal 2016 totaled $0.1 million and will also be amortized over the remaining Credit Facility term. The Company also has outstanding 5.20% Senior Notes, due on June 15, 2018 (the “Notes”). As of October 3, 2015 and September 27, 2014, $175.0 million was outstanding, and the Company was in compliance with all financial covenants relating to the Notes, which are generally consistent with those in the Credit Agreement discussed above. In the third quarter of fiscal 2014, the Company capitalized certain leased property, plant and equipment related to footprint expansion in Guadalajara, for which the Company had direct involvement in construction and will have ongoing involvement subsequent to the completion of construction. This resulted in a non-cash financing transaction of approximately $8.2 million and $8.0 million, and is reflected in long-term debt and capital lease obligations on the accompanying Consolidated Balance Sheets as of October 3, 2015 and September 27, 2014, respectively. Refer to Note 3, "Property, Plant and Equipment" for additional disclosures related to the Guadalajara facility.

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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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