XML 62 R11.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Long-Term Debt | 6 Months Ended
--- | ---
Jun. 28, 2015
Debt Disclosure [Abstract] |
Long-term debt | Long-term debt Our long-term debt is summarized below:
In thousands | Jun. 28, 2015 |  | Dec. 28, 2014
Unsecured floating rate term loan due quarterly through August 2018 | $ | 107,400 |  |  | $ | 123,200 |
VIE unsecured floating rate term loans due quarterly through December 2018 | 29,291 |  |  | 33,379 |
Unsecured notes bearing fixed rate interest at 10% due June 2015 | — |  |  | 66,568 |
Unsecured notes bearing fixed rate interest at 6.375% due September 2015 | 250,000 |  |  | 250,000 |
Unsecured notes bearing fixed rate interest at 10% due April 2016 | 193,429 |  |  | 193,429 |
Borrowings under revolving credit agreement expiring August 2018 | 685,000 |  |  | 640,000 |
Unsecured notes bearing fixed rate interest at 7.125% due September 2018 | 250,000 |  |  | 250,000 |
Unsecured notes bearing fixed rate interest at 5.125% due October 2019 | 600,000 |  |  | 600,000 |
Unsecured notes bearing fixed rate interest at 5.125% due July 2020 | 600,000 |  |  | 600,000 |
Unsecured notes bearing fixed rate interest at 4.875% due September 2021 | 350,000 |  |  | 350,000 |
Unsecured notes bearing fixed rate interest at 6.375% due October 2023 | 650,000 |  |  | 650,000 |
Unsecured notes bearing fixed rate interest at 5.50% due September 2024 | 325,000 |  |  | 325,000 |
Unsecured notes bearing fixed rate interest at 7.75% due June 2027 | 200,000 |  |  | 200,000 |
Unsecured notes bearing fixed rate interest at 7.25% due September 2027 | 240,000 |  |  | 240,000 |
Total principal long-term debt | 4,480,120 |  |  | 4,521,576 |
Other (fair market value adjustments and discounts) | (19,064 | ) |  | (25,694 | )
Total long-term debt | 4,461,056 |  |  | 4,495,882 |
Less current portion of long-term debt maturities of VIE loans | 7,854 |  |  | 7,854 |
Long-term debt, net of current portion | $ | 4,453,202 |  |  | $ | 4,488,028 |
For the first six months of 2015, our long-term debt decreased by $34.8 million, primarily reflecting debt payments of $86.5 million partially offset by debt discount amortization and additional borrowing of $45.0 million from the revolving credit agreement. On June 28, 2015, we had unused borrowing capacity of $586.0 million under our revolving credit agreement. On June 29, 2015, we entered into an agreement to amend and extend our existing revolving credit facility with one expiring on June 29, 2020 (the Amended and Restated Competitive Advance and Revolving Credit Agreement). Total commitments under the Amended and Restated Competitive Advance and Revolving Credit Agreement are $1.32 billion. The maximum total leverage ratio permitted by the new agreement is 5.0 x through June 30, 2017, after which it is reduced to 4.75 x through June 30, 2018 and then to 4.50 x thereafter. Commitment fees on the revolving credit agreement are equal to 0.25% - 0.40% of the undrawn commitments, depending upon our leverage ratio, and are computed on the average daily undrawn balance under the revolving credit agreement and paid each quarter. Under the Amended and Restated Competitive Advance and Revolving Credit Agreement, we may borrow at an applicable margin above the Eurodollar base rate (LIBOR loan) or the higher of the Prime Rate, the Federal Funds Effective Rate plus 0.50%, or the one month LIBOR rate plus 1.00% (ABR loan). The applicable margin is determined based on our leverage ratio but differs between LIBOR loans and ABR loans. For LIBOR based borrowing, the margin varies from 1.75% to 2.50%. For ABR-based borrowing, the margin will vary from 0.75% to 1.50%. Shortly after quarter end we also borrowed $200.0 million under a new five-year term loan. The interest rate on the term loan is equal to the same interest rates as borrowings under the Amended and Restated Competitive Advance and Revolving Credit Agreement. Both the revolving credit agreement and the term loan are guaranteed by a majority of our wholly-owned material domestic subsidiaries. These two transactions effectively increased our borrowing capacity by $214 million, for total unused borrowing capacity of $800 million as of June 29, 2015.

X
- References No definition available. + 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 long-term debt. + 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 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration