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Debt and Other Obligations (Tables)
 9 Months Ended
Oct. 07, 2017
Debt Disclosure [Abstract]  
Long-Term Debt and Capital Leases (Net of Issuance Costs and Debt Discounts Excluding Line-of-credit Arrangements)

Long-term debt and capital leases (net of issuance costs and debt discounts excluding line-of-credit arrangements) consisted of the following at October 7, 2017 and December 31, 2016, respectively (amounts in thousands):

 

 

 

October 7, 2017

 

 

December 31, 2016

 

Unsecured credit facility

 

$

6,500

 

 

$

24,000

 

2026 notes

 

 

394,847

 

 

 

394,406

 

2022 notes

 

 

397,828

 

 

 

397,458

 

Accounts receivable securitization facility

 

 

15,000

 

 

 

95,000

 

Capital lease obligations

 

 

28,577

 

 

 

30,427

 

Other notes payable

 

 

13,356

 

 

 

16,866

 

 

 

 

856,108

 

 

 

958,157

 

Current maturities of long-term debt and capital lease obligations

 

 

12,469

 

 

 

11,490

 

Total long-term debt and capital lease obligations

 

$

843,639

 

 

$

946,667

 

 
Schedule of debt discount, underwriting fees and the legal and other fees

The table below presents the debt discount, underwriting fees and the legal and other fees for issuing the 2026 notes (amounts in thousands):

 

 

 

Amount at Issuance

 

Debt discount

 

$

2,108

 

Underwriting, legal, and other fees

 

 

3,634

 

Total fees

 

$

5,742

 

 
Schedule of Borrowings and Repayments Under Credit Facility

Amounts outstanding under the credit facility vary daily. Changes in the gross borrowings and repayments can be caused by cash flow activity from operations, capital expenditures, acquisitions, dividends, share repurchases, and tax payments, as well as derivative transactions, which are part of the company’s overall risk management strategy as discussed in Note 9, Derivative Financial Instruments.  The table below presents the borrowings and repayments under the credit facility during the forty weeks ended October 7, 2017.

 

 

 

Amount (thousands)

 

Balance at December 31, 2016

 

$

24,000

 

Borrowings

 

 

421,200

 

Payments

 

 

(438,700

)

Balance at October 7, 2017

 

$

6,500

 

 
Schedule of Net Amount Available Under Credit Facility

The table below presents the net amount available under the credit facility as of October 7, 2017:

 

 

 

Amount (thousands)

 

Gross amount available

 

$

500,000

 

Outstanding

 

 

(6,500

)

Letters of credit

 

 

(8,698

)

Available for withdrawal

 

$

484,802

 

 
Schedule of Highest and Lowest Outstanding Balance Under Credit Facility

 

The table below presents the highest and lowest outstanding balance under the credit facility during the forty weeks ended October 7, 2017:

 

 

 

Amount (thousands)

 

High balance

 

$

47,500

 

Low balance

 

$

—

 

 
Aggregate Maturities of Debt Outstanding (Including Capital Leases)

The company paid off two term loans during the third quarter of fiscal 2016 at issuance of the 2026 notes.  A total of $1.9 million was recognized as an extinguishment of debt cost at payoff.  The loss on extinguishment was recorded as interest expense.  

 

Aggregate maturities of debt outstanding, including capital leases and the associated interest, as of October 7, 2017, are as follows (excluding unamortized debt discount and issuance costs) (amounts in thousands):

 

Remainder of 2017

 

$

2,676

 

2018

 

 

12,095

 

2019

 

 

25,623

 

2020

 

 

11,844

 

2021

 

 

3,598

 

2022 and thereafter

 

 

807,991

 

Total

 

$

863,827

 

 
Reconciliation of Debt Issuance Costs and Debt Discounts to the Net Carrying Value for Each Debt Obligation (Excluding Line of Credit Arrangements)

Debt discount and issuance costs are being amortized straight-line (which approximates the effective method) over the term of the underlying debt outstanding.  The table below reconciles the debt issuance costs and debt discounts to the net carrying value of each of our debt obligations (excluding line-of-credit arrangements) at October 7, 2017 (amounts in thousands):

 

 

 

 

 

 

 

Debt issuance costs

 

 

 

 

 

 

 

Face Value

 

 

and debt discount

 

 

Net carrying value

 

2026 notes

 

$

400,000

 

 

$

5,153

 

 

$

394,847

 

2022 notes

 

 

400,000

 

 

 

2,172

 

 

 

397,828

 

Other notes payable

 

 

13,750

 

 

 

394

 

 

 

13,356

 

Total

 

$

813,750

 

 

$

7,719

 

 

$

806,031

 

The table below reconciles the debt issuance costs and debt discounts to the net carrying value of each of our debt obligations (excluding line-of-credit arrangements) at December 31, 2016 (amounts in thousands):

 

 

 

 

 

 

 

Debt issuance costs

 

 

 

 

 

 

 

Face Value

 

 

and debt discount

 

 

Net carrying value

 

2026 notes

 

$

400,000

 

 

$

5,594

 

 

$

394,406

 

2022 notes

 

 

400,000

 

 

 

2,542

 

 

 

397,458

 

Other notes payable

 

 

17,500

 

 

 

634

 

 

 

16,866

 

Total

 

$

817,500

 

 

$

8,770

 

 

$

808,730