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Long-Term Debt (Tables) | 9 Months Ended
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Oct. 01, 2016
Long-Term Debt [Abstract] |
Schedule of long-term debt instruments | Long-term debt consists of the following:
|  | October 1, 2016 |  |  | December 31, 2015 |
Credit facility |  | $ | 149,000 |  |  | $ | 190,000 |
Exchangeable unsecured notes, due 2102 |  |  | - |  |  |  | 38,642 |
Convertible senior debentures, due 2040 |  |  | 107,563 |  |  |  | 106,011 |
Convertible senior debentures, due 2041 |  |  | 55,157 |  |  |  | 54,424 |
Convertible senior debentures, due 2042 |  |  | 61,072 |  |  |  | 60,320 |
Deferred financing costs |  |  | (11,325 | ) |  |  | (12,659 | )
|  |  | 361,467 |  |  |  | 436,738 |
Less current portion |  |  | - |  |  |  | - |
|  | $ | 361,467 |  |  | $ | 436,738 |
Key terms of the convertible debentures | The following table summarizes some key facts and terms regarding the three series of outstanding convertible senior debentures following the adjustment made to the conversion rate of the debentures on the ex-dividend date of the September 29, 2016 dividend payment:
|  | Due 2040 |  |  | Due 2041 |  |  | Due 2042 |
Issuance date |  | November 9, 2010 |  |  | May 13, 2011 |  |  | May 31, 2012 |
Maturity date |  | November 15, 2040 |  |  | May 15, 2041 |  |  | June 1, 2042 |
Principal amount |  | $ | 275,000 |  |  | $ | 150,000 |  |  | $ | 150,000 |
Cash coupon rate (per annum) |  |  | 2.25 | % |  |  | 2.25 | % |  |  | 2.25 | %
Nonconvertible debt borrowing rate at issuance (per annum) |  |  | 8.00 | % |  |  | 8.375 | % |  |  | 7.50 | %
Conversion rate effective September 13, 2016 (per $1 principal amount) |  |  | 75.8043 |  |  |  | 55.3180 |  |  |  | 89.1277 |
Effective conversion price effective September 13, 2016 (per share) |  | $ | 13.19 |  |  | $ | 18.08 |  |  | $ | 11.22 |
130% of the conversion price (per share) |  | $ | 17.15 |  |  | $ | 23.50 |  |  | $ | 14.59 |
Call date |  | November 20, 2020 |  |  | May 20, 2021 |  |  | June 7, 2022 |
Liability and equity of component of convertible senior debentures | The carrying values of the liability and equity components of the convertible debentures are reflected in the Company's consolidated condensed balance sheets as follows:
|  | Principal amount of the debentures |  |  | Unamortized discount |  |  | Embedded derivative |  |  | Carrying value of liability component |  |  | Equity component - net carrying value |
October 1, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 275,000 |  |  |  | (167,863 | ) |  |  | 426 |  |  | $ | 107,563 |  |  | $ | 110,094 |
Due 2041 |  | $ | 150,000 |  |  |  | (95,145 | ) |  |  | 302 |  |  | $ | 55,157 |  |  | $ | 62,246 |
Due 2042 |  | $ | 150,000 |  |  |  | (89,128 | ) |  |  | 200 |  |  | $ | 61,072 |  |  | $ | 57,874 |
Total |  | $ | 575,000 |  |  | $ | (352,136 | ) |  | $ | 928 |  |  | $ | 223,792 |  |  | $ | 230,214 |
December 31, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 275,000 |  |  |  | (169,565 | ) |  |  | 576 |  |  | $ | 106,011 |  |  | $ | 110,094 |
Due 2041 |  | $ | 150,000 |  |  |  | (96,014 | ) |  |  | 438 |  |  | $ | 54,424 |  |  | $ | 62,246 |
Due 2042 |  | $ | 150,000 |  |  |  | (89,982 | ) |  |  | 302 |  |  | $ | 60,320 |  |  | $ | 57,874 |
Total |  | $ | 575,000 |  |  | $ | (355,561 | ) |  | $ | 1,316 |  |  | $ | 220,755 |  |  | $ | 230,214 |
Convertible debentures, interest expense | Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
|  | Contractual coupon interest |  |  | Non-cash amortization of debt discount |  |  | Non-cash amortization of deferred financing costs |  |  | Non-cash change in value of derivative liability |  |  | Total interest expense related to the debentures |
October 1, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 1,547 |  |  |  | 579 |  |  |  | 22 |  |  |  | (115 | ) |  | $ | 2,033 |
Due 2041 |  | $ | 844 |  |  |  | 296 |  |  |  | 11 |  |  |  | (102 | ) |  | $ | 1,049 |
Due 2042 |  | $ | 844 |  |  |  | 291 |  |  |  | 13 |  |  |  | (71 | ) |  | $ | 1,077 |
Total |  | $ | 3,235 |  |  | $ | 1,166 |  |  | $ | 46 |  |  | $ | (288 | ) |  | $ | 4,159 |
October 3, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 1,547 |  |  |  | 535 |  |  |  | 22 |  |  |  | 198 |  |  | $ | 2,302 |
Due 2041 |  | $ | 844 |  |  |  | 272 |  |  |  | 12 |  |  |  | 92 |  |  | $ | 1,220 |
Due 2042 |  | $ | 844 |  |  |  | 270 |  |  |  | 13 |  |  |  | 105 |  |  | $ | 1,232 |
Total |  | $ | 3,235 |  |  | $ | 1,077 |  |  | $ | 47 |  |  | $ | 395 |  |  | $ | 4,754 |
Interest expense related to the debentures is reflected on the consolidated condensed statements of operations for the nine fiscal months ended:
|  | Contractual coupon interest |  |  | Non-cash amortization of debt discount |  |  | Non-cash amortization of deferred financing costs |  |  | Non-cash change in value of derivative liability |  |  | Total interest expense related to the debentures |
October 1, 2016 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 4,641 |  |  |  | 1,702 |  |  |  | 66 |  |  |  | (150 | ) |  | $ | 6,259 |
Due 2041 |  | $ | 2,532 |  |  |  | 869 |  |  |  | 35 |  |  |  | (136 | ) |  | $ | 3,300 |
Due 2042 |  | $ | 2,532 |  |  |  | 854 |  |  |  | 40 |  |  |  | (102 | ) |  | $ | 3,324 |
Total |  | $ | 9,705 |  |  | $ | 3,425 |  |  | $ | 141 |  |  | $ | (388 | ) |  | $ | 12,883 |
October 3, 2015 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 4,641 |  |  |  | 1,574 |  |  |  | 66 |  |  |  | 304 |  |  | $ | 6,585 |
Due 2041 |  | $ | 2,532 |  |  |  | 800 |  |  |  | 36 |  |  |  | 229 |  |  | $ | 3,597 |
Due 2042 |  | $ | 2,532 |  |  |  | 793 |  |  |  | 40 |  |  |  | 144 |  |  | $ | 3,509 |
Total |  | $ | 9,705 |  |  | $ | 3,167 |  |  | $ | 142 |  |  | $ | 677 |  |  | $ | 13,691 |

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements. + References No definition available. + Details
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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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