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Long-Term Debt (Tables) | 9 Months Ended
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Sep. 29, 2018
Debt Instrument [Line Items] |
Schedule of long-term debt instruments | Long-term debt consists of the following:
|  | September 29, 2018 |  |  | December 31, 2017 |
Credit facility |  | $ | - |  |  | $ | 150,000 |
Convertible senior debentures, due 2040 |  |  | 22,486 |  |  |  | 110,412 |
Convertible senior debentures, due 2041 |  |  | 57,695 |  |  |  | 56,641 |
Convertible senior debentures, due 2042 |  |  | 34,268 |  |  |  | 62,518 |
Convertible notes, due 2025 |  |  | 491,853 |  |  |  | - |
Deferred financing costs |  |  | (17,716 | ) |  |  | (9,101 | )
|  |  | 588,586 |  |  |  | 370,470 |
Less current portion |  |  | - |  |  |  | - |
|  | $ | 588,586 |  |  | $ | 370,470 |
Convertible Senior Notes, Due 2025 [Member] |
Debt Instrument [Line Items] |
Convertible debentures, interest expense | Interest expense for the fiscal quarter and nine fiscal months ended September 29, 2018 related to the convertible notes due 2025 is reflected on the consolidated condensed statements of operations as follows:
|  | Contractual coupon interest |  |  | Non-cash amortization of debt discount |  |  | Non-cash amortization of deferred financing costs |  |  | Total interest expense related to the debentures |
Fiscal quarter ended September 29, 2018 |  | $ | 3,375 |  |  |  | 3,334 |  |  |  | 454 |  |  | $ | 7,163 |
Nine fiscal months ended September 29, 2018 |  | $ | 4,088 |  |  |  | 3,890 |  |  |  | 605 |  |  | $ | 8,583 |
Liability and equity of component of convertible senior debentures | The carrying values of the liability and equity components of the convertible notes are reflected in the Company's consolidated balance sheets as follows:
|  | Principal amount of the notes |  |  | Unamortized discount |  |  | Carrying value of liability component |  |  | Equity component - net carrying value |
September 29, 2018 |  |  |  |  |  |  |  |  |  |  |  |
Due 2025 |  | $ | 600,000 |  |  |  | (108,147 | ) |  | $ | 491,853 |  |  | $ | 85,262 |
Convertible senior debentures [Member] |
Debt Instrument [Line Items] |
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 |
September 29, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 310 |  |  |  | 135 |  |  |  | 4 |  |  |  | 20 |  |  | $ | 469 |
Due 2041 |  | $ | 844 |  |  |  | 349 |  |  |  | 12 |  |  |  | 71 |  |  | $ | 1,276 |
Due 2042 |  | $ | 455 |  |  |  | 184 |  |  |  | 7 |  |  |  | 19 |  |  | $ | 665 |
Total |  | $ | 1,609 |  |  | $ | 668 |  |  | $ | 23 |  |  | $ | 110 |  |  | $ | 2,410 |
September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 1,547 |  |  |  | 626 |  |  |  | 22 |  |  |  | (53 | ) |  | $ | 2,142 |
Due 2041 |  | $ | 844 |  |  |  | 321 |  |  |  | 11 |  |  |  | (21 | ) |  | $ | 1,155 |
Due 2042 |  | $ | 844 |  |  |  | 312 |  |  |  | 13 |  |  |  | (21 | ) |  | $ | 1,148 |
Total |  | $ | 3,235 |  |  | $ | 1,259 |  |  | $ | 46 |  |  | $ | (95 | ) |  | $ | 4,445 |
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 |
September 29, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 2,991 |  |  |  | 1,269 |  |  |  | 42 |  |  |  | 81 |  |  | $ | 4,383 |
Due 2041 |  | $ | 2,532 |  |  |  | 1,024 |  |  |  | 36 |  |  |  | 30 |  |  | $ | 3,622 |
Due 2042 |  | $ | 2,013 |  |  |  | 783 |  |  |  | 31 |  |  |  | 4 |  |  | $ | 2,831 |
Total |  | $ | 7,536 |  |  | $ | 3,076 |  |  | $ | 109 |  |  | $ | 115 |  |  | $ | 10,836 |
September 30, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 4,641 |  |  |  | 1,841 |  |  |  | 66 |  |  |  | (97 | ) |  | $ | 6,451 |
Due 2041 |  | $ | 2,532 |  |  |  | 943 |  |  |  | 35 |  |  |  | (13 | ) |  | $ | 3,497 |
Due 2042 |  | $ | 2,532 |  |  |  | 919 |  |  |  | 40 |  |  |  | (13 | ) |  | $ | 3,478 |
Total |  | $ | 9,705 |  |  | $ | 3,703 |  |  | $ | 141 |  |  | $ | (123 | ) |  | $ | 13,426 |
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 (including temporary equity) - net carrying value |
September 29, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 55,000 |  |  |  | (32,561 | ) |  |  | 47 |  |  | $ | 22,486 |  |  | $ | 22,019 |
Due 2041 |  | $ | 150,000 |  |  |  | (92,549 | ) |  |  | 244 |  |  | $ | 57,695 |  |  | $ | 62,246 |
Due 2042 |  | $ | 80,940 |  |  |  | (46,735 | ) |  |  | 63 |  |  | $ | 34,268 |  |  | $ | 31,229 |
Total |  | $ | 285,940 |  |  | $ | (171,845 | ) |  | $ | 354 |  |  | $ | 114,449 |  |  | $ | 115,494 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Due 2040 |  | $ | 275,000 |  |  |  | (164,794 | ) |  |  | 206 |  |  | $ | 110,412 |  |  | $ | 110,094 |
Due 2041 |  | $ | 150,000 |  |  |  | (93,573 | ) |  |  | 214 |  |  | $ | 56,641 |  |  | $ | 62,246 |
Due 2042 |  | $ | 150,000 |  |  |  | (87,600 | ) |  |  | 118 |  |  | $ | 62,518 |  |  | $ | 57,874 |
Total |  | $ | 575,000 |  |  | $ | (345,967 | ) |  | $ | 538 |  |  | $ | 229,571 |  |  | $ | 230,214 |
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 27, 2018 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 as of September 29, 2018 |  | $ | 55,000 |  |  | $ | 150,000 |  |  | $ | 80,940 |
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, 2018 (per $1 principal amount) |  |  | 78.0506 |  |  |  | 56.9573 |  |  |  | 91.7689 |
Effective conversion price effective September 13, 2018 (per share) |  | $ | 12.81 |  |  | $ | 17.56 |  |  | $ | 10.90 |
130% of the conversion price (per share) |  | $ | 16.65 |  |  | $ | 22.83 |  |  | $ | 14.17 |
Call date |  | November 20, 2020 |  |  | May 20, 2021 |  |  | June 7, 2022 |

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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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