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Long-Term Debt (Tables) | 6 Months Ended
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Jul. 04, 2020
Long-Term Debt [Abstract] |
Long-term Debt Instruments | Long-term debt consists of the following:
|  | July 4, 2020 |  |  | December 31, 2019 |
Credit facility |  | $ | - |  |  | $ | - |
Convertible senior notes, due 2025 |  |  | 451,169 |  |  |  | 509,128 |
Convertible senior debentures, due 2040 |  |  | 128 |  |  |  | 126 |
Convertible senior debentures, due 2041 |  |  | 1,058 |  |  |  | 6,677 |
Deferred financing costs |  |  | (13,861 | ) |  |  | (16,784 | )
|  |  | 438,494 |  |  |  | 499,147 |
Less current portion |  |  | - |  |  |  | - |
|  | $ | 438,494 |  |  | $ | 499,147 |
Key Facts and Terms of the Convertible Debt Instruments | The following table summarizes some key facts and terms regarding the outstanding convertible debt instruments as of July 4, 2020:
|  | Convertible Senior Notes Due 2025 |  |  | Convertible Senior Debentures Due 2040 |  |  | Convertible Senior Debentures Due 2041 |
Issuance date |  | June 12, 2018 |  |  | November 9, 2010 |  |  | May 13, 2011 |
Maturity date |  | June 15, 2025 |  |  | November 15, 2040 |  |  | May 15, 2041 |
Principal amount as of July 4, 2020 |  | $ | 524,230 |  |  | $ | 300 |  |  | $ | 2,640 |
Cash coupon rate (per annum) |  |  | 2.25 | % |  |  | 2.25 | % |  |  | 2.25 | %
Nonconvertible debt borrowing rate at issuance (per annum) |  |  | 5.50 | % |  |  | 8.00 | % |  |  | 8.375 | %
Conversion rate effective June 11, 2020 (per $1 principal amount) |  |  | 31.8470 |  |  |  | 80.9286 |  |  |  | 59.0575 |
Effective conversion price effective June 11, 2020 (per share) |  | $ | 31.40 |  |  | $ | 12.36 |  |  | $ | 16.93 |
130% of the conversion price (per share) |  | $ | 40.82 |  |  | $ | 16.07 |  |  | $ | 22.01 |
Call date |  |  | n/a |  |  | November 20, 2020 |  |  | May 20, 2021 |
Liability and Equity of Component of Convertible Debt Instruments | The carrying values of the liability and equity components of the convertible debt instruments are reflected in the Company’s consolidated condensed balance sheets as follows:
|  | Principal amount of the debt instruments |  |  | Unamortized discount |  |  | Carrying value of liability component |  |  | Equity component (including temporary equity) -net carrying value |
July 4, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 524,230 |  |  |  | (73,061 | ) |  | $ | 451,169 |  |  | $ | 74,495 |
Convertible senior debentures due 2040 and due 2041 |  | $ | 2,940 |  |  |  | (1,754 | ) |  | $ | 1,186 |  |  | $ | 1,216 |
Total |  | $ | 527,170 |  |  | $ | (74,815 | ) |  | $ | 452,355 |  |  | $ | 75,711 |
December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 600,000 |  |  |  | (90,872 | ) |  | $ | 509,128 |  |  | $ | 85,262 |
Convertible senior debentures due 2040 and due 2041 |  | $ | 17,190 |  |  |  | (10,387 | ) |  | $ | 6,803 |  |  | $ | 7,129 |
Total |  | $ | 617,190 |  |  | $ | (101,259 | ) |  | $ | 515,931 |  |  | $ | 92,391 |
Convertible Debt Instruments, Interest Expense | Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:
|  | Contractual coupon interest |  |  | Non-cash amortization of debt discount |  |  | Other non-cash interest expense |  |  | Total interest expense related to the debt instruments |
July 4, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 3,266 |  |  |  | 3,479 |  |  |  | 435 |  |  | $ | 7,180 |
Convertible senior debentures |  | $ | 16 |  |  |  | 9 |  |  |  | - |  |  | $ | 25 |
Total |  | $ | 3,282 |  |  | $ | 3,488 |  |  | $ | 435 |  |  | $ | 7,205 |
June 29, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 3,375 |  |  |  | 3,442 |  |  |  | 454 |  |  | $ | 7,271 |
Convertible senior debentures |  | $ | 119 |  |  |  | 53 |  |  |  | (2 | ) |  | $ | 170 |
Total |  | $ | 3,494 |  |  | $ | 3,495 |  |  | $ | 452 |  |  | $ | 7,441 |
Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the six fiscal months ended:
|  | Contractual coupon interest |  |  | Non-cash amortization of debt discount |  |  | Other non-cash interest expense |  |  | Total interest expense related to the debt instruments |
July 4, 2020 |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 6,641 |  |  |  | 7,096 |  |  |  | 889 |  |  | $ | 14,626 |
Convertible senior debentures |  | $ | 60 |  |  |  | 29 |  |  |  | - |  |  | $ | 89 |
Total |  | $ | 6,701 |  |  | $ | 7,125 |  |  | $ | 889 |  |  | $ | 14,715 |
June 29, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Convertible senior notes due 2025 |  | $ | 6,750 |  |  |  | 6,868 |  |  |  | 908 |  |  | $ | 14,526 |
Convertible senior debentures |  | $ | 267 |  |  |  | 117 |  |  |  | (18 | ) |  | $ | 366 |
Total |  | $ | 7,017 |  |  | $ | 6,985 |  |  | $ | 890 |  |  | $ | 14,892 |

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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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