LONG-TERM DEBT (Tables)

12 Months Ended

Dec. 31, 2016

Debt Disclosure [Abstract]

Long-term debt

	December 31, 2016			December 26, 2015
5.00% senior unsecured notes due 2044(a)	$	250,000		$	250,000
5.25% senior unsecured notes due 2054(b)	250,000			250,000
Unamortized discount on 5.00% and 5.25% senior unsecured notes (a)(b)	(4,360		)	(4,405		)
6.625% senior unsecured notes due 2020(c)	250,200			250,200
Unamortized premium on 6.625% senior unsecured notes(c)	3,557			4,518
Revolving credit agreement (d)	—			—
IDR Bonds(e)	8,500			8,500
Other notes	4,395			6,228
Debt issuance costs	(6,646		)	(7,046		)
Long-term debt	755,646			757,995
Less current installments of long-term debt	851			1,077
Long-term debt, excluding current installments	$	754,795		$	756,918

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(a) The 5.00% senior unsecured notes due 2044 include an aggregate principle amount of $250,000 on which interest is paid and an unamortized discount balance of $1,120 at December 31, 2016. The notes bear interest at 5.000% per annum and are due on October 1, 2044. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(b) The 5.25% senior unsecured notes due 2054 include an aggregate principle amount of $250,000 on which interest is paid and an unamortized discount balance of $3,240 at December 31, 2016. The notes bear interest at 5.250% per annum and are due on October 1, 2054. The discount will be amortized and recognized as interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium and accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(c) The 6.625% senior unsecured notes due 2020, following a partial tender offer in September 2014, include a remaining aggregate principal amount of $250,200 on which interest is paid and an unamortized premium balance of $3,557 at December 31, 2016. The notes bear interest at 6.625% per annum and are due on April 1, 2020. In September 2014, the Company repurchased by partial tender $199,800 in aggregate principal amount of these notes and incurred cash prepayment expenses of approximately $41,200. In addition, $4,439 of the unamortized premium was recognized as income which is the proportionate amount of debt that was repaid. The remaining premium will be amortized against interest expense as interest payments are made over the term of the notes. The notes may be repurchased prior to maturity in whole, or in part, at any time at 100% of their principal amount plus a make-whole premium accrued and unpaid interest. These notes are guaranteed by certain subsidiaries of the Company.

(d) On October 17, 2014, the Company entered into a First Amendment to our Credit Agreement with JPMorgan Chase Bank, as Administrative Agent, and the other lenders party thereto, dated as of August 15, 2012, which increased the committed unsecured revolving credit facility from $400,000 to $600,000 and extended the maturity date from August 15, 2017 to October 17, 2019. The Company may increase the credit facility by up to an additional $200,000 at any time, subject to lenders increasing the amount of their commitments. The interest rate on our borrowings will be, at our option, either:

(10) LONG-TERM DEBT (Continued)

(i) LIBOR (based on a 1, 2, 3 or 6 month interest period, as selected by the Company) plus 100 to 162.5 basis points, depending on the credit rating of the our senior debt published by Standard & Poor's Rating Services and Moody's Investors Service, Inc., or;

(ii) the higher of

• the prime lending rate,

• the Federal Funds rate plus 50 basis points, and

• LIBOR (based on a 1 month interest period) plus 100 basis points,

plus, in each case, 0 to 62.5 basis points, depending on the credit rating of our senior debt published by Standard & Poor's Rating Services and Mood's Investors Service, Inc.

At December 31, 2016, the Company had no outstanding borrowings under the revolving credit facility. The revolving credit facility has a maturity date of October 17, 2019 and contains certain financial covenants that may limit additional borrowing capability under the agreement. At December 31, 2016, the Company had the ability to borrow $584,600 under this facility, after consideration of standby letters of credit of $15,400 associated with certain insurance obligations. We also maintain certain short-term bank lines of credit totaling $109,400, $109,400 of which was unused at December 31, 2016.

(e) The Industrial Development Revenue Bonds were issued to finance the construction of a manufacturing facility in Jasper, Tennessee. Variable interest is payable until final maturity on June 1, 2025. The effective interest rates at December 31, 2016 and December 26, 2015 were 1.48% and 1.22% respectively.