Long-Term Debt (Tables)

3 Months Ended

Apr. 04, 2015

Long-term debt consists of the following:

	April 4, 2015		December 31, 2014

Credit facility	$	215,000	$	200,000
Exchangeable unsecured notes, due 2102		38,642		38,642
Convertible senior debentures, due 2040		104,297		103,841
Convertible senior debentures, due 2041		53,523		53,249
Convertible senior debentures, due 2042		59,443		59,190
		470,905		454,922
Less current portion		-		-
	$	470,905	$	454,922

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 March 25, 2015 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 March 10, 2015 (per $1 principal amount)		73.5289			53.6575			86.4524
Effective conversion price effective March 10, 2015 (per share)	$	13.60		$	18.64		$	11.57
130% of the conversion price (per share)	$	17.68		$	24.23		$	15.04
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
April 4, 2015
Due 2040	$	275,000		(171,170	)		467	$	104,297	$	110,094
Due 2041	$	150,000		(96,831	)		354	$	53,523	$	62,246
Due 2042	$	150,000		(90,788	)		231	$	59,443	$	57,874
Total	$	575,000	$	(358,789	)	$	1,052	$	217,263	$	230,214

December 31, 2014
Due 2040	$	275,000		(171,685	)		526	$	103,841	$	110,094
Due 2041	$	150,000		(97,092	)		341	$	53,249	$	62,246
Due 2042	$	150,000		(91,048	)		238	$	59,190	$	57,874
Total	$	575,000	$	(359,825	)	$	1,105	$	216,280	$	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
April 4, 2015
Due 2040	$	1,547		515		22		(59	)	$	2,025
Due 2041	$	844		261		12		13		$	1,130
Due 2042	$	844		260		13		(7	)	$	1,110
Total	$	3,235	$	1,036	$	47	$	(53	)	$	4,265

March 29, 2014
Due 2040	$	1,547		476		22		45		$	2,090
Due 2041	$	844		241		11		14		$	1,110
Due 2042	$	844		241		13		20		$	1,118
Total	$	3,235	$	958	$	46	$	79		$	4,318