Long-Term Debt (Tables)

3 Months Ended

Apr. 02, 2016

Long-term debt consists of the following:

	April 2, 2016			December 31, 2015

Credit facility	$	178,000		$	190,000
Exchangeable unsecured notes, due 2102		12,436			38,642
Convertible senior debentures, due 2040		106,573			106,011
Convertible senior debentures, due 2041		54,746			54,424
Convertible senior debentures, due 2042		60,583			60,320
Deferred financing costs		(12,214	)		(12,659	)
		400,124			436,738
Less current portion		-			-
	$	400,124		$	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 March 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 March 9, 2016 (per $1 principal amount)		75.1038			54.8068			88.3041
Effective conversion price effective March 9, 2016 (per share)	$	13.31		$	18.25		$	11.32
130% of the conversion price (per share)	$	17.30		$	23.73		$	14.72
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 2, 2016
Due 2040	$	275,000		(169,009	)		582	$	106,573	$	110,094
Due 2041	$	150,000		(95,730	)		476	$	54,746	$	62,246
Due 2042	$	150,000		(89,702	)		285	$	60,583	$	57,874
Total	$	575,000	$	(354,441	)	$	1,343	$	221,902	$	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
April 2, 2016
Due 2040	$	1,547		556		22		6		$	2,131
Due 2041	$	844		284		11		38		$	1,177
Due 2042	$	844		280		13		(17	)	$	1,120
Total	$	3,235	$	1,120	$	46	$	27		$	4,428

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