Long-Term Debt (Tables)

9 Months Ended

Oct. 01, 2016

Long-term debt consists of the following:

	October 1, 2016			December 31, 2015

Credit facility	$	149,000		$	190,000
Exchangeable unsecured notes, due 2102		-			38,642
Convertible senior debentures, due 2040		107,563			106,011
Convertible senior debentures, due 2041		55,157			54,424
Convertible senior debentures, due 2042		61,072			60,320
Deferred financing costs		(11,325	)		(12,659	)
		361,467			436,738
Less current portion		-			-
	$	361,467		$	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 September 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 September 13, 2016 (per $1 principal amount)		75.8043			55.3180			89.1277
Effective conversion price effective September 13, 2016 (per share)	$	13.19		$	18.08		$	11.22
130% of the conversion price (per share)	$	17.15		$	23.50		$	14.59
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
October 1, 2016
Due 2040	$	275,000		(167,863	)		426	$	107,563	$	110,094
Due 2041	$	150,000		(95,145	)		302	$	55,157	$	62,246
Due 2042	$	150,000		(89,128	)		200	$	61,072	$	57,874
Total	$	575,000	$	(352,136	)	$	928	$	223,792	$	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
October 1, 2016
Due 2040	$	1,547		579		22		(115	)	$	2,033
Due 2041	$	844		296		11		(102	)	$	1,049
Due 2042	$	844		291		13		(71	)	$	1,077
Total	$	3,235	$	1,166	$	46	$	(288	)	$	4,159

October 3, 2015
Due 2040	$	1,547		535		22		198		$	2,302
Due 2041	$	844		272		12		92		$	1,220
Due 2042	$	844		270		13		105		$	1,232
Total	$	3,235	$	1,077	$	47	$	395		$	4,754

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
October 1, 2016
Due 2040	$	4,641		1,702		66		(150	)	$	6,259
Due 2041	$	2,532		869		35		(136	)	$	3,300
Due 2042	$	2,532		854		40		(102	)	$	3,324
Total	$	9,705	$	3,425	$	141	$	(388	)	$	12,883

October 3, 2015
Due 2040	$	4,641		1,574		66		304		$	6,585
Due 2041	$	2,532		800		36		229		$	3,597
Due 2042	$	2,532		793		40		144		$	3,509
Total	$	9,705	$	3,167	$	142	$	677		$	13,691