Long-Term Debt (Tables)

3 Months Ended

Apr. 01, 2017

Long-term debt consists of the following:

	April 1, 2017			December 31, 2016

Credit facility	$	163,000		$	143,000
Convertible senior debentures, due 2040		108,697			108,120
Convertible senior debentures, due 2041		55,752			55,442
Convertible senior debentures, due 2042		61,638			61,341
Deferred financing costs		(10,435	)		(10,880	)
		378,652			357,023
Less current portion		-			-
	$	378,652		$	357,023

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, 2017 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, 2017 (per $1 principal amount)		76.4157			55.7641			89.8466
Effective conversion price effective March 10, 2017 (per share)	$	13.09		$	17.93		$	11.13
130% of the conversion price (per share)	$	17.02		$	23.31		$	14.47
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 (including temporary equity) - net carrying value
April 1, 2017
Due 2040	$	275,000		(166,671	)		368	$	108,697	$	110,094
Due 2041	$	150,000		(94,535	)		287	$	55,752	$	62,246
Due 2042	$	150,000		(88,534	)		172	$	61,638	$	57,874
Total	$	575,000	$	(349,740	)	$	827	$	226,087	$	230,214

December 31, 2016
Due 2040	$	275,000		(167,273	)		393	$	108,120	$	110,094
Due 2041	$	150,000		(94,843	)		285	$	55,442	$	62,246
Due 2042	$	150,000		(88,835	)		176	$	61,341	$	57,874
Total	$	575,000	$	(350,951	)	$	854	$	224,903	$	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 1, 2017
Due 2040	$	1,547		602		22		(25	)	$	2,146
Due 2041	$	844		308		12		2		$	1,166
Due 2042	$	844		301		13		(4	)	$	1,154
Total	$	3,235	$	1,211	$	47	$	(27	)	$	4,466

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