Long-Term Debt (Tables)

6 Months Ended

Jul. 03, 2021

Long-Term Debt [Abstract]

Long-term Debt Instruments

Long-term debt consists of the following:

	July 3, 2021			December 31, 2020
Credit facility	$	-		$	-
Convertible senior notes, due 2025		465,344			406,268
Convertible senior debentures, due 2040		-			130
Deferred financing costs		(11,313	)		(11,512	)
		454,031			394,886
Less current portion		-			-
	$	454,031		$	394,886

Key Facts and Terms of the Convertible Debt Instruments

The following table summarizes some key facts and terms regarding the outstanding convertible senior notes due 2025 as of July 3, 2021:

	Convertible Senior Notes Due 2025
Issuance date	June 12, 2018
Maturity date	June 15, 2025
Principal amount as of July 3, 2021	$	465,344
Cash coupon rate (per annum)		2.25	%
Nonconvertible debt borrowing rate at issuance (per annum)		5.50	%
Conversion rate effective June 17, 2021 (per $1 principal amount)		31.9104
Effective conversion price effective June 17, 2021 (per share)	$	31.34
130% of the conversion price (per share)	$	40.74
Call date		n/a

Liability and Equity of Component of Convertible Debt Instruments

The carrying value of the convertible senior notes due 2025 was $465,344 as of July 3, 2021.  The carrying value of the liability and equity components of the convertible debt instruments prior to the adoption of ASU No. 2020-06 are reflected in the Company’s consolidated condensed balance sheet as follows:

	Principal amount of the debt instruments		Unamortized discount			Carrying value of liability component		Equity component (including temporary equity) -net carrying value
December 31, 2020
Convertible senior notes due 2025	$	465,344		(59,076	)	$	406,268	$	66,127
Convertible senior debentures due 2040	$	300		(170	)	$	130	$	121
Total	$	465,644	$	(59,246	)	$	406,398	$	66,248

Convertible Debt Instruments, Interest Expense

Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the fiscal quarters ended:

	Contractual coupon interest		Non-cash amortization of debt discount		Other non-cash interest expense		Total interest expense related to the debt instruments
July 3, 2021
Convertible senior notes due 2025	$	2,618		-		433	$	3,051
July 4, 2020
Convertible senior notes due 2025	$	3,266		3,479		435	$	7,180
Convertible senior debentures	$	16		9		-	$	25
Total	$	3,282	$	3,488	$	435	$	7,205

Interest expense related to the convertible debt instruments is reflected on the consolidated condensed statements of operations for the six fiscal months ended:

	Contractual coupon interest		Non-cash amortization of debt discount		Other non-cash interest expense		Total interest expense related to the debt instruments
July 3, 2021
Convertible senior notes due 2025	$	5,236		-		866	$	6,102
July 4, 2020
Convertible senior notes due 2025	$	6,641		7,096		889	$	14,626
Convertible senior debentures	$	60		29		-	$	89
Total	$	6,701	$	7,125	$	889	$	14,715