Long-term Debt and Letters of Credit (Tables)
|
3 Months Ended |
Apr. 02, 2018 |
Debt Disclosure [Abstract] |
|
Long-term Debt |
The following table summarizes the long-term debt of the Company as of April 2, 2018 and January 1, 2018:
|
|
Interest Rate
as of April 2,
2018 |
|
|
Principal
Outstanding as of
April 2, 2018 |
|
|
Interest Rate
as of January 1,
2018 |
|
|
Principal
Outstanding as of
January 1, 2018 |
|
|
|
(In thousands) |
|
Term Loan due September 2024 |
|
4.38% |
|
|
$ |
348,250 |
|
|
4.06% |
|
|
$ |
349,125 |
|
Senior Notes due October 2025 |
|
5.63% |
|
|
|
375,000 |
|
|
5.63% |
|
|
|
375,000 |
|
Convertible Senior Notes due December 2020 |
|
1.75% |
|
|
|
249,985 |
|
|
1.75% |
|
|
|
249,985 |
|
U.S. ABL Revolving Loan due May 2020 |
|
3.13% |
|
|
|
17,000 |
|
|
3.06% |
|
|
|
17,000 |
|
Asia ABL Revolving Loan due May 2020 |
|
3.28% |
|
|
|
30,000 |
|
|
2.96% |
|
|
|
30,000 |
|
Capital Lease |
|
6.43% |
|
|
|
1,987 |
|
|
6.43% |
|
|
|
1,919 |
|
|
|
|
|
|
|
|
1,022,222 |
|
|
|
|
|
|
|
1,023,029 |
|
Less: Long-term debt unamortized discount |
|
|
|
|
|
|
(28,225 |
) |
|
|
|
|
|
|
(30,513 |
) |
Long-term debt unamortized debt issuance costs |
|
|
|
|
|
|
(11,968 |
) |
|
|
|
|
|
|
(12,459 |
) |
|
|
|
|
|
|
|
982,029 |
|
|
|
|
|
|
|
980,057 |
|
Less: current maturities |
|
|
|
|
|
|
(4,616 |
) |
|
|
|
|
|
|
(4,578 |
) |
Long-term debt, less current maturities |
|
|
|
|
|
$ |
977,413 |
|
|
|
|
|
|
$ |
975,479 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule of Liability and Equity Components of Convertible Senior Notes Included in Additional Paid-in Capital |
As of April 2, 2018 and January 1, 2018, the following summarizes the equity components of the convertible senior notes included in additional paid-in capital:
|
|
As of April 2, 2018 and January 1, 2018 |
|
|
|
Embedded
conversion
option —
Convertible
Senior Notes |
|
|
Embedded
conversion
option —
Convertible
Senior Notes
Issuance
Costs |
|
|
Total |
|
|
|
(in thousands) |
|
Convertible senior notes due 2020 |
|
$ |
60,216 |
|
|
$ |
(1,916 |
) |
|
$ |
58,300 |
|
|
Components of Interest Expense from Convertible Senior Notes |
The components of interest expense resulting from the convertible senior notes for the quarters ended April 2, 2018 and April 3, 2017 are as follows:
|
|
Quarter Ended |
|
|
|
April 2, |
|
|
April 3, |
|
|
|
2018 |
|
|
2017 |
|
|
|
(In thousands) |
|
Contractual coupon interest |
|
$ |
1,094 |
|
|
$ |
1,094 |
|
Amortization of debt discount |
|
$ |
2,230 |
|
|
$ |
2,091 |
|
Amortization of debt issuance costs |
|
$ |
224 |
|
|
$ |
209 |
|
|
Schedule of Remaining Unamortized Debt Discount and Debt Issuance Costs |
As of April 2, 2018 and January 1, 2018, remaining unamortized debt discount and debt issuance costs for the Term Loan Facility, Senior Notes and Convertible Senior Notes are as follows:
|
|
As of April 2, 2018 |
|
|
As of January 1, 2018 |
|
|
|
Debt
Issuance Costs |
|
|
Debt
Discount |
|
|
Effective
Interest Rate |
|
|
Debt
Issuance Costs |
|
|
Debt
Discount |
|
|
Effective
Interest Rate |
|
|
|
(in thousands) |
|
Term Loan due September 2024 |
|
$ |
2,695 |
|
|
$ |
1,636 |
|
|
|
3.96 |
% |
|
$ |
2,788 |
|
|
$ |
1,691 |
|
|
|
3.96 |
% |
Senior Notes due October 2025 |
|
|
6,608 |
|
|
— |
|
|
|
5.92 |
% |
|
|
6,782 |
|
|
— |
|
|
|
5.92 |
% |
Convertible Senior Notes |
|
|
2,665 |
|
|
|
26,589 |
|
|
|
6.48 |
% |
|
|
2,889 |
|
|
|
28,822 |
|
|
|
6.48 |
% |
|
|
$ |
11,968 |
|
|
$ |
28,225 |
|
|
|
|
|
|
$ |
12,459 |
|
|
$ |
30,513 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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