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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