Debt Obligations

9 Months Ended

Sep. 28, 2014

DEBT OBLIGATIONS

As of September 28, 2014, our current indebtedness included senior notes and the repurchase option related to a sale-leaseback of a portion of our New York headquarters. Our total debt and capital lease obligations consisted of the following:



(In thousands)	Coupon Rate		September 28, 2014		December 29, 2013
Current portion of long-term debt and capital lease obligations
Senior notes due 2015	5.0	%	$	244,083	$	—
Short-term capital lease obligations			—		21
Total current portion of debt and capital lease obligations			244,083		21
Long-term debt and capital lease obligations
Senior notes due 2015	5.0	%	—		244,057
Senior notes due 2016	6.625	%	187,420		205,111
Option to repurchase ownership interest in headquarters building in 2019			231,131		228,259
Long-term capital lease obligations			6,730		6,715
Total long-term debt and capital lease obligations			425,281		684,142
Total debt and capital lease obligations			$	669,364	$	684,163

See Note 8 for information regarding the fair value of our long-term debt.

During the first nine months of 2014, we repurchased approximately $18.4 million principal amount of our 6.625% senior unsecured notes due December 2016 (“6.625% Notes”) and recorded a $2.2 million pre-tax charge in connection with the repurchases within interest expense.

During the first nine months of 2013, we repurchased approximately $17.4 million principal amount of our 6.625% Notes and recorded a $2.1 million pre-tax charge in connection with the repurchases within interest expense.

See Note 16 for additional information on debt repurchases.

“Interest expense, net” in our Condensed Consolidated Statements of Operations was as follows:



	For the Quarters Ended						For the Nine Months Ended
(In thousands)	September 28, 2014			September 29, 2013			September 28, 2014			September 29, 2013
Cash interest expense	$	12,748		$	12,995		$	38,870		$	39,508
Premium on debt repurchases	2,188			1,499			2,188			2,127
Amortization of discount on debt	1,314			1,355			3,632			3,622
Interest income	(996		)	(395		)	(2,930		)	(1,088		)
Total interest expense, net	$	15,254		$	15,454		$	41,760		$	44,169

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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