Debt And Bank Credit Facilities

12 Months Ended

Dec. 28, 2013

Long-term Debt, Unclassified [Abstract]

(7) Debt and Bank Credit Facilities

The Company's indebtedness as of December 28, 2013 and December 29, 2012 was as follows (in millions):



	December 28, 2013		December 29, 2012
	December 28, 2013		December 29, 2012
Senior Notes	$	750.0	$	750.0
Term Loan	—		55.0
Other	17.4		13.5
	767.4		818.5
Less: Current Maturities	158.4		63.8
Non-current Portion	$	609.0	$	754.7

At December 28, 2013, the Company had $750.0 million of senior notes (the “Notes”) outstanding. During 2011, the Company issued $500.0 million in senior notes (the “2011 Notes”) in a private placement. The 2011 Notes were issued in seven tranches with maturities from seven to twelve years and carry fixed interest rates. The Company also has $250.0 million in senior notes (the “2007 Notes”) issued in two tranches with floating interest rates based on a margin over the London Inter-Bank Offered Rate (“LIBOR”). Details on the Notes at December 28, 2013 were (in millions):



	Principal		Interest Rate	Maturity
Floating Rate Series 2007A	$	150.0	Floating (1)	August 1, 2014
Floating Rate Series 2007A	100.0		Floating (1)	August 1, 2017
Fixed Rate Series 2011A	100.0		4.1%	July 1, 2018
Fixed Rate Series 2011A	230.0		4.8 to 5.0%	July 1, 2021
Fixed Rate Series 2011A	170.0		4.9 to 5.1%	July 1, 2023
	$	750.0



(1) Interest rates vary as LIBOR varies. At December 28, 2013, the interest rate was between 0.8% and 0.9%.

The Company has interest rate swap agreements to manage fluctuations in cash flows resulting from interest rate risk (see also Note 13 of Notes to the Consolidated Financial Statements).

In 2008, the Company entered into a Term Loan Agreement (“Term Loan”) with certain financial institutions, whereby the Company borrowed an aggregate principal amount of $165.0 million. Prior to 2013, the Company repaid $110.0 million of the Term Loan. The final $55.0 million payment was made in June 2013 when the loan matured.

The Company also has a $500.0 million revolving credit facility (the"Facility") that matures in 2016. The Facility permits borrowing at interest rates based upon a margin above LIBOR. The margin varies with the ratio of total funded debt to EBITDA as defined in the Facility. These interest rates also vary as LIBOR varies. At December 28, 2013 and December 29, 2012, there was no outstanding borrowings on the Facility. The average balance in direct borrowings under the Facility was $0.6 million and $30.6 million in 2013 and 2012, respectively. The average interest rate paid under the Facility was 1.4% in 2013 and 1.6% in 2012. At December 28, 2013, the Company had approximately $23.6 million in standby letters of credit issued under the Facility and $476.4 million in available borrowings under the Facility.

At December 28, 2013, other notes payable of approximately $17.4 million were outstanding with a weighted average interest rate of 2.7%. At December 29, 2012, other notes payable of approximately $13.5 million were outstanding with a weighted average rate of 2.4%.

Based on rates for instruments with comparable maturities and credit quality, which are classified as Level 2 inputs (see also Note 14 of Notes to the Consolidated Financial Statements), the approximate fair value of the Company's total debt was $779.6 million and $859.6 million as of December 28, 2013 and December 29, 2012, respectively.

The Notes and the Facility require us to meet specified financial ratios and to satisfy certain financial condition tests. We were in compliance with all financial covenants as of December 28, 2013. We believe that we will continue to be in compliance with these covenants for the foreseeable future.

Maturities of long-term debt are as follows (in millions):



Year	Amount of Maturity
2014	$	158.4
2015	0.4
2016	3.3
2017	100.5
2018	100.5
Thereafter	404.3
Total	$	767.4

- 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.

+ References+ Details