Borrowings (Tables)

3 Months Ended

Mar. 30, 2014

Components of Long-Term Debt

The components of long-term debt at March 30, 2014 and December 31, 2013 are as follows:

	March 30, 2014			December 31, 2013
	(Dollars in thousands)
Senior Credit Facility:
Revolving credit facility, at a rate of 2.15% at March 30, 2014, due 7/16/2018	$	680,000		$	680,000
3.875% Convertible Senior Subordinated Notes		400,000			400,000
6.875% Senior Subordinated Notes due 2019		250,000			250,000
		1,330,000			1,330,000
Less: Unamortized debt discount on 3.875% Convertible Senior Subordinated Notes		(45,439	)		(48,413	)
		1,284,561			1,281,587
Current portion of borrowings		(354,561	)		(351,587	)
	$	930,000		$	930,000

Fair Value of Long-Term Debt

The carrying amount of long-term debt reported in the consolidated balance sheet as of March 30, 2014 is $1,284.6 million. The Company uses a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, optionality, and risk profile to determine the fair value of its debt. The Company’s implied credit rating is a factor in determining the market interest yield curve. The following table provides the fair value of the Company’s debt as of March 30, 2014, categorized by fair value hierarchy level (see Note 10, “Fair value measurement,” in the Company’s annual report on Form 10-K for the year ended December 31, 2013 for further information):

	Fair value of debt
	(Dollars in thousands)
Level 1	$	969,595
Level 2		653,209
Total	$	1,622,804