Debt and Other Obligations (Tables)
|
12 Months Ended |
Dec. 26, 2015 |
|---|
| Debt Disclosure [Abstract] |
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| Schedule of Debt and Other Obligations |
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December 26,
2015 |
|
December 27,
2014 |
|
(In millions) |
6.00% Notes, net of discount |
$ |
— |
|
|
$ |
42 |
|
6.75% Notes |
600 |
|
|
600 |
|
6.75% Notes, interest rate swap |
7 |
|
|
3 |
|
7.75% Notes |
450 |
|
|
450 |
|
7.50% Notes |
475 |
|
|
475 |
|
7.00% Notes |
500 |
|
|
500 |
|
Secured Revolving Line of Credit |
230 |
|
|
130 |
|
Capital lease obligations |
— |
|
|
12 |
|
Total debt |
2,262 |
|
|
2,212 |
|
Less: current portion |
230 |
|
|
177 |
|
Total debt, less current portion |
$ |
2,032 |
|
|
$ |
2,035 |
|
|
| Secured Revolving Line Of Credit, Interest Rate Description |
Applicable Margin, if average availability is equal to or greater than 66.66% of the total commitment amount and the fixed charge coverage ratio for the most recently ended four-fiscal quarter period is greater than or equal to 1.25 to 1.00, is 0.25% for Base Rate Revolver Loans and 1.25% for LIBOR Revolver Loans. Otherwise, Applicable Margin is determined in accordance with the below table:
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|
Level |
|
Average
Availability for
Last Fiscal
Month
|
|
Base Rate
Revolver Loans:
Applicable Margin
|
|
LIBOR
Revolver Loans:
Applicable Margin
|
I |
|
greater than or equal to 66.66% of the Revolver Commitment |
|
0.5% |
|
1.5% |
II |
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greater than or equal to 33.33% of the Revolver Commitment, less than 66.66% |
|
0.75% |
|
1.75% |
III |
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less than 33.33% of the Revolver Commitment |
|
1% |
|
2% |
|
| Schedule of Future Payments on Debt |
As of December 26, 2015, the Company’s future debt payment obligations were as follows:
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|
|
|
|
|
|
Long Term Debt (Principal only) |
|
Short Term Debt (Principal only) |
|
(In millions) |
2016 |
$ |
— |
|
|
$ |
230 |
|
2017 |
— |
|
|
— |
|
2018 |
— |
|
|
— |
|
2019 |
600 |
|
|
— |
|
2020 |
450 |
|
|
— |
|
2021 and thereafter |
975 |
|
|
— |
|
Total |
$ |
2,025 |
|
|
$ |
230 |
|
|
| 7.75% Senior Notes Due 2020 |
|
| Debt Instrument, Redemption [Line Items] |
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| Debt Instrument Redemption |
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|
|
|
Period |
Price as
Percentage of
Principal Amount
|
Beginning on August 1, 2015 through July 31, 2016 |
103.875 |
% |
Beginning on August 1, 2016 through July 31, 2017 |
102.583 |
% |
Beginning on August 1, 2017 through July 31, 2018 |
101.292 |
% |
On August 1, 2018 and thereafter |
100.000 |
% |
|
| 7.00% Senior Notes due 2024 |
|
| Debt Instrument, Redemption [Line Items] |
|
| Debt Instrument Redemption |
Starting July 1, 2019, the Company may redeem the 7.00% Notes for cash at the following specified prices plus accrued and unpaid interest:
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|
|
|
Period |
Price as
Percentage of
Principal Amount |
Beginning on July 1, 2019 through June 30, 2020 |
103.500 |
% |
Beginning on July 1, 2020 through June 30, 2021 |
102.333 |
% |
Beginning on July 1, 2021 through June 30, 2022 |
101.167 |
% |
On July 1, 2022 and thereafter |
100.000 |
% |
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