Debt |
9 Months Ended |
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Oct. 01, 2011 | |
Debt [Abstract] | |
Debt |
NOTE 8. Debt During the third quarter of 2011, the Company repurchased $150 million in aggregate principal amount of its 6.00% Convertible Senior Notes due 2015 (the 6.00% Notes) in open market transactions for approximately $153 million, net of accrued interest of $2 million. The Company's accounting for its 6.00% Notes reflects the guidance on accounting for convertible debt that may be fully or partially settled in cash upon conversion. The proceeds used for the repurchase of the 6.00% Notes were allocated between the liability and equity components in a manner that reflects interest expense at the market interest rate for similar nonconvertible debt as of the repurchase dates of the 6.00% Notes. The equity component is included in the paid-in-capital portion of stockholders' equity on the Company's condensed consolidated balance sheet. For the repurchase of its 6.00% Notes in the third quarter of 2011, the Company allocated $8 million of the $153 million cash payment to the equity component and reduced the carrying amount of the debt by $141 million. The Company recognized a $5 million net loss on its repurchases. As of October 1, 2011, the remaining carrying amount of the 6.00% Notes was approximately $591 million, net of debt discount of $39 million. As of October 1, 2011, the Company reclassified the 5.75% Notes with a carrying amount of $485 million to current liabilities because the 5.75% Notes mature in the next 12 months. |
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- 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. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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