Debt and Other Obligations (Tables)
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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 |
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December 27, 2014 |
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(In millions) |
6.00% Notes, net of discount |
$ |
— |
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$ |
42 |
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6.75% Notes |
600 |
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|
600 |
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6.75% Notes, interest rate swap |
7 |
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|
3 |
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7.75% Notes |
450 |
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|
450 |
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7.50% Notes |
475 |
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|
475 |
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7.00% Notes |
500 |
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|
500 |
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Secured Revolving Line of Credit |
230 |
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|
130 |
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Capital lease obligations |
— |
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|
12 |
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Total debt |
2,262 |
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|
2,212 |
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Less: current portion |
230 |
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|
177 |
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Total debt, less current portion |
$ |
2,032 |
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$ |
2,035 |
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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 |
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Average
Availability for
Last Fiscal
Month
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Base Rate
Revolver Loans:
Applicable Margin
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LIBOR
Revolver Loans:
Applicable Margin
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I |
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greater than or equal to 66.66% of the Revolver Commitment |
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0.5% |
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1.5% |
II |
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greater than or equal to 33.33% of the Revolver Commitment, less than 66.66% |
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0.75% |
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1.75% |
III |
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less than 33.33% of the Revolver Commitment |
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1% |
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2% |
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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) |
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Short Term Debt (Principal only) |
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(In millions) |
2016 |
$ |
— |
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$ |
230 |
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2017 |
— |
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— |
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2018 |
— |
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— |
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2019 |
600 |
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— |
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2020 |
450 |
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— |
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2021 and thereafter |
975 |
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— |
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Total |
$ |
2,025 |
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$ |
230 |
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7.75% Senior Notes Due 2020 |
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Debt Instrument, Redemption [Line Items] |
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Debt Instrument Redemption |
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Period |
Price as
Percentage of
Principal Amount
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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 |
% |
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7.00% Senior Notes due 2024 |
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Debt Instrument, Redemption [Line Items] |
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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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