Indebtedness (Notes)

3 Months Ended

Apr. 04, 2015

Debt Table [Abstract]

Debt and Capital Leases Disclosures [Text Block]

Long-Term Debt and Capital Lease Obligations

The following is a summary of indebtedness outstanding:

(In thousands)	April 4, 2015			January 3, 2015
Note agreement, 5.54%	$	13,853		$	14,233
Senior Notes	500,000			—
Capital lease obligations	113,106			116,095
Debt and capital lease obligations	626,959			130,328
Less: debt issuance costs	(792		)	—
Debt and capital lease obligations, net	626,167			130,328
Less: current portion	(61,828		)	(67,460		)
Long-term debt and capital lease obligations	$	564,339		$	62,868

In January 2015, we issued $500 million aggregate principal amount of unsecured Senior Notes ("Notes"), pursuant to a Master Note Purchase Agreement dated December 4, 2014. The issuance consisted of $225 million of 3.18% Series 2015-A Notes due February 15, 2022, $200 million of 3.58% Series 2015-B Notes due February 14, 2025, and $75 million in floating rate Series 2015-C Notes due February 15, 2022. Interest is payable semiannually on February 15th and August 15th in each year, commencing on August 15, 2015 for the Series 2015-A Notes and Series 2015-B Notes. The Series 2015-C Notes will accrue interest at a floating rate equal to the Adjusted LIBOR Rate (as defined in the Master Note Purchase Agreement), payable quarterly on February 15th, May 15th, August 15th and November 15th in each year, commencing on May 15, 2015. As of April 4, 2015, the interest rate was 1.26% for the current interest period based on the three-month floating LIBOR rate. The debt issuance costs in the table above relate to the issuance of these Notes. The Master Note Purchase Agreement contains certain leverage and interest coverage ratio covenants and provides certain restrictions on our ability to borrow, incur liens, sell assets, and other customary terms. Proceeds from the Notes are available for general corporate purposes.

As of April 4, 2015, we were in compliance with all debt covenants.