Debt

Long-term debt consisted of the following:



	As of
	December 31, 2016		October 1, 2016
	(In thousands)
Secured debt due 2017	$	40,000	$	40,000
Senior secured notes due 2019	375,000		375,000
Non-interest bearing promissory notes	21,714		22,475
Total long-term debt	436,714		437,475
Less: Current portion (includes Secured debt due 2017)	43,416		3,416
Long-term debt	$	393,298	$	434,059

On January 31, 2017, subsequent to the end of the first quarter of 2017, the Company made an irrevocable election to repay its Secured debt due 2017 prior to its scheduled maturity of December 19, 2017. Accordingly, this debt obligation of $40.0 million will be paid on February 7, 2017, with no penalty for early repayment.

Short-term debt

The Company has a $375 million secured revolving credit facility (the "Cash Flow Revolver") that may be increased by an additional $125 million upon obtaining additional commitments from lenders then party to the Cash Flow Revolver or new lenders. The Cash Flow Revolver expires on May 20, 2020, but may be terminated by the lenders as early as March 4, 2019 if certain conditions exist. As of December 31, 2016, there were no borrowings and $16.8 million of letters of credit were outstanding under the Cash Flow Revolver.

As of December 31, 2016, certain foreign subsidiaries of the Company had a total of $74.0 million of short-term borrowing facilities, under which no borrowings were outstanding. Most of these facilities expire at various dates through the first quarter of 2018.

Debt covenants

The Company's Cash Flow Revolver requires the Company to comply with certain financial covenants. Additionally, the agreement governing the Company’s $40 million debt collateralized by the Company’s corporate campus requires the Company to comply with a financial covenant if certain conditions exist, none of which existed as of December 31, 2016. This covenant will no longer be applicable after February 7, 2017 when such debt is repaid.

The Company's debt agreements contain a number of restrictive covenants, restrictions on incurring additional debt, making investments and other restricted payments, selling assets, paying dividends and redeeming or repurchasing capital stock and debt, subject to certain exceptions.

The Company was in compliance with these covenants as of December 31, 2016.