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Debt and Interest Expense (Tables)
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3 Months Ended |
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Mar. 29, 2015
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| Debt Disclosure [Abstract] |
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| Schedule of Long-term and Short-term Debt Instruments |
| | | | | | | | |
| March 29,
2015 | | December 28,
2014 | Short-term borrowings |
| |
| - Notes payable | $ | 2,263 |
| | $ | 2,396 |
| Total short-term borrowings | $ | 2,263 |
| | $ | 2,396 |
| Long-term debt | | | | - Amended Credit Agreement - Tranche G Term Loans due 2020 | 1,409,625 |
| | 1,409,625 |
| - Amended Credit Agreement - Tranche H Term Loans due 2020 | 518,438 |
| | 519,750 |
| - 4.875% Senior Notes due 2021 | 350,000 |
| | 350,000 |
| - 3.0% Note payable to Gilster Mary Lee Corporation due 2018 | 11,600 |
| | 12,497 |
| - Unamortized discount on long term debt | (12,133 | ) | | (12,728 | ) | - Capital lease obligations | 18,026 |
| | 18,756 |
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| 2,295,556 |
| | 2,297,900 |
| Less: current portion of long-term obligations | 11,816 |
| | 11,916 |
| Total long-term debt | $ | 2,283,740 |
| | $ | 2,285,984 |
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| Schedule of Interest expense |
| | | | | | | | | Interest expense | Three months ended | | March 29,
2015 | | March 30,
2014 | Interest expense, third party | $ | 19,965 |
| | $ | 22,796 |
| Related party interest expense (Note 13) | 276 |
| | 516 |
| Amortization of debt acquisition costs (Note 8) | 994 |
| | 1,024 |
| Interest rate swap losses (Note 11) | 393 |
| | 31 |
| Total interest expense | $ | 21,628 |
| | $ | 24,367 |
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| Schedule of Early Redemption Prices Of Long-term Debt Instruments |
may redeem the 4.875% Senior Notes at the redemption prices listed below, if redeemed during the twelve-month period beginning on May 1st of each of the years indicated below: | | | | Year | Percentage | 2016 | 103.656% | 2017 | 102.438% | 2018 | 101.219% | 2019 and thereafter | 100.000% |
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| Schedule of the estimated fair value of the Company's long-erm debt, including the current portion |
The estimated fair value of the Company’s long-term debt, including the current portion, as of March 29, 2015, is as follows: | | | | | | | | | | | | March 29, 2015 | Issue | | Face Value | | Fair Value | Amended Credit Agreement - Tranche G Term Loans | | $ | 1,409,625 |
| | $ | 1,402,577 |
| Amended Credit Agreement - Tranche H Term Loans | | 518,438 |
| | 515,845 |
| 3.0% Note payable to Gilster Mary Lee Corporation due 2018
| | 11,600 |
| | 11,600 |
| 4.875% Senior Notes | | 350,000 |
| | 350,000 |
| | | $ | 2,289,663 |
| | $ | 2,280,022 |
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The estimated fair value of the Company’s long-term debt, including the current portion, as of December 28, 2014, is as follows:
| | | | | | | | | | | | December 28, 2014 | Issue | | Face Value | | Fair Value | Amended Credit Agreement - Tranche G Term Loans | | $ | 1,409,625 |
| | $ | 1,367,336 |
| Amended Credit Agreement - Tranche H Term Loans | | 519,750 |
| | 504,158 |
| 3.0% Note payable to Gilster Mary Lee Corporation due 2018
| | 12,497 |
| | 12,497 |
| 4.875% Senior Notes | | 350,000 |
| | 346,500 |
| | | $ | 2,291,872 |
| | $ | 2,230,491 |
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