XML 48 R11.htm IDEA: XBRL DOCUMENT
v2.3.0.15

Long-term Debt | 12 Months Ended
--- | ---
Aug. 27, 2011
Long-term Debt [Abstract] |
Long-term Debt | 5. Long-term Debt Long-term debt outstanding on the accompanying Consolidated Balance Sheets are as follows (in thousands):
|  | August 27, 2011 |  |  | August 28, 2010 |
Series A, fixed rate notes due June 2011 bore interest at 5.27% |  | $ | - |  |  | $ | 75,000 |
Series D, floating rate notes due September 2013 bearing interest at LIBOR plus 50 basis points bearing interest at 0.75% and 1.04% as of August 27, 2011 and August 28, 2010, respectively. |  |  | 100,000 |  |  |  | 100,000 |
Unsecured revolving credit agreement with a syndicate of banks, weighted-average interest rate of 1.4% at August 27, 2011. |  |  | 15,000 |  |  |  | - |
Other |  |  | 5,296 |  |  |  | 6,464 |
Long-term debt |  |  | 120,296 |  |  |  | 181,464 |
Less - current maturities |  |  | 20,133 |  |  |  | 81,160 |
|  | $ | 100,163 |  |  | $ | 100,304 |
Aggregate maturities of long-term debt for the five fiscal years subsequent to August 27, 2011 and thereafter are as follows (in thousands):
2012 |  | $ | 20,133 |
2013 |  |  | - |
2014 |  |  | 100,000 |
2015 |  |  | - |
2016 |  |  | - |
Thereafter |  |  | 163 |
Total |  | $ | 120,296 |
On May 5, 2011, the Company entered into a $250.0 million unsecured revolving credit agreement (the “Credit Agreement”) with a syndicate of banks, which matures on May 4, 2016. Under the Credit Agreement, the Company is able to borrow funds at variable interest rates based on, at the Company's election, the Eurodollar rate or a base rate, plus in each case a spread based on the Company's consolidated funded debt ratio. Availability of credit requires compliance with certain financial and other covenants, including a maximum consolidated funded debt ratio and minimum consolidated interest coverage ratio as defined in the Credit Agreement. The Company tests its compliance with these financial covenants on a fiscal quarterly basis. At August 27, 2011, the interest rates applicable to the Company's borrowings under the Credit Agreement were calculated as LIBOR plus 125 basis points at the time of the respective borrowing. As of August 27, 2011, the Company had outstanding borrowings of $15.0 million, letters of credit amounting to $39.2 million and $195.8 million available for borrowing under the Credit Agreement. Prior to May 5, 2011, the Company had a $225.0 million unsecured revolving credit agreement (the “Prior Credit Agreement”) with a syndicate of banks, which was scheduled to mature on September 13, 2011. In connection with the Company's entry into the Credit Agreement, the Company terminated the Prior Credit Agreement. On June 14, 2004, the Company issued $75.0 million of fixed rate notes (“Fixed Rate Notes”) pursuant to a Note Purchase Agreement with a seven year term and bearing interest at 5.27%. The Fixed Rate Notes matured on June 14, 2011 and were repaid with approximately $45.0 million from the Company's cash reserves and $30.0 million of borrowing under the Company's Credit Agreement. On September 14, 2006, the Company issued $100.0 million of floating rates notes (“Floating Rate Notes”) pursuant to a Note Purchase Agreement (“2006 Note Agreement”). The Floating Rate Notes mature on September 14, 2013, bear interest at LIBOR plus 50 basis points and may be repaid at face value two years from the date of issuance. As of August 27, 2011, the Company was in compliance with all covenants under the Credit Agreement and the 2006 Note Agreement.

X
- Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 129 -Paragraph 2, 4 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration