XML 103 R14.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Long-Term Debt | 12 Months Ended
--- | ---
Jun. 01, 2013
Long-term Debt, Unclassified [Abstract] |
Long-term Debt [Text Block] | Long-Term Debt Long-term debt consisted of the following obligations:
(In millions) |  | June 1, 2013 |  | June 2, 2012
Series A senior notes, 5.94%, due January 3, 2015 |  | $ | 50.0 |  |  | $ | 50.0 |
Series B senior notes, 6.42%, due January 3, 2018 |  | 150.0 |  |  | 150.0 |
Debt securities, 6.0%, due March 1, 2021 |  | 50.0 |  |  | 50.0 |
Total |  | $ | 250.0 |  |  | $ | 250.0 |
During the second quarter of fiscal 2012, the company entered into an amendment and restatement of the syndicated revolving line of credit, which provided the company with up to $150 million in revolving variable interest borrowing capacity and includes an "accordion feature", which allows the company to increase, at its option and subject to the approval of the participating banks, the aggregate borrowing capacity of the facility by $75 million. The facility expires in November 2016 and outstanding borrowings bear interest at rates based on the prime rate, federal funds rate, LIBOR, or negotiated rates as outlined in the agreement. Interest is payable periodically throughout the period a borrowing is outstanding. As of June 1, 2013 and June 2, 2012, total usage against this facility was $7.7 million and $9.7 million respectively, all of which related to outstanding letters of credit. Our senior notes and the unsecured senior revolving credit facility restrict, without prior consent, our borrowings, capital leases, and the sale of certain assets. In addition, we have agreed to maintain certain financial performance ratios, which include a maximum leverage ratio covenant, which is measured by the ratio of debt to trailing four quarter adjusted EBITDA (as defined in the credit agreement) and is required to be less than 3.5:1, and a minimum interest coverage ratio, which is measured by the ratio of trailing four quarter EBITDA to trailing four quarter interest expense (as defined in the credit agreement) and is required to be greater than 4:1. Adjusted EBITDA is generally defined in the credit agreement as EBITDA adjusted by certain items which include non-cash share-based compensation, non-recurring restructuring costs, legacy pension expenses and extraordinary ite ms. At June 1, 2013 and June 2, 2012, the company was in compliance with all of these restrictions and performance ratios. Annual maturities of long-term debt for the five fiscal years subsequent to June 1, 2013, are as follows:
(In millions) |
2014 | $ | — |
2015 | $ | 50.0 |
2016 | $ | — |
2017 | $ | — |
2018 | $ | 150.0 |
Thereafter | $ | 50.0 |

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

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration