XML 38 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Debt | 12 Months Ended
--- | ---
Mar. 03, 2012
Debt [Abstract] |
Debt | 8 Debt The Company maintains an $80.0 million revolving credit facility, which expires in January 2014, with borrowings secured by a pledge of certain assets of the Company. No borrowings were outstanding as of March 3, 2012 or February 26, 2011. The credit facility requires the Company to maintain a minimum level of net worth as defined in the credit facility based on certain quarterly financial calculations. The minimum required net worth computed in accordance with the credit agreement at March 3, 2012 was $274.2 million, whereas the Company's net worth as defined in the credit facility was $321.2 million. The credit facility also requires that the Company maintain an adjusted debt-to-EBITDA ratio of not more than 2.75. This ratio is computed quarterly, with EBITDA computed on a rolling four-quarter basis. For purposes of calculating the adjusted debt in the adjusted debt-to-EBITDA ratio, the Company reduces non-credit facility debt for up to $25 million to the extent of unrestricted cash balances, cash equivalents and short-term marketable securities available for sale in excess of $15 million. The Company's ratio was 0.00 at March 3, 2012. If the Company is not in compliance with either of these covenants, the lenders may terminate the commitment and/or declare any loan then outstanding to be immediately due and payable. At March 3, 2012, the Company was in compliance with the financial covenants of the credit facility.
(In thousands) |  | 2012 |  |  | 2011 |
Borrowings under revolving credit agreement |  | $ | — |  |  | $ | — |
Other, interest at 0.6% and 1.4% for 2012 and 2011, respectively |  |  | 21,024 |  |  |  | 22,429 |
Total long-term debt |  |  | 21,024 |  |  |  | 22,429 |
Less current installments |  |  | (108 | ) |  |  | (987 | )
Net long-term debt |  | $ | 20,916 |  |  | $ | 21,442 |
Included in the totals above are $8.4 million of industrial revenue bonds, $12.0 million of recovery zone facility bonds and other debt held by GlassecViracon. The industrial development and recovery zone facility bonds mature in fiscal years 2021 through 2036, and the other debt matures in fiscal years 2013 through 2021. The $8.4 million of industrial revenue bonds are supported by $8.7 million of letters of credit, and the $12.0 million of recovery zone facility bonds are supported by a $12.3 million letter of credit. The fair value of debt approximates carrying value at March 3, 2012. Debt maturities are as follows:
(In thousands) |  | 2013 |  |  | 2014 |  |  | 2015 |  |  | 2016 |  |  | 2017 |  |  | Thereafter |  |  | Total |
Maturities |  | $ | 108 |  |  | $ | 62 |  |  | $ | 62 |  |  | $ | 62 |  |  | $ | 62 |  |  | $ | 20,668 |  |  | $ | 21,024 |
Selected information related to long-term debt is as follows:
(In thousands, except percentages) |  | 2012 |  |  | 2011 |
Average daily borrowings during the year |  | $ | 21,414 |  |  | $ | 9,156 |
Maximum borrowings outstanding during the year |  |  | 22,268 |  |  |  | 23,524 |
Weighted average interest rate during the year |  |  | 0.95 | % |  |  | 1.7 | %
Interest expense was as follows for fiscal 2012, 2011 and 2010:
(In thousands) |  | 2012 |  |  | 2011 |  |  | 2010 |
Interest on debt |  | $ | 942 |  |  | $ | 421 |  |  | $ | 54 |
Other interest expense |  |  | 485 |  |  |  | 298 |  |  |  | 552 |
Net interest expense |  | $ | 1,427 |  |  | $ | 719 |  |  | $ | 606 |
Interest payments were $1.0 million, $0.6 million and $0.9 million in fiscal 2012, 2011 and 2010, respectively.

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