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Debt | 12 Months Ended
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Mar. 02, 2013
Debt Disclosure [Abstract] |
Debt | Debt During fiscal 2013, the Company entered into an amendment to its existing credit agreement. The amount of the revolving credit facility was increased from $80.0 million to $100.0 million and the expiration date was extended to October 2017. The Company's minimum required adjusted debt-to-EBITDA ratio was raised from 2.75 to 3.00. The credit facility also includes a letter of credit facility in the amount of up to $60.0 million, the outstanding amounts of which decrease the available commitment. No other provisions of the original agreement were materially impacted by the amended credit agreement. No borrowings were outstanding under the amended credit agreement as of March 2, 2013 or under the original agreement as of March 3, 2012. Letters of credit issued under the facility decrease the amount of available commitment, $76.6 million was available under the amended facility at March 2, 2013 and $66.8 million was available under the original facility at March 3, 2012. 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 2, 2013 was $263.9 million, whereas the Company’s net worth as defined in the credit facility was $333.3 million. The credit facility also requires that the Company maintain an adjusted debt-to-EBITDA ratio of not more than 3.00. 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 0.11 at March 2, 2013. 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 2, 2013, the Company was in compliance with the financial covenants of the credit facility. During the first quarter of fiscal 2013, $10.0 million of industrial development bonds were issued and made available for current and future investment in the Company’s storefront and entrance business in Michigan. The interest rate on the bonds resets weekly and is equal to the market rate of interest earned for similar revenue bonds or other tax-free securities. The bonds will mature in April 2042. The proceeds are reported as restricted investments in the consolidated balance sheet until disbursed; $5.4 million of proceeds were disbursed during fiscal 2013.
(In thousands) | 2013 |  | 2012
Borrowings under revolving credit agreement | $ | — |  |  | $ | — |
Other, interest at 0.3% and 0.6% for 2013 and 2012, respectively | 30,813 |  |  | 21,024 |
Total long-term debt | 30,813 |  |  | 21,024 |
Less current installments | (10,057 | ) |  | (108 | )
Net long-term debt | $ | 20,756 |  |  | $ | 20,916 |
Included in the totals above are $12.0 million of recovery zone facility bonds, $10.0 million of which is current, $18.4 million of industrial development bonds, including the newly issued $10.0 million noted above, and other debt held by GlassecViracon. The industrial development and recovery zone facility bonds mature in fiscal years 2014 through 2043, and the other debt matures in fiscal years 2014 through 2021. The fair value of the industrial development and recovery zone facility bonds approximates carrying value at March 2, 2013 due to the variable interest rates on these instruments. The bonds are classified as level 2 within the fair value hierarchy. Debt maturities are as follows:
(In thousands) | 2014 |  | 2015 |  | 2016 |  | 2017 |  | 2018 |  | Thereafter |  | Total
Maturities | $10,057 |  | $57 |  | $57 |  | $57 |  | $57 |  | $20,528 |  | $ | 30,813 |
Selected information related to long-term debt is as follows:
(In thousands, except percentages) | 2013 |  | 2012
Average daily borrowings during the year | $ | 29,951 |  |  | $ | 21,414 |
Maximum borrowings outstanding during the year | 31,054 |  |  | 22,268 |
Weighted average interest rate during the year | 0.40 | % |  | 0.95 | %
Interest expense was as follows for fiscal 2013, 2012 and 2011:
(In thousands) | 2013 |  | 2012 |  | 2011
Interest on debt | $ | 895 |  |  | $ | 942 |  |  | $ | 421 |
Other interest expense | 599 |  |  | 485 |  |  | 298 |
Interest expense | $ | 1,494 |  |  | $ | 1,427 |  |  | $ | 719 |
Interest payments were $1.0 million in each of fiscal 2013 and 2012, and were $0.6 million in fiscal 2011.

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- 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 Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 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 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. + Details
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