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Indebtedness | 6 Months Ended
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Mar. 30, 2012
Indebtedness [Abstract] |
Indebtedness | ###### 13 Indebtedness Debt was comprised of the following at March 30, 2012, September 30, 2011, and April 1, 2011:
| March 30 2012 | September 30 2011 | April 1 2011
Term loans | $ | 11,189 | $ | 14,367 | $ | 15,244
Revolvers |  | 39,776 |  | - |  | 56,498
Other |  | 506 |  | 605 |  | 698
Total debt |  | 51,471 |  | 14,972 |  | 72,440
Less current portion |  | 42,867 |  | 3,494 |  | 57,831
Total long-term debt | $ | 8,604 | $ | 11,478 | $ | 14,609
During the six month period ended March 30, 2012, the Company repaid $3,277 of long term debt, including $2,932 related to the sale of a property in Ferndale, Washington, which was pledged as collateral under this term loan. Term Loans The Company’s term loans have maturity dates ranging from 15 to 25 years from the September 29, 2009 effective date of the underlying agreements. Each term loan requires monthly payments of principal and interest. Interest on $8,604 of the aggregate outstanding amount of the term loans is based on the prime rate plus 2.0%, and the remainder is based on the prime rate plus 2.75%. The prime rate was 3.25% at March 30, 2012. The term loans are guaranteed in part under the United States Department of Agriculture Rural Development program and are secured with a first priority lien on land, buildings, machinery and equipment of the Company’s domestic subsidiaries and a second lien on working capital and certain patents and trademarks of the Company and its subsidiaries. Any proceeds from the sale of secured property are first applied against the related term loans and then against the Revolvers. Certain of the term loans covering $8,604 of the aggregate borrowings are subject to a pre-payment penalty. The penalty is currently 8% of the pre-payment amount, and the penalty will decrease by 1% annually on the anniversary date of the effective date of the loan agreement. Revolvers On November 16, 2010, the Company and certain of its subsidiaries entered into amendments to their Revolving Credit Agreements (or “Revolvers”). The amended terms of the Revolvers, maturing in November 2014, provide for funding of up to $75,000, with the option for an additional $25,000 in maximum seasonal financing availability subject to the approval of the lenders. Borrowing availability under the Revolvers is based on certain eligible working capital assets, primarily accounts receivable and inventory of the Company and its subsidiaries. The Revolvers contain a seasonal line reduction that reduces the maximum amount of borrowings to $50,000 from mid-July to mid-November, consistent with the Company's reduced working capital needs throughout that period, and requires an annual seasonal pay down to $30,000 for 60 consecutive days. The amendments to the Revolvers reset the interest rate calculation each quarter, beginning with the quarter ended April 1, 2011, by instituting an applicable margin based on the Company’s leverage ratio for the trailing twelve month period. The applicable margin ranges from 2.25% to 3.0%. The interest rate on the Revolvers is based on LIBOR or the prime rate, at the Company’s discretion, plus an applicable margin. The interest rate in effect on the Revolvers at March 30, 2012, based primarily on LIBOR plus 2.25%, was approximately 2.50%. The Revolvers are secured with a first priority lien on working capital assets and certain patents and trademarks of the Company and its subsidiaries and a second lien on land, buildings, machinery and equipment of the Company’s domestic subsidiaries. As cash collections related to secured assets are applied against the balance outstanding under the Revolvers, the liability is classified as current. The Company’s remaining borrowing availability under the Revolvers was approximately $31,200 at March 30, 2012. Under the terms of the Revolvers, the Company is required to comply with certain financial and non-financial covenants. Among other restrictions, the Company is restricted in its ability to pay dividends, incur additional debt and make acquisitions or divestitures above certain amounts. The key financial covenants include a minimum fixed charge coverage ratio, limits on minimum net worth and EBITDA, a limit on capital expenditures, and, as noted above, a seasonal pay-down requirement. Other Borrowings The Company had no unsecured revolving credit facilities at its foreign subsidiaries as of March 30, 2012 or April 1, 2011. The Company utilizes letters of credit primarily as security for the payment of future claims under its workers’ compensation insurance which totaled $2,103 and $2,568 at March 30, 2012 and April 1, 2011, respectively. The Company had no unsecured lines of credit as of March 30, 2012 or April 1, 2011. Aggregate scheduled maturities of long-term debt as of March 30, 2012, for the remainder of fiscal 2012 and subsequent fiscal years, were as follows:
Fiscal Year |  |  |
2012 |  |  |  |  | $ | 2,829
2013 |  |  |  |  |  | 531
2014 |  |  |  |  |  | 510
2015 |  |  |  |  |  | 359
2016 |  |  |  |  |  | 367
Thereafter |  |  |  |  |  | 7,099
Total |  |  |  |  | $ | 11,695
Interest paid was $440 and $669 for the three month periods ended March 30, 2012 and April 1, 2011, respectively. Interest paid for the six month periods ended March 30, 2012 and April 1, 2011 was $766 and $1,024, respectively. The weighted average borrowing rate for short-term debt was approximately 2.7% and 3.2% for the six months ended March 30, 2012 and April 1, 2011, respectively. Based on the borrowing rates currently available to the Company for debt with similar terms and maturities, the fair value of the Company’s long-term debt as of March 30, 2012 and April 1, 2011 was approximately $8,604 and $14,609, respectively.

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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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