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Indebtedness | 9 Months Ended
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Jun. 29, 2012
Indebtedness [Abstract] |
Indebtedness | ###### 13 Indebtedness Debt was comprised of the following at June 29, 2012, September 30, 2011, and July 1, 2011:
| June 29 2012 | September 30 2011 | July 1 2011
Term loans | $ | 8,531 | $ | 14,367 | $ | 14,440
Revolvers |  | 3,490 |  | - |  | 7,580
Other |  | 455 |  | 605 |  | 651
Total debt |  | 12,476 |  | 14,972 |  | 22,671
Less current portion of long term debt |  | 516 |  | 3,494 |  | 2,571
Less short term notes payable and revolving credit lines |  | 3,490 |  | - |  | 7,580
Total long-term debt | $ | 8,470 | $ | 11,478 | $ | 12,520
Term Loans The Company’s term loans have a maturity date of September 29, 2029. Each term loan requires monthly payments of principal and interest. Interest on the aggregate outstanding amount of the term loans is based on the prime rate plus an applicable margin. The interest rate in effect on the term loans was 5.25% at June 29, 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. The aggregate term loan 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 on November 16, 2014, provide for funding of up to $75,000, with an accordion feature that allows for the option to increase the 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 during the period 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 provision that reduces the borrowing capacity to $30,000 for 60 consecutive days. The amendments to the Revolvers reset the interest rate calculation each quarter, by instituting an applicable margin based on the Company’s leverage ratio for the trailing twelve month period. 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 June 29, 2012, based primarily on LIBOR 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 $46,100 at June 29, 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 June 29, 2012 or July 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 June 29, 2012 and July 1, 2011, respectively. The Company had no unsecured lines of credit as of June 29, 2012 or July 1, 2011. Aggregate scheduled maturities of long-term debt as of June 29, 2012, for the remainder of fiscal 2012 and subsequent fiscal years, were as follows:
Fiscal Year |  |  |
2012 |  |  |  |  | $ | 126
2013 |  |  |  |  |  | 531
2014 |  |  |  |  |  | 510
2015 |  |  |  |  |  | 359
2016 |  |  |  |  |  | 367
Thereafter |  |  |  |  |  | 7,093
Total |  |  |  |  | $ | 8,986
Interest paid was $296 and $782 for the three month periods ended June 29, 2012 and July 1, 2011, respectively. Interest paid for the nine month periods ended June 29, 2012 and July 1, 2011 was $1,062 and $1,806, respectively. The weighted average borrowing rate for short-term debt was approximately 2.6% and 3.2% for the nine months ended June 29, 2012 and July 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 June 29, 2012 and July 1, 2011 was approximately $8,470 and $12,520, 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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