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v3.23.1

Note 8 - Debt, Net (Details Textual) $ in Millions |  |  | 29 Months Ended |  |  |  |  |  |  |  |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Aug. 20, 2020 USD ($) | May 31, 2019 USD ($) | May 31, 2024 | Apr. 02, 2023 USD ($) | Jan. 01, 2023 | Oct. 02, 2022 | Aug. 29, 2022 USD ($) | Jul. 30, 2022 | Jul. 03, 2022 USD ($) | Aug. 19, 2020 USD ($) | May 30, 2019 USD ($)
The 2019 Credit Agreement [Member] |  |  |  |  |  |  |  |  |  |  |  |
Consolidated Leverage Ratio |  |  |  |  |  |  | 4.25% |  | 3.25% |  |  |
Consolidated Fixed Charge Coverage Ratio |  |  |  |  | 1.00% | 1.00% | 1.00% |  |  | 1.50% |  |
Capital Expenditures Disregarded in Consolidated Fixed Charge Coverage Ratio Calculation |  |  | $ 25.0 |  |  |  |  | $ 35.0 |  |  |  |
The 2019 Credit Agreement [Member] | Revolving Credit Facility [Member] |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from Lines of Credit, Total |  |  | 200.0 |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  |  | 100.0 |  |  |  |  |  |  |  |  |
The 2020 Credit Agreement [Member] | Revolving Credit Facility [Member] |  |  |  |  |  |  |  |  |  |  |  |
Line of Credit Facility, Maximum Borrowing Capacity |  | $ 250.0 |  |  |  |  |  |  |  |  | $ 200.0 |
Debt Instrument, Working Capital Sublimit |  | 200.0 |  |  |  |  |  |  |  |  | 175.0 |
Debt Instrument, Seasonally-reduced Revolver Commitments |  | $ 125.0 |  |  |  |  |  |  |  |  | $ 100.0 |
Debt Instrument, Number of Periodic Payments |  | 15 |  |  |  |  |  |  |  |  |  |
Term Loan [Member] |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt, Total | [1] |  |  |  | $ 150.0 |  |  |  |  | $ 165.0 |  |
Term Loan [Member] | The 2019 Credit Agreement [Member] |  |  |  |  |  |  |  |  |  |  |  |
Long-term Debt, Total |  |  | $ 100.0 |  |  |  |  |  |  |  |  | $ 97.0
Debt Instrument, Number of Installment Payments |  |  | 19 |  |  |  |  |  |  |  |  |
Debt Instrument, Principal Payment Percentage In First Eight Payments |  |  | 5.00% |  |  |  |  |  |  |  |  |
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments |  |  | 10.00% |  |  |  |  |  |  |  |  |
Debt Instrument, Principal Payment Due Upon Maturity |  |  | $ 62.5 |  |  |  |  |  |  |  |  |
Term Loan [Member] | The 2019 Credit Agreement [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Basis Spread on Variable Rate, Increase (Decrease) |  |  | (0.25%) |  |  |  |  |  |  |  |  |
Line of Credit and Term Loan [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Base Rate, Basis Spread on Variable Rate |  |  | 1.00% |  |  |  |  |  |  |  |  |
Line of Credit and Term Loan [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Base Rate, Basis Spread on Variable Rate |  |  | 0.50% |  |  |  |  |  |  |  |  |
The New Term Loan [Member] | The 2020 Credit Agreement [Member] |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Face Amount |  | $ 100.0 |  |  |  |  |  |  |  |  |  |
Debt Instrument Principal Payment Percentage in First Four Payments |  | 5.00% |  |  |  |  |  |  |  |  |  |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid |  | $ 67.5 |  |  |  |  |  |  |  |  |  |
Long-Term Debt, Maturity, Remainder of Fiscal Year |  |  |  |  | 5.0 |  |  |  |  |  |  |
Long-Term Debt, Maturity, Year One |  |  |  |  | $ 145.0 |  |  |  |  |  |  |
The New Term Loan [Member] | The 2020 Credit Agreement [Member] | Forecast [Member] |  |  |  |  |  |  |  |  |  |  |  |
Debt Instrument, Principal Payment Percentage In Remaining Eleven Payments |  |  |  | 10.00% |  |  |  |  |  |  |  |
[1] | On May 31, 2019, the Company and certain of its U.S. subsidiaries entered into a Second Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with JPMorgan Chase Bank, N.A. as administrative agent, and a group of lenders. The 2019 Credit Agreement amended and restated the Company’s existing amended and restated credit agreement dated as of December 23, 2016 to, among other modifications: (i) increase the amount of the outstanding term loan (“Term Loan”) from approximately $97 million to $100 million, (ii) extend the maturity date of the outstanding Term Loan and the revolving credit facility (“Revolver”) by approximately 29 months to May 31, 2024, and (iii) decrease the applicable interest rate margins for LIBOR and base rate loans by 25 basis points. The Term Loan is payable in 19 quarterly installments of principal and interest beginning on September 29, 2019, with escalating principal payments, at the rate of 5.0% per annum for the first eight payments, and 10.0% per annum for the remaining 11 payments, with the remaining balance of $62.5 million due upon maturity. The Revolver, in the aggregate amount of $200 million, subject to seasonal reduction to an aggregate amount of $100 million for the period from January 1 through August 1, may be used for working capital and general corporate purposes, subject to certain restrictions. For each borrowing under the 2019 Credit Agreement, the Company may elect that such borrowing bear interest at an annual rate equal to either: (1) a base rate plus an applicable margin varying based on the Company’s consolidated leverage ratio, where the base rate is the highest of (a) the prime rate, (b) the New York fed bank rate plus 0.5%, and (c) a LIBOR rate plus 1%, or (2) an adjusted LIBOR rate plus an applicable margin varying based on the Company’s consolidated leverage ratio.

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