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Debt | 12 Months Ended
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May 02, 2020
Debt Disclosure [Abstract] |
Debt | Note 10. Debt A summary of debt is shown below:
(Dollars in Millions) |  | May 2, 2020 |  |  | April 27, 2019 |
Revolving Credit Facility |  | $ | 108.5 |  |  | $ | 35.0 |
Term Loan |  |  | 231.2 |  |  |  | 243.7 |
Other Debt |  |  | 14.6 |  |  |  | 16.8 |
Unamortized Debt Issuance Costs |  |  | (2.2 | ) |  |  | (2.9 | )
Total Debt |  |  | 352.1 |  |  |  | 292.6 |
Less: Current Maturities |  |  | (15.3 | ) |  |  | (15.7 | )
Total Long-term Debt |  | $ | 336.8 |  |  | $ | 276.9 |
Revolving Credit Facility/Term Loan In September 2018, the Company entered into five-year Amended and Restated Credit Agreement (“Credit Agreement”) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement consists of a senior unsecured revolving credit facility (“Revolving Credit Facility”) of $200.0 million and a senior unsecured term loan (“Term Loan”) of $250.0 million. In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million, subject to customary conditions and approval of the lenders providing new commitments. The Credit Agreement is guaranteed by the Company’s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ($3.1 million) through maturity, with the remaining balance due on September 12, 2023. On March 23, 2020, the Company borrowed $100.0 million under its Revolving Credit Facility as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of the current uncertainty in the global markets resulting from the COVID-19 pandemic. As of May 2, 2020, the Company has $91.4 million of availability under the Revolving Credit Facility. Outstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company’s debt to EBITDA financial ratio, as defined. The weighted-average interest rate on outstanding borrowings under the Credit Agreement was approximately 1.7% at May 2, 2020. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of May 2, 2020, the Company was in compliance with all the covenants in the Credit Agreement. The fair value of borrowings under the Credit Agreement approximates book value because the interest rate is variable. Other Debt One of the Company’s European subsidiaries has debt that consists of 15 notes with maturities ranging from 2020 to 2031. The weighted-average interest rate was approximately 1.5% at May 2, 2020 and $2.8 million of the debt was classified as short-term. The fair value of other debt was $14.2 million at May 2, 2020 and was based on Level 2 inputs on a non-recurring basis. Scheduled Maturities As of May 2, 2020, scheduled principal payments of debt are as follows:
(Dollars in Millions) |  | Amount |
Fiscal Years: |  |  |  |
2021 |  | $ | 15.3 |
2022 |  |  | 14.6 |
2023 |  |  | 13.7 |
2024 |  |  | 307.5 |
2025 |  |  | 0.4 |
Thereafter |  |  | 2.8 |
Total |  | $ | 354.3 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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