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Long-term Debt | 9 Months Ended
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Mar. 28, 2014
Long-term Debt [Abstract] |
Long-term Debt |
J. | Long-term Debt
Long-term debt at March 28, 2014 and June 30, 2013 consisted of the following (in thousands):
|  | March 28, |  |  | June 30, |
|  | 2014 |  |  | 2013 |
Revolving loan |  | $ | 14,250 |  |  | $ | 16,300 |
10-year unsecured senior notes |  |  | 10,714 |  |  |  | 10,714 |
Other |  |  | 83 |  |  |  | 139 |
Subtotal |  |  | 25,047 |  |  |  | 27,153 |
Less: current maturities and short-term borrowings |  |  | (3,625 | ) |  |  | (3,681 | )
Total long-term debt |  | $ | 21,422 |  |  | $ | 23,472 |
The revolving loan and unsecured senior notes listed above are subject to certain covenants, including restrictions on investments, acquisitions and indebtedness. Financial covenants, as defined, include a minimum consolidated net worth, a minimum EBITDA for the most recent four fiscal quarters, and a maximum total funded debt to EBITDA ratio. As of March 28, 2014, the Company was in compliance with these covenants. However, due to the Company’s late filing of its Form 10-Q for the third quarter of fiscal 2014, it was not able to comply with its covenants under the revolving loan and unsecured senior notes to provide quarterly financial statements for the quarter ended March 28, 2014, and to provide a Compliance Certificate demonstrating compliance with financial covenants, by May 12, 2014. The Company received consents from the lender and the holders of the notes delaying the Company’s obligation to provide such financial statements and Compliance Certificates until June 20, 2014. The Company complied with these covenants by providing the lender and the holders of the notes with its quarterly financial statements for the quarter ended March 28, 2014 and Compliance Certificates on June 20, 2014. The fair value of long-term debt is estimated by discounting the future cash flows at rates offered to the Company for similar debt instruments of comparable maturities. This rate was represented by the US Treasury Three-Year Yield Curve Rate (0.93% and 0.66% for March 28, 2014 and June 30, 2013, respectively), plus the current add-on related to the revolving loan agreement (1.65% for March 28, 2014 and June 30, 2013) resulting in a total rate of 2.58% and 2.31% for March 28, 2014 and June 30, 2013, respectively. The fair value of the Company's 10-year unsecured senior notes due April 10, 2016 was approximately $11,214,000 and $11,536,000 at March 28, 2014 and June 30, 2013, respectively. The Company's revolving loan agreement approximates fair value at March 28, 2014 and June 30, 2013. If measured at fair value in the financial statements, long-term debt (including the current portion) would be classified as Level 2 in the fair value hierarchy.

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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 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: 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 3: 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 + Details
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