XML 65 R23.htm IDEA: XBRL DOCUMENT v2.4.1.9
Long-Term Debt and Credit Arrangements (Tables)
 12 Months Ended
Apr. 24, 2015
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Refer to the table below:
(in thousands)
April 24, 2015
 
April 25, 2014
Credit Agreement borrowings (1)
$
447,599

 
$
458,898

R&D Loan (1)
2,631

 
—

Interest-free loan (1)
855

 
835

Total borrowings
451,085

 
459,733

Less current portion
(409
)
 
(458,898
)
Long term debt
$
450,676

 
$
835


(1)
The Credit Agreement, R&D Loan and Interest-free loan mature in fiscal 2019, 2021 and 2022, respectively.
Schedule of Net Interest Expense
Net interest expense in fiscal 2015, 2014 and 2013 was comprised of the following:
(in thousands)
2015
 
2014
 
2013
Interest Expense:
 
 
 
 
 
     Variable-rate debt (1)
$
10,373

 
$
4,885

 
$
1,672

     Fixed-rate debt (2)
1,177

 
391

 
10,844

     Capitalized interest
(471
)
 
(611
)
 
(835
)
     Total Interest Expense on outstanding borrowings
11,079

 
4,665

 
11,681

Interest income:
 
 
 
 
 
     Accretion on note receivable
(1,859
)
 
(1,918
)
 
—

     Other (3)
(571
)
 
(733
)
 
(196
)
     Total Interest Income
(2,430
)
 
(2,651
)
 
(196
)
Net Interest Expense
$
8,649

 
$
2,014

 
$
11,485

(1)
Primarily interest expense on our Credit Agreement Borrowings
(2)
Primarily the amortization of debt issuance costs in fiscal 2015 and 2014, respectively. Fiscal 2013 includes a $6.2 million "make-whole" payment related to the prepayment of our outstanding note purchase agreements, as well as interest previously incurred on those notes.
(3)
Primarily interest income on our $30,000 note receivable, obtained as part of the sale of Mimi’s Café to Le Duff.