Long-Term Debt and Credit Arrangements (Tables)

6 Months Ended

Oct. 28, 2016

Debt Disclosure [Abstract]

Schedule of Long-term Debt

Refer to the table below:

(in thousands)	October 28, 2016			April 29, 2016
Credit Agreement borrowings (1)	$	331,387		$	307,000
Mortgage Loan (1)	27,500			28,963
R&D Loan (1)	2,012			2,219
Interest-free loan (1)	884			875
Total borrowings	361,783			339,057
Less current portion	(3,423		)	(3,419		)
Long-term debt	$	358,360		$	335,638

⁽¹⁾ The Credit Agreement, Mortgage Loan, R&D Loan and Interest-free loan mature in fiscal 2019, 2026, 2021 and 2022, respectively.

Schedule of Net Interest Expense

Net interest expense during three months ended and six months endedOctober 28, 2016 and October 23, 2015 was comprised of the following:

	Three Months Ended						Six Months Ended
(in thousands)	October 28, 2016			October 23, 2015			October 28, 2016			October 23, 2015
Interest Expense:
Variable-rate debt (1)	$	2,247		$	2,614		$	4,617		$	5,408
Fixed-rate debt (2)	303			938			700			1,375
Capitalized interest	(116		)	(39		)	(314		)	(50		)
Total Interest Expense on outstanding borrowings	2,434			3,513			5,003			6,733
Interest income:
Accretion on note receivable (3)	(574		)	(513		)	(1,133		)	(1,011		)
Other (4)	(119		)	(117		)	(237		)	(233		)
Total Interest Income	(693		)	(630		)	(1,370		)	(1,244		)
Net Interest Expense	$	1,741		$	2,883		$	3,633		$	5,489

(1) Primarily interest expense on our Credit Agreement Borrowings and our Mortgage loan

(2) Includes the amortization of debt issuance costs and a $480 charge in the second quarter of fiscal 2016 related to the write off of unamortized debt issuance costs

(3) Accretion on our $30,000 note receivable, obtained as part of the sale of Mimi’s Café to Le Duff (also see Note 1 for additional information)

(4) Primarily interest income on our $30,000 note receivable, obtained as part of the sale of Mimi’s Café to Le Duff