Notes Payable, Long-Term Debt and Lines of Credit

12 Months Ended

Dec. 01, 2012

Notes Payable Long Term Debt And Lines Of Credit [Abstract]

Notes Payable, Long-Term Debt and Lines of Credit Disclosure

Note 8: Notes Payable, Long-Term Debt and Lines of Credit

Notes Payable: Notes payable were $22,613 at December 1, 2012. This amount represents various other short-term borrowings that were not part of committed lines. The weighted-average interest rates on short-term borrowings were 11.3 percent, 11.3 percent and 8.6 percent in 2012, 2011 and 2010, respectively. Fair values of these short-term obligations approximate their carrying values due to their short maturity. There were no funds drawn from the short-term committed lines at December 1, 2012.

Long-Term Debt
Long-Term Debt	Weighted-Average Interest Rate at December 1, 2012	Fiscal Year Maturity Date		2012		2011
Revolving credit line	1.50%	2017	$	-	$	-
Term Loan A	0.88%	2013		22,500		46,875
Term Loan B	1.72%	2017		66,250		-
Senior Notes, Series A1	2.11%	2017		18,646		18,403
Senior Notes, Series B2	1.99%	2017		36,454		35,948
Senior Notes, Series C3	3.25%	2020		38,762		37,760
Senior Notes, Series D4	5.61%	2020		65,000		65,000
Senior Notes, Series E5	4.12%	2022		250,000		-
Total debt				497,612		203,986
Less: current maturities				(22,500)		(24,375)
Total long-term debt, excluding current maturities			$	475,112	$	179,611

On December 16, 2009, we entered into a note purchase agreement under which we agreed to issue $150,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $150,000 was split into four non-amortizing tranches, Series A-D. On March 5, 2012, we entered into a note purchase agreement under which we agreed to issue $250,000 in aggregate principal amount of senior unsecured notes to a group of private investors. The $250,000 is a non-amortizing tranche, Series E. Additional details are provided below:

1 Senior Notes, Series A, due December 16, 2016, $17,000 5.13 percent, swapped to a variable rate of 6- month LIBOR (in arrears) plus 1.59 percent

2 Senior Notes, Series B, due February 24, 2017, $33,000 5.13 percent fixed, swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.47 percent

3 Senior Notes, Series C, due December 16, 2019, $35,000 5.61 percent fixed, $25,000 swapped to a variable rate of 6-month LIBOR (in arrears) plus 1.78 percent

4 Senior Notes, Series D, due February 24, 2020, $65,000 5.61 percent fixed

5 Senior Notes, Series E, due March 5, 2022, $250,000 4.12 percent fixed

On March 5, 2012, we entered into a credit agreement with a consortium of financial institutions under which we established a $200,000 multi-currency revolving credit facility and a $150,000 term loan (term loan B) that we can use to repay existing indebtedness, finance working capital needs, and for general corporate purposes. Interest on the revolving credit facility is payable at the LIBOR plus 1.275 percent. A facility fee of 0.225 percent is payable quarterly. The interest rate on term loan B is payable at the LIBOR rate plus 1.50percent. The interest rates and the facility fee are based on a rating grid. The credit agreement replaced our existing revolving credit facilities and expires on March 5, 2017.

Long-term debt had an estimated fair value of $562,010 and $214,418 as of December 1, 2012 and December 3, 2011, respectively. The fair value of long-term debt is based on quoted market prices for the same or similar issues or on the current rates offered for debt of similar maturities. The estimated fair value of these long-term obligations is not necessarily indicative of the amount that would be realized in a current market exchange.

Lines of Credit

As of December 1, 2012, lines of credit were as follows:

Term	Committed	Drawn	Unused
Long-term lines of credit	$200,000	$0	$200,000

A revolving credit agreement with a consortium of financial institutions accounted for the entire committed lines of credit. The credit agreement creates an unsecured multi-currency revolving credit facility that can be drawn upon for general corporate purposes up to a maximum of $200,000. The credit agreement expires on March 5, 2017.

The most restrictive debt covenants place limitations on secured and unsecured borrowings, operating leases, and contain minimum interest coverage and maximum debt to trailing twelve months EBITDA requirements. In addition, we cannot be a member of any "consolidated group" for income tax purposes other than with our subsidiaries. At December 1, 2012 all financial covenants were met.

Maturities of long-term debt for the next five fiscal years follow

Fiscal Year	2013	2014	2015	2016	2017	Thereafter
Long-term debt obligations	$22,500	$0	$0	$0	$121,350	$353,762