Note 6 - Long-term Debt

3 Months Ended

Mar. 04, 2017

Notes to Financial Statements

Debt Disclosure [Text Block]

Note

6:

Long-Term Debt

On

February

14,

2017,

we issued

$300,000

aggregate principal of

10

-year long-term unsecured public notes

(“4.000%

Notes”) due

February

15,

2027

with a fixed coupon of

4.00

percent. Proceeds from this debt issuance were used to repay

$138,000

outstanding under the revolving credit facility and prepay

$158,750

of our term loan. We entered into interest rate swap agreements to convert

$150,000

of the

$300,000

4.000%

Notes to a variable interest rate of

1

-month LIBOR (in advance) plus

1.86

percent. See Note

13

for further discussion of the interest rate swaps.

We adopted ASU No.

2015

-

03,

Interest-Imputation of Interest (Subtopic

835

-

30):

Simplifying the Presentation of Debt Issue Costs

, during the quarter ended

March

4,

2017

on a retrospective basis.  The impact of adopting ASU No.

2015

-

03

on our financial statements was the reclassification of deferred debt issuance costs related to our long-term debt, with the exception of our revolving credit line, from an asset to a direct deduction to the corresponding debt.  Reclassifications from an asset to a direct deduction to the corresponding debt of

$4,411

and

$2,386

were included in our Condensed Consolidated Balance Sheets as of

March

4,

2017

and

December

3,

2016,

respectively.