XML 33 R20.htm IDEA: XBRL DOCUMENT v3.7.0.1
SUBSEQUENT EVENTS
6 Months Ended
Aug. 12, 2017
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS

11.SUBSEQUENT EVENTS

 

Amended and Restated Credit Agreement

 

On August 29, 2017, the Company entered into an amended and restated $2,750 unsecured revolving credit facility (the “Amended and Restated Credit Agreement”), with a termination date of August 29, 2022, unless extended as permitted under the Amended and Restated Credit Agreement. This Amended and Restated Credit Agreement amended the Company’s $2,750 credit facility that would otherwise have terminated on June 30, 2019.  The notable changes from the previous agreement include: (1) the Company has the ability to increase the size of the Amended and Restated Credit Agreement by up to an additional $1,000,  subject to certain conditions compared to $750 in the prior agreement; (2) the Company’s Public Debt Rating, as opposed to the Company’s Leverage Ratio, is now used as one of the factors in calculating the Company’s Interest Rate, Commitment Fee, and Letter of Credit Fees; (3) reduced annual Commitment and certain Letter of Credit Fees at the Company’s current Public Debt Rating.  Public Debt Rating means, as of any date, the rating that has been most recently announced by either S&P or Moody’s, as the case may be, for any class of non-credit enhanced long-term senior unsecured debt issued by the Company.

 

The financial covenants in the Amended and Restated Credit Agreement did not change compared to the prior credit agreement.

 

Debt Maturity

 

In the third quarter of 2017, the Company repaid, upon maturity, $600 of senior notes bearing an interest rate of 6.40%, with proceeds from the second quarter senior notes issuances.

 

Pension Contribution

 

In the third quarter of 2017, the Company contributed $1,000, $650 net of tax, to the Company-sponsored pension plan that will significantly address the underfunded position of the Company-sponsored pension plan.  The Company expects there will be a settlement charge in the fourth quarter of 2017 associated with the settlement of the Company-sponsored pension plan obligations for eligible participants’ pension balances that are distributed out of the plan via a transfer to other qualified retirement plan options or a lump sum payout, based on each participants’ election.