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Debt
3 Months Ended
May 31, 2014
Debt Disclosure [Abstract]  
Debt
Debt
The Company maintains a $100.0 million revolving credit facility that expires in November 2018. No borrowings were outstanding under the facility as of May 31, 2014 or March 1, 2014.

The credit facility requires the Company to maintain a minimum level of net worth, as defined in the credit facility, based on certain quarterly financial calculations. The minimum required net worth computed in accordance with the credit agreement at May 31, 2014 was $292.7 million, whereas the Company’s net worth as defined in the credit facility was $356.7 million. The credit facility also requires that the Company maintain an adjusted debt-to-EBITDA ratio of not more than 3.00. This ratio is computed quarterly, with EBITDA computed on a rolling four-quarter basis. For purposes of calculating the adjusted debt in the adjusted debt-to-EBITDA ratio, the Company reduces non-credit facility debt for up to $25 million to the extent of unrestricted cash balances, cash equivalents and short-term marketable securities available for sale in excess of $15 million. The Company’s ratio was 0.28 at May 31, 2014. If the Company is not in compliance with either of these covenants, the lenders may terminate the commitment and/or declare any loan then outstanding to be immediately due and payable. At May 31, 2014, the Company was in compliance with the financial covenants of the credit facility.

Debt at May 31, 2014 consists of $20.4 million of industrial revenue bonds, and $0.3 million of other debt. The industrial revenue bonds mature in fiscal years 2021 through 2043, and the other debt matures in fiscal years 2015 through 2021. The fair value of the industrial revenue bonds approximates carrying value at May 31, 2014, due to the variable interest rates on these instruments. The bonds are classified as Level 2 within the fair value hierarchy.

Interest payments were $0.1 million and $0.2 million for the three months ended May 31, 2014 and June 1, 2013, respectively, and primarily relate to fees associated with our revolving credit facility.