XML 31 R41.htm IDEA: XBRL DOCUMENT v2.4.0.6
Line of Credit - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
6 Months Ended 3 Months Ended 1 Months Ended 12 Months Ended 1 Months Ended
Apr. 30, 2013
Oct. 31, 2012
Nov. 30, 2010
Apr. 30, 2013
Standby Letters of Credit
Apr. 30, 2013
Swing Line Loan
Apr. 30, 2013
Interest Rate Swap
Oct. 31, 2012
Interest Rate Swap
Apr. 30, 2013
Forward starting swaps
Apr. 30, 2013
Interest Rate Swap Agreements
Apr. 30, 2013
Interest Rate Swap Agreements
Minimum
Apr. 30, 2013
Interest Rate Swap Agreements
Maximum
Nov. 30, 2010
Second Amendment
Oct. 31, 2011
Second Amendment
Nov. 30, 2010
Second Amendment
Minimum
Nov. 30, 2010
Second Amendment
Maximum
Nov. 30, 2010
Second Amendment
Federal Funds Rate
Nov. 30, 2010
Second Amendment
Eurodollar Rate
Nov. 30, 2010
Second Amendment
Base Rate Loans
Minimum
Nov. 30, 2010
Second Amendment
Base Rate Loans
Maximum
Nov. 30, 2010
Second Amendment
Eurodollar Loans
Minimum
Nov. 30, 2010
Second Amendment
Eurodollar Loans
Maximum
Apr. 30, 2013
Unrealized Loss On Derivatives
Line of Credit Facility [Line Items]                                            
Terminated existing line of credit borrowing capacity     $ 450.0                                      
Line of credit, maximum borrowing capacity     650.0 300.0 50.0                                  
Syndicated line of credit facility, expiration date                         Sep. 08, 2016                  
Syndicated line of credit, optional maximum capacity at any time prior to the expiration (subject to receipt of commitments for the increased amount from existing and new lenders)     850.0                                      
Variable rate                               0.50% 1.00% 0.00% 0.75% 1.00% 1.75%  
Percentage of commitment fee on the unused portion of the Facility                           0.225% 0.30%              
Line of credit, interest rate terms                       Borrowings under the Facility bear interest at a rate equal to an applicable margin plus, at the Company’s option, either a (a) eurodollar rate (generally LIBOR) or (b) base rate determined by reference to the highest of (1) the federal funds rate plus 0.50%, (2) the prime rate announced by Bank of America, N.A. from time to time, and (3) the eurodollar rate plus 1.00%. The applicable margin is a percentage per annum varying from 0.00% to 0.75% for base rate loans and 1.00% to 1.75% for eurodollar loans, based upon the Company’s leverage ratio. The Company also pays a commitment fee, based on the leverage ratio, payable quarterly in arrears, ranging from 0.225% to 0.300% on the average daily unused portion of the Facility. For purposes of this calculation, irrevocable standby letters of credit, issued primarily in conjunction with the Company’s self-insurance program, and cash borrowings are included as outstanding under the Facility.                    
Description of covenants under the Facility The Credit Agreement contains certain leverage and liquidity covenants that require us to maintain a maximum leverage ratio of 3.25x at the end of each fiscal quarter, a minimum fixed charge coverage ratio of 1.50x at any time, and a consolidated net worth in an amount not less than the sum of (i) $570.0 million, (ii) 50% of our consolidated net income (with no deduction for net loss), and (iii) 100% of our aggregate increases in stockholder’s equity, beginning on November 30, 2010, each as further described in the Credit Agreement, as amended. The Company was in compliance with all covenants as of April 30, 2013.                                          
Covenants maximum leverage ratio 3.25                                          
Minimum fixed charge coverage ratio 1.50                                          
Consolidated net worth 570.0                                          
Consolidated net income earned 50.00%                                          
Aggregate increases in stockholders' equity 100.00%                                          
Line of credit, amount outstanding 384.0 215.0                                        
Standby letters of credit under the credit facility 103.8 105.0                                        
Line of credit, borrowing capacity currently available 162.2 330.0                                        
Derivative, effective date               Feb. 24, 2011   Mar. 18, 2013 Apr. 11, 2013                      
Description of derivative agreement               The Company entered into a three-year forward starting interest rate swap agreement with an underlying notional amount of $25.0 million, pursuant to which the Company receives variable interest payments based on LIBOR and pays fixed interest at a rate of 0.89%. The effective date of this hedge was February 24, 2011. This swap is intended to hedge the interest risk associated with the Company's forecasted floating-rate, LIBOR-based debt. During the three months ended April 30, 2013, the Company entered into a series of interest rate swap agreements with effective start dates of March 18, 2016 and April 11, 2016 and an aggregate notional amount of $155.0 million, pursuant to which the Company receives variable interest payments based on LIBOR and pays fixed interest at rates ranging from 0.44% to 0.47%. These interest rate swaps will mature between March 18, 2016 and April 11, 2016 and are structured to hedge the interest rate risk associated with our floating-rate, LIBOR-based borrowings under the Facility.                          
Notional amount               25.0 155.0                          
Derivative, fixed interest rate               0.89%   0.44% 0.47%                      
Derivative, maturity date               Feb. 24, 2014   Mar. 18, 2016 Apr. 11, 2016                      
Derivative agreement date               Oct. 19, 2010                            
Interest rate swap agreement period               3 years                            
Fair value of interest rate swaps           0.6 0.2                              
Effective portion of cash flow hedges included in accumulated other comprehensive loss, before tax           0.6 0.2                              
Effective portion of cash flow hedges included in accumulated other comprehensive loss, net of tax           0.3 0.1                              
Unrealized net losses related to the interest rate swap contract                                           $ 0.3