Debt

3 Months Ended

May 25, 2012

Debt [Abstract]

Debt

Note 10 – Debt

As of May 25, 2012, the Corporation was a party to a $400 million credit agreement and to an accounts receivable facility that provides funding of up to $70 million. There were no balances outstanding under the Corporation’s credit agreement or accounts receivable facility at May 25, 2012, February 29, 2012 and May 27, 2011, respectively. The Corporation had, in the aggregate, $30.6 million outstanding under letters of credit under these borrowing agreements, which reduces the total credit available to the Corporation thereunder.

There was no debt due within one year as of May 25, 2012, February 29, 2012 and May 27, 2011, respectively.

Long-term debt and their related calendar year due dates, net of unamortized discounts, which were zero as of May 25, 2012 and February 29, 2012, respectively, and $21.6 million as of May 27, 2011, were as follows:

(In thousands)	May 25, 2012		February 29, 2012		May 27, 2011
7.375% senior notes, due 2021	$	225,000	$	225,000	$	—
7.375% senior notes, due 2016		—		—		213,323
7.375% notes, due 2016		—		—		19,794
6.10% senior notes, due 2028		181		181		181
	$	225,181	$	225,181	$	233,298

The total fair value of the Corporation’s publicly traded debt, which was considered a Level 1 valuation as it was based on quoted market prices, was $229.1 million (at a carrying value of $225.2 million), $239.6 million (at a carrying value of $225.2 million) and $240.8 million (at a carrying value of $233.3 million) at May 25, 2012, February 29, 2012 and May 27, 2011, respectively.

At May 25, 2012, the Corporation was in compliance with the financial covenants under its borrowing agreements.