LONG-TERM DEBT	6 Months Ended
Sep. 23, 2017
Debt Disclosure [Abstract]
LONG-TERM DEBT	NOTE 2 – LONG-TERM DEBT Description: Transcat, through its credit agreement, as amended (the “Credit Agreement”), which was to mature on September 20, 2018, has a revolving credit facility that allows for maximum borrowings of $30.0 million (the “Revolving Credit Facility”) and a term loan. The Revolving Credit Facility is subject to a maximum borrowing restriction based on a 3.0 multiple of total debt outstanding compared to earnings before income taxes, depreciation and amortization, and non-cash stock-based compensation expense for the preceding four consecutive fiscal quarters. As of September 23, 2017, $30.0 million was available under the Revolving Credit Facility, of which $21.7 million was outstanding and included in long-term debt on the Consolidated Balance Sheet. On March 31, 2016, the Company entered into Amendment 3 (“Amendment 3”) to the Credit Agreement. Under Amendment 3, borrowings that may be used for business acquisitions were limited to $15.0 million in fiscal years 2018 and 2019. During the first six months of fiscal year 2018, no borrowings were used for business acquisitions. Amendment 3 also provided the Company with a $10.0 million term loan. As of September 23, 2017, $8.0 million was outstanding on the term loan, of which $1.4 million was included in current liabilities on the Consolidated Balance Sheet with the remainder included in long-term debt. The term loan required principal repayments of $0.1 million per month plus interest. Total annual repayment amounts of $1.4 million are required in fiscal years 2017 through 2021 with a $3.0 million repayment required in fiscal year 2022. Amendment 3 also increased the allowable leverage ratio to a maximum of 3.0 from 2.75. On October 30, 2017, the Company entered into an Amended and Restated Credit Agreement (the “2017 Agreement”). The 2017 Agreement extended the term of the Company’s $30.0 million Revolving Credit Facility to October 29, 2021. The 2017 Agreement also increased the amount of the Company’s outstanding term loan (the “2017 Term Loan”) to $15.0 million, replacing the previous term loan that had $8.0 million outstanding as of September 23, 2017. The 2017 Term Loan requires principal repayments of $0.2 million per month plus interest through September 2022 with a $4.3 million repayment required on October 29, 2022. Under the 2017 Agreement, borrowings that may be used for business acquisitions are limited to $20.0 million per fiscal year. The allowable leverage ratio under the 2017 Agreement remains at a maximum multiple of 3.0. The excess funds of the 2017 Term Loan over the previous term loan were used to repay amounts outstanding under the Revolving Credit Facility. Interest and Other Costs: Interest on outstanding borrowings of the Revolving Credit Facility and term loan accrue, at Transcat’s election, at either the variable one-month London Interbank Offered Rate (“LIBOR”) or a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Commitment fees accrue based on the average daily amount of unused credit available on the Revolving Credit Facility. Interest rate margins and commitment fees are determined on a quarterly basis based upon the Company’s calculated leverage ratio, as defined in the Credit Agreement. The one-month LIBOR as of September 23, 2017 was 1.2%. The Company’s interest rate for the first six months of fiscal year 2018 ranged from 3.2% to 3.3%. Covenants: The Credit Agreement has certain covenants with which the Company has to comply, including a fixed charge coverage ratio covenant and a leverage ratio covenant. The Company was in compliance with all loan covenants and requirements during the second quarter of fiscal year 2018. Other Terms: The Company has pledged all of its U.S. tangible and intangible personal property, the equity interests of its U.S.-based subsidiaries, and a majority of the common stock of Transcat Canada Inc. as collateral security for the loans made under the Revolving Credit Facility.

LONG-TERM DEBT

6 Months Ended

Sep. 23, 2017

NOTE 2 – LONG-TERM DEBT

Description: Transcat, through its credit agreement, as amended (the “Credit Agreement”), which was to mature on September 20, 2018, has a revolving credit facility that allows for maximum borrowings of $30.0 million (the “Revolving Credit Facility”) and a term loan. The Revolving Credit Facility is subject to a maximum borrowing restriction based on a 3.0 multiple of total debt outstanding compared to earnings before income taxes, depreciation and amortization, and non-cash stock-based compensation expense for the preceding four consecutive fiscal quarters. As of September 23, 2017, $30.0 million was available under the Revolving Credit Facility, of which $21.7 million was outstanding and included in long-term debt on the Consolidated Balance Sheet.

On March 31, 2016, the Company entered into Amendment 3 (“Amendment 3”) to the Credit Agreement. Under Amendment 3, borrowings that may be used for business acquisitions were limited to $15.0 million in fiscal years 2018 and 2019. During the first six months of fiscal year 2018, no borrowings were used for business acquisitions.

Amendment 3 also provided the Company with a $10.0 million term loan. As of September 23, 2017, $8.0 million was outstanding on the term loan, of which $1.4 million was included in current liabilities on the Consolidated Balance Sheet with the remainder included in long-term debt. The term loan required principal repayments of $0.1 million per month plus interest. Total annual repayment amounts of $1.4 million are required in fiscal years 2017 through 2021 with a $3.0 million repayment required in fiscal year 2022. Amendment 3 also increased the allowable leverage ratio to a maximum of 3.0 from 2.75.

On October 30, 2017, the Company entered into an Amended and Restated Credit Agreement (the “2017 Agreement”). The 2017 Agreement extended the term of the Company’s $30.0 million Revolving Credit Facility to October 29, 2021. The 2017 Agreement also increased the amount of the Company’s outstanding term loan (the “2017 Term Loan”) to $15.0 million, replacing the previous term loan that had $8.0 million outstanding as of September 23, 2017. The 2017 Term Loan requires principal repayments of $0.2 million per month plus interest through September 2022 with a $4.3 million repayment required on October 29, 2022. Under the 2017 Agreement, borrowings that may be used for business acquisitions are limited to $20.0 million per fiscal year. The allowable leverage ratio under the 2017 Agreement remains at a maximum multiple of 3.0. The excess funds of the 2017 Term Loan over the previous term loan were used to repay amounts outstanding under the Revolving Credit Facility.

Interest and Other Costs: Interest on outstanding borrowings of the Revolving Credit Facility and term loan accrue, at Transcat’s election, at either the variable one-month London Interbank Offered Rate (“LIBOR”) or a fixed rate for a designated period at the LIBOR corresponding to such period, in each case, plus a margin. Commitment fees accrue based on the average daily amount of unused credit available on the Revolving Credit Facility. Interest rate margins and commitment fees are determined on a quarterly basis based upon the Company’s calculated leverage ratio, as defined in the Credit Agreement. The one-month LIBOR as of September 23, 2017 was 1.2%. The Company’s interest rate for the first six months of fiscal year 2018 ranged from 3.2% to 3.3%.

Covenants: The Credit Agreement has certain covenants with which the Company has to comply, including a fixed charge coverage ratio covenant and a leverage ratio covenant. The Company was in compliance with all loan covenants and requirements during the second quarter of fiscal year 2018.

Other Terms: The Company has pledged all of its U.S. tangible and intangible personal property, the equity interests of its U.S.-based subsidiaries, and a majority of the common stock of Transcat Canada Inc. as collateral security for the loans made under the Revolving Credit Facility.