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LINE-OF-CREDIT BORROWINGS AND DEBT | 12 Months Ended
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Jun. 30, 2015
Borrowings |
Borrowings | 6. LINE‑OF‑CREDIT BORROWINGS AND DEBT The Company has a $450 million credit agreement maturing in May 2019. The credit agreement consists of a $450 million revolving credit facility, including a $375 million sub‑limit for letters of credit. The Company has the ability to increase the facility by $200 million under certain circumstances. Borrowings under this facility bear interest at LIBOR plus a margin of 1.25% as of June 30, 2015. This margin is determined by the Company’s consolidated leverage ratio and may range from 1.25% to 2.0%. Letters of credit reduce the amount available to borrow by their face value. As of June 30, 2015, the unused portion of the facility bears a commitment fee of 0.20%, but can range from 0.20% to 0.35% based on the Company’s consolidated leverage ratio. The Company’s borrowings under the credit agreement are guaranteed by the Company’s U.S.‑based subsidiaries and are secured by substantially all of the Company’s and certain subsidiaries’ assets. The agreement contains various representations, warranties, affirmative, negative and financial covenants, and conditions of default customary for financing agreements of this type. As of June 30, 2015, there was no borrowing outstanding under the revolving credit facility and letters‑of‑credit outstanding totaled $6.0 million. As of June 30, 2015, the Company believes that it is in material compliance with all related covenants to this credit facility. Several of the Company’s foreign subsidiaries maintain bank lines‑of‑credit, denominated in local currencies and U.S. dollars, to meet short‑term working capital requirements and for the issuance of letters‑of‑credit. As of June 30, 2015, $46.3 million was outstanding under these lines‑of‑credit facilities, while no debt was outstanding. As of June 30, 2015, the total amount available under these credit facilities was $12.9 million, with a total cash borrowing sub‑limit of $1.6 million. In September 2012, the Company entered into a term loan agreement for $11.1 million to fund the acquisition of land and a building in the state of Washington. The loan is payable over seven years and bears interest at LIBOR plus 1.25%, which is payable on a monthly basis. Concurrent with entering into the floating rate loan, the Company entered into an interest rate swap agreement that effectively locks the interest rate of the loan to 2.2% per annum for the term of the loan. As of June 30, 2015, $6.9 million remained outstanding under this loan. Long‑term debt consisted of the following at June 30 (in thousands):
|  | 2014 |  | 2015 |
Term loans |  | $ | 10,921 |  | $ | 8,935 |
Other long-term debt |  |  | 2,334 |  |  | 2,422 |
|  |  | 13,255 |  |  | 11,357 |
Less current portion of long-term debt |  |  | 2,819 |  |  | 2,801 |
Long-term portion of debt |  | $ | 10,436 |  | $ | 8,556 |
Fiscal year principal payments of long‑term debt as of June 30, 2015 are as follows (in thousands):
2016 |  | $ | 2,801 |
2017 |  |  | 2,707 |
2018 |  |  | 2,249 |
2019 |  |  | 1,877 |
2020 |  |  | 746 |
Thereafter |  |  | 977 |
Total |  | $ | 11,357 |

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 + Details
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