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LINE-OF-CREDIT BORROWINGS AND DEBT

12 Months Ended

Jun. 30, 2016

LINE-OF-CREDIT BORROWINGS AND DEBT

LINE-OF-CREDIT BORROWINGS AND DEBT

6.    LINE-OF-CREDIT BORROWINGS AND DEBT

        The Company has a $450 million revolving credit facility maturing May 2019. The credit facility includes 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, 2016. 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. The unused portion of the facility bears a commitment fee of 0.20% as of June 30, 2016 but this 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 certain of the Company's U.S.-based subsidiaries and are secured by substantially all of the assets of the Company and certain subsidiaries. The agreement contains various representations and warranties, affirmative, negative and financial covenants, and conditions of default customary for financing agreements of this type. As of June 30, 2016, there was $125 million outstanding under the revolving credit facility and $6.2 million outstanding under the letters-of-credit sub-facility. As of June 30, 2016, the Company believes that it is in 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, 2016, $37.1 million was outstanding under these letter-of-credit facilities, while no debt was outstanding. As of June 30, 2016, the total amount available under these credit facilities was $19.1 million, with a total cash borrowing sub-limit of $1.3 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, which bears interest at LIBOR plus 1.25%, is payable on a monthly basis over seven years. 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.

        Long-term debt consisted of the following at June 30 (in thousands):

		2015			2016
Term loans		$	8,935		$	6,847
Other long-term debt			2,422			1,966
			11,357			8,813
Less current portion of long-term debt			2,801			2,759
​	​	​	​	​	​	​	​
Long-term portion of debt		$	8,556		$	6,054
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

        Fiscal year principal payments of long-term debt as of June 30, 2016 are as follows (in thousands):

2017		$	2,759
2018			2,383
2019			2,044
2020			801
2021			183
2022 and thereafter			643
​	​	​	​	​
Total		$	8,813
​	​	​	​	​
​	​	​	​	​

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- References

No definition available.

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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

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