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Long-term Debt Long-term Debt
12 Months Ended
Jun. 26, 2016
Long-term Debt, Unclassified [Abstract]  
Long-term Debt
Long-term Debt
On January 9, 2015, the Company entered into a new credit agreement (Credit Agreement) with Wells Fargo Bank, National Association (Wells Fargo Bank) and other lenders party thereto for a $500 million secured revolving line of credit under which the Company can borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of January 9, 2020. Proceeds of the initial loans made under the Credit Agreement were used to repay amounts outstanding under the Company's previous $150 million unsecured credit agreement with Wells Fargo Bank, entered into on August 12, 2014.
The Company classifies balances outstanding under its line of credit as Long-term debt in the Consolidated Balance Sheets. At June 26, 2016, the Company had $160 million outstanding under the Credit Agreement and $340 million available for borrowing. For the year ended June 26, 2016, the average interest rate under the Credit Agreement was 1.14%. The average commitment fee percentage for the Credit Agreement was 0.09% for the year ended June 26, 2016. For the year ended June 28, 2015, the average interest rate under the Credit Agreement and the previous credit agreement was 0.95%. The average commitment fee percentage for these credit agreements was 0.09% for the year ended June 28, 2015. The Company was in compliance with all covenants in the Credit Agreement at June 26, 2016.