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Long-term Debt Long-term Debt
12 Months Ended
Jun. 25, 2017
Long-term Debt, Unclassified [Abstract]  
Long-term Debt
Long-term Debt
As of June 25, 2017 the Company had a 500 million secured revolving line of credit pursuant to a credit agreement (the Credit Agreement) with Wells Fargo Bank, National Association (Wells Fargo) under which the Company can borrow, repay and reborrow loans from time to time prior to its scheduled maturity date of January 9, 2020.
The Company classifies balances outstanding under its line of credit as long-term debt in the Consolidated Balance Sheets. At June 25, 2017, the Company had $145 million outstanding under the Credit Agreement and $355 million available for borrowing. For the year ended June 25, 2017, the average interest rate under the Credit Agreement was 1.56%. The average commitment fee percentage for the Credit Agreement was 0.11% for the year ended June 25, 2017. 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. The Company was in compliance with all covenants in the Credit Agreement at June 25, 2017.