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Long-term Debt
9 Months Ended
Mar. 26, 2017
Long-term Debt, Unclassified [Abstract]  
Long-term Debt
Long-term Debt
As of March 26, 2017, the Company had 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.
The Company classifies balances outstanding under its line of credit as long-term debt in the consolidated balance sheets. At March 26, 2017, the Company had $153 million outstanding under the line of credit and $347 million available for borrowing. For the three and nine months ended March 26, 2017, the average interest rate was 1.58% and 1.46%, respectively. For the three and nine months ended March 26, 2017 the average commitment fee percentage was 0.09%. The Company was in compliance with all covenants in the line of credit at March 26, 2017.