
	August 29,		August 31,
	2020		2019

Revolving credit facility	$	250,000	$	-
Uncommitted credit facilities		1,200		155,000
Private Placement Debt:
2.65% Senior notes, series A, due July 28, 2023		75,000		75,000
2.90% Senior notes, series B, due July 28, 2026		100,000		100,000
3.79% Senior notes, due June 11, 2025		20,000		20,000
2.60% Senior notes, due March 5, 2027		50,000		-
3.04% Senior notes due January 12, 2023⁽²⁾		50,000		50,000
3.22% Series 2018A notes, due June 11, 2020⁽²⁾		-		20,000
3.42% Series 2018B notes, due June 11, 2021⁽²⁾		20,000		20,000
2.40% Series 2019A notes, due March 5, 2024⁽²⁾		50,000		-
Financing arrangements		194		82
Less: unamortized debt issuance costs		(843)		(1,169)
Total debt, excluding obligations under finance leases	$	615,551	$	438,913
Less: current portion⁽¹⁾		(120,986)		(174,688)
Total long-term debt, excluding obligations under finance leases	$	494,565	$	264,225

(1)Consists of $100,000 from the revolving credit facility expected to be repaid in the next 12 months, $1,200 from the uncommitted credit facilities, $20,000 from the 2018B notes due June 11, 2021, $194 from financing arrangements, and net of unamortized debt issuance costs expected to be amortized in the next 12 months.

(2)Represents private placement debt issued under Shelf Facility Agreements, discussed in further detail below.

The Company has a $600,000 committed credit facility (the “Committed Facility”). The Committed Facility, which matures on April 14, 2022, provides for a five year unsecured revolving loan facility. The interest rate is based on either the London Interbank Offered Rate (“LIBOR”) or a base rate, plus in either case a spread based on the Company’s leverage ratio at the end of each fiscal reporting quarter. Based on the interest period the Company selects, interest may be payable every one, two, or three months. Interest is reset at the end of each interest period. The Company currently elects to have loans under the Committed Facility bear interest based on LIBOR with one-month interest periods.

The Committed Facility permits up to $50,000 to be used to fund letters of credit. The Committed Facility also permits the Company to request one or more incremental term loan facilities and/or increase the revolving loan commitments in an aggregate amount not to exceed $300,000. Subject to certain limitations, each such incremental term loan facility or revolving commitment increase will be on terms as agreed to by the Company, the Administrative Agent and the lenders providing such financing. Outstanding letters of credit were $16,742 and $3,087 at August 29, 2020 and August 31, 2019, respectively.

During fiscal year 2019, the Company entered into six unsecured credit facilities that are uncommitted, totaling $440,000 of maximum uncommitted availability. During fiscal year 2020, the Company extended, and in some cases

amended, five of the Uncommitted Facilities (the “Amended Uncommitted Facilities”), totaling $410,000 of maximum uncommitted availability. Borrowings under the Amended Uncommitted Facilities are generally due at the end of the applicable agreed interest period, but, in any event, no later than the one-year anniversary of the entrance into the applicable Amended Uncommitted Facility. The Amended Uncommitted Facilities contain limited covenants. As of August 29, 2020, the Company did not have an outstanding balance under the Amended Uncommitted Facilities.

During fiscal year 2020, the Company entered into an additional uncommitted credit facility (“New Uncommitted Credit Facility”), totaling $5,000 of maximum uncommitted availability. As of August 29, 2020, the Company had an outstanding balance of $1,200 under the New Uncommitted Credit Facility.

An event of default under the Company’s Committed Facility is an event of default under the Amended Uncommitted Facilities and the New Uncommitted Credit Facility, collectively “Uncommitted Credit Facilities”. The interest rate on the Uncommitted Credit Facilities is based on LIBOR or the bank’s cost of funds or as otherwise agreed upon by the applicable bank and the Company. The $1,200 outstanding balance at the end of fiscal year 2020 and the $155,000 outstanding balance at the end of fiscal year 2019 under the Uncommitted Credit Facilities and $100,000 of the Committed Facility at the end of fiscal year 2020 are classified as short-term in the Company’s Consolidated Balance Sheets.

During the fiscal year ended August 29, 2020, the Company borrowed $1,012,200 and repaid $916,000 under all of its credit facilities. As of August 29, 2020 and August 31, 2019, the weighted average interest rates on borrowings under all of its credit facilities were 1.42% and 3.01%, respectively.

Private Placement Debt

In July 2016, the Company completed the issuance and sale of $75,000 aggregate principal amount of 2.65% Senior Notes, Series A, due July 28, 2023 and $100,000 aggregate principal amount of 2.90% Senior Notes, Series B, due July 28, 2026; in June 2018, the Company completed the issuance and sale of $20,000 aggregate principal amount of 3.79% Senior Notes, due June 11, 2025; and in March 2020, the Company completed the issuance and sale of an additional $50,000 aggregate principal amount of 2.60% Senior Notes, due March 5, 2027 (collectively “Private Placement Debt”). Interest is payable semiannually at the fixed stated interest rates.

Shelf Facility Agreements

In January 2018, the Company entered into Note Purchase and Private Shelf Agreements with Metropolitan Life Insurance Company (“Met Life Note Purchase Agreement”) and PGIM, Inc. (“Prudential Note Purchase Agreement”), and together referred to as the “Shelf Facility Agreements”. The Met Life Note Purchase Agreement provides for an uncommitted facility for the issuance and sale of up to an aggregate total of $250,000 of senior notes, at either fixed or floating rates. The Prudential Note Purchase Agreement provides for an uncommitted facility for the issuance and sale of up to an aggregate total of $250,000 of senior notes, at a fixed rate. As of August 29, 2020, the uncommitted availability under the Met Life Note Purchase Agreement and the Prudential Note Purchase Agreement is $180,000 and $200,000, respectively.

Each of the credit facilities, Private Placement Debt, and Shelf Facility Agreements impose several restrictive covenants including the requirement that the Company maintain a maximum consolidated leverage ratio of total indebtedness to EBITDA (earnings before interest expense, taxes, depreciation, amortization and stock-based compensation) of no more than 3.00 to 1.00 (or, at the election of the Company after it consummates a material acquisition, a four-quarter temporary increase to 3.50 to 1.00), and a minimum consolidated interest coverage ratio of EBITDA to total interest expense of at least 3.00 to 1.00, during the terms of the credit facilities, Private Placement Debt, and Shelf Facility Agreements. At August 29, 2020, the Company was in compliance with the operating and financial covenants of the credit facilities, Private Placement Debt, and Shelf Facility Agreements.

Maturities of long-term debt, excluding finance lease and financing obligations, as of August 29, 2020 are as follows:


	Maturities of
Fiscal Year	Debt
2021	$	20,000
2022		150,000
2023		125,000
2024		50,000
2025		20,000
Thereafter		150,000
Total	$	515,000