Long-Term Debt (Policy)

12 Months Ended

Jun. 30, 2011

Long-Term Debt

Long-Term Debt

At June 30, 2011 and 2010, we had an unsecured revolving credit facility under which we may borrow up to a maximum of $160 million at any one time, with the potential to expand the total credit availability to $260 million based on obtaining consent of the issuing bank and certain other conditions. The facility expires in October 2012, and all outstanding amounts are then due and payable. At June 30, 2011 and 2010, we had no borrowings outstanding under this facility. Loans may be used for general corporate purposes. At June 30, 2011, we had approximately $6.6 million of standby letters of credit outstanding, which reduced the amount available for borrowing on the unsecured revolving credit facility.

        Based on the long-term nature of this facility, when we have outstanding borrowings under this facility, we classify the outstanding balance as long-term debt.