11.

Long-Term Debt

The Company has a five-year credit agreement, which was entered into on June 30, 2016 and matures on June 30, 2021. See Note 12 in the Notes to the Consolidated Financial Statements in our fiscal 2016 Form 10-K for details regarding the credit agreement. Borrowings outstanding on this facility totaled $295,000 at April 30, 2017 and $360,000 at July 31, 2016. As of April 30, 2017, the available and unused credit line under the revolver was $202,825, and the Company was in compliance with the financial covenant in the credit agreement.

For the three months ended April 30, 2017, the total LIBOR and base rate interest expense on the facility was $1,879 and the weighted-average interest rate on borrowings from the facility was 2.38%. For the nine months ended April 30, 2017, the total LIBOR and base rate interest expense on the facility was $5,583 and the weighted-average interest rate on borrowings from the facility was 2.25%. The Company incurred fees to secure the facility of $7,850 in fiscal 2016, and those fees are being amortized ratably over the five-year term of the agreement, or a shorter period if the credit agreement period is shortened for any reason. The Company recorded charges related to the amortization of these fees, which are included in interest expense, of $392 and $1,177 for the three and nine months ended April 30, 2017, respectively, and the unamortized balance of these facility fees was $6,542 at April 30, 2017 and is included in Other long-term assets in the Condensed Consolidated Balance Sheet.

The carrying value of the Company’s long-term debt at April 30, 2017 approximates fair value as the entire balance is subject to variable market interest rates that the Company believes are market rates for a similarly situated Company. The fair value of debt is largely estimated using level 2 inputs as defined by ASC 820.