12.

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 11 in the Notes to the Consolidated Financial Statements in our fiscal 2017 Form 10-K for details regarding the credit agreement. Borrowings outstanding on this facility totaled $80,000 at April 30, 2018 and $145,000 at July 31, 2017. As of April 30, 2018, the available and unused credit line under the revolver was $415,808, and the Company was in compliance with the financial covenant in the credit agreement.

For the three-month periods ended April 30, 2018 and April 30, 2017, the total interest expense on the facility was $584 and $1,879, respectively, and the weighted-average interest rate on borrowings from the facility was 2.92% and 2.38%, respectively. For the nine-month periods ended April 30, 2018 and April 30, 2017, the total interest expense on the facility was $1,742 and $5,583, respectively, and the weighted-average interest rate on borrowings from the facility was 2.72% and 2.25%, respectively. 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 classified as interest expense, of $392 for both of the three-month periods ended April 30, 2018 and April 30, 2017, and $1,177 for both of the nine-month periods ended April 30, 2018 and April 30, 2017. The unamortized balances of these facility fees were $4,972 at April 30, 2018 and $6,149 at July 31, 2017, and are included in Other long-term assets in the Condensed Consolidated Balance Sheets.

The carrying value of the Company’s long-term debt at April 30, 2018 approximates fair value as the entire balance is subject to variable 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.