9. Debt and Credit Arrangements

Our debt is comprised entirely of an unsecured revolving credit facility (“Credit Facility”). The outstanding balance was $230.5 million as of December 28, 2014 and $157.9 million as of December 29, 2013.

On April 30, 2013, we amended and restated our Credit Facility to increase the amount available for borrowing to $300 million from $175 million and extend the maturity date to April 30, 2018. On October 31, 2014, we amended our Credit Facility (“Amended Line”) to increase the amount available to $400 million and extend the maturity date to October 31, 2019. Additionally, we have the option to increase the Amended Line an additional $100 million. The interest rate charged on outstanding balances is LIBOR plus 75 to 175 basis points. The commitment fee on the unused balance ranges from 15 to 25 basis points. The remaining availability under the Amended Line, reduced for outstanding letters of credit approximates $148.2 million.

The Credit Facility contains customary affirmative and negative covenants, including financial covenants requiring the maintenance of specified fixed charges and leverage ratios. At December 28, 2014, we were in compliance with these covenants.

We had the following interest rate swap agreements as of December 28, 2014:

Effective Dates	Floating Rate Debt		Fixed Rates

July 30, 2013 through April 30, 2018	$	75 million	1.42	%
December 30, 2014 through April 30, 2018	$	50 million	1.36	%

We previously had a $50 million swap that was terminated on July 30, 2013 with a fixed rate of 0.56%.

Our swaps are derivative instruments that are designated as cash flow hedges because the swaps provide a hedge against the effects of rising interest rates on borrowings. The effective portion of the gain or loss on the swaps is reported as a component of accumulated other comprehensive income and reclassified into earnings in the same period or periods during which the swaps affect earnings. Gains or losses on the swaps representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. Amounts payable or receivable under the swaps are accounted for as adjustments to interest expense. As of December 28, 2014, the swaps are highly effective cash flow hedges with no ineffectiveness during the year ended December 28, 2014.

The following table provides information on the location and amounts of our swaps in the accompanying consolidated financial statements (in thousands):

	Liability Derivatives
	Balance Sheet Location	Fair Value Dec. 28, 2014		Fair Value Dec. 29, 2013

Interest rate swaps	Other current and long-term liabilities	$	376	$	76

There were no derivatives that were not designated as hedging instruments.

The effect of derivative instruments on the accompanying consolidated financial statements is as follows (in thousands):

Derivatives - Cash Flow Hedging Relationships	Amount of Gain or (Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)			Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)			Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)

Interest rate swaps:

2014	$	(164	)	Interest expense	$	(996	)	Interest expense	$	—
2013	$	(32	)	Interest expense	$	(501	)	Interest expense	$	—
2012	$	(72	)	Interest expense	$	(150	)	Interest expense	$	—

The weighted average interest rates for the credit facility, including the impact of the previously mentioned swap agreements, were 1.7%, 1.4% and 1.3% in fiscal 2014, 2013 and 2012, respectively. Interest paid, including payments made or received under the swaps, was $3.7 million in 2014, $2.0 million in 2013 and $967,000 in 2012. As of December 28, 2014, the portion of the $376,000 liability associated with the interest rate swap that would be reclassified into earnings during the next 12 months as interest expense approximates $113,000.