Debt

A summary of borrowings under lines of credit and long-term debt as of the dates indicated is as follows:


In thousands	January 31, 2013		October 31, 2012
APAC Credit Facility	$	11,897	$	18,147
Americas Credit Facility		48,000		46,700
Americas Term Loan		14,000		15,500
EMEA lines of credit		33,429		7,742
Senior Notes		400,000		400,000
European Senior Notes		270,453		258,732
Capital lease obligations and other borrowings		10,667		11,148

	$	788,446	$	757,969

As of January 31, 2013, the Company’s credit facilities allowed for total cash borrowings and letters of credit of $346 million. The total maximum borrowings and actual availability fluctuate with the amount of assets comprising the borrowing base under certain of the credit facilities. At January 31, 2013, the Company had a total of $93 million of direct borrowings and $61 million in letters of credit outstanding. As of January 31, 2013, the effective availability for borrowings remaining under the Company’s credit facilities was $114 million, $35 million of which could also be used for letters of credit in the United States. In addition to the $114 million of effective availability for borrowings,

the Company also had $77 million in additional capacity for letters of credit in EMEA and APAC as of January 31, 2013. Many of the Company’s debt agreements contain customary default provisions and restrictive covenants, including certain cross default provisions between the Americas Credit Facility and the Americas Term Loan. The Company is currently in compliance with such covenants.

The estimated fair values of the Company’s borrowings under lines of credit and long-term debt as of January 31, 2013 were as follows:


In thousands	Carrying Amount		Fair Value
Lines of credit	$	11,897	$	11,897
Long-term debt		776,549		792,776

	$	788,446	$	804,673

The fair value of the Company’s long-term debt is calculated based on the market price of the Company’s publicly traded Senior Notes, the trading price of the Company’s European Senior Notes and the carrying values of the Company’s other debt obligations.

The carrying value of the Company’s trade accounts receivable and accounts payable approximates fair value due to their short-term nature. The fair value of fixed assets is determined using a discounted cash flow model which requires level 3 inputs.