10.

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, 2014		October 31, 2013
EMEA credit facilities	$	25,730	$	21,594
2017 Notes		272,220		274,952
ABL Credit Facility		42,260		27,408
2018 Notes		278,664		278,612
2020 Notes		222,357		222,285
Capital lease obligations and other borrowings		23,417		6,449

	$	864,648	$	831,300

As of January 31, 2014, the Company’s credit facilities allowed for total cash borrowings and letters of credit of $272 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, 2014, the Company had a total of $68 million of direct borrowings and $56 million in letters of credit outstanding. As of January 31, 2014, the effective availability for borrowings remaining under the Company’s credit facilities was $92 million, $53 million of which could also be used for letters of credit in the United States and APAC. In addition to the $92 million of effective availability for borrowings, the Company also had $56 million in additional capacity for letters of credit in EMEA as of January 31, 2014. Many of the Company’s debt agreements contain customary default provisions and restrictive covenants. The Company is in compliance with such covenants.

As of January 31, 2014, the Company’s other borrowings include approximately $17 million of notes payable, approximately $16 million of which is due during fiscal 2014, issued to the former minority interest owners of the Company’s Brazil and Mexico subsidiaries. The Company acquired the remaining minority interests of each of these subsidiaries in November 2013.

The estimated fair values of the Company’s borrowings under lines of credit and long-term debt as of January 31, 2014 was $937 million, compared to a carrying value of $865 million. The fair value of the Company’s long-term debt is calculated based on the market price of the Company’s publicly traded 2020 Notes, the trading prices of the Company’s 2018 Notes and 2017 Notes (all Level 1 inputs) and the carrying values of the Company’s variable rate 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.