Debt

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



In thousands	July 31, 2014			October 31, 2013
EMEA credit facilities	$	26,812		$	21,594
2017 Notes	267,953			274,952
ABL Credit Facility	38,184			27,408
2018 Notes	278,775			278,612
2020 Notes	222,505			222,285
Capital lease obligations and other borrowings	6,520			6,449
Total debt	840,749			831,300
Less current portion of long-term debt	(28,406		)	(23,488		)
Long-term debt, net of current portion	$	812,343		$	807,812

As of July 31, 2014, the Company’s credit facilities allowed for total cash borrowings and letters of credit of $216 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 July 31, 2014, the Company had a total of $65 million of direct borrowings and $57 million in letters of credit outstanding. As of July 31, 2014, the effective availability for borrowings remaining under the Company’s credit facilities was $85 million, $66 million of which could also be used for letters of credit in the United States and APAC. In addition to the $85 million of effective availability for borrowings, the Company also had $9 million in additional capacity for letters of credit in EMEA as of July 31, 2014. Many of the Company’s debt agreements contain customary default provisions and restrictive covenants. The Company is not subject to financial covenant restrictions unless remaining borrowing availability under the ABL Credit Facility was to fall below the greater of $15 million or 10.0% of total borrowing base availability.

During the second quarter of 2014, the Company paid approximately $15 million of other borrowings to the former minority interest owners of the Company's Brazil subsidiary, related to the Company's acquisition of the remaining minority interest in this subsidiary in November 2013.

The estimated fair value of the Company’s borrowings under lines of credit and long-term debt as of July 31, 2014 was $786 million, compared to a carrying value of $841 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 credit facilities due to the variable rate nature of those debt obligations.

Other Fair Value Disclosures

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. Where any impairment charge is required, fixed assets are adjusted to the fair value as determined by the discounted cash flow analysis.