External financing

12 Months Ended

Jun. 28, 2014

Short-term debt consists of the following:



	June 28, 2014		June 29, 2013
	(Thousands)
Bank credit facilities and other	$	250,088	$	178,240
Accounts receivable securitization program (Note 3)	615,000		360,000
Current portion of long-term debt	—		299,950
Short-term debt	$	865,088	$	838,190

Bank credit facilities consist of various committed and uncommitted lines of credit and other forms of bank debt with financial institutions utilized primarily to support the working capital requirements of foreign operations. The weighted average interest rate on the bank credit facilities was 3.2% and 4.3% at the end of fiscal 2014 and 2013, respectively. The interest rate on the accounts receivable securitization program was 0.6% at the end of fiscal 2014 and 2013.

Long-term debt consists of the following:



	June 28, 2014			June 29, 2013
	(Thousands)
2012 Credit Facility	$	12,000		$	6,700
6.000% Notes due September 1, 2015	250,000			250,000
6.625% Notes due September 15, 2016	300,000			300,000
5.875% Notes due June 15, 2020	300,000			300,000
4.875% Notes due December 1, 2022	350,000			350,000
Other long-term debt	3,867			2,879
Subtotal	1,215,867			1,209,579
Unamortized discount on notes	(2,053		)	(2,586		)
Long-term debt	$	1,213,814		$	1,206,993

At the end of fiscal 2014, the Company had a five-year $1.00 billion senior unsecured revolving credit facility (the "2012 Credit Facility") with a syndicate of banks, which expires in November 2016. Under the 2012 Credit Facility, the Company may select from various interest rate options, currencies and maturities. The 2012 Credit Facility contains certain covenants, all of which the Company was in compliance with as of June 28, 2014. At June 28, 2014, there were letters of credit aggregating to $2.0 million outstanding which represents a utilization of the 2012 Credit Facility capacity but are not recorded in the consolidated balance sheet as the letters of credit are not debt. At June 29, 2013, there were letters of credit aggregating $2.3 million outstanding.

In July 2014, subsequent to the end of fiscal 2014, the Company terminated the 2012 Credit Facility and entered into a five-year $1.25 billion senior unsecured revolving credit facility (the "2014 Credit Facility") with a syndicate of banks, consisting of revolving credit facilities and the issuance of up to $150.00 million of letters of credit. Subject to certain conditions, the 2014 Credit Facility may be increased up to $1.50 billion. Under the 2014 Credit Facility, the Company may select from various interest rate options, currencies and maturities. The 2014 Credit Facility contains certain covenants, which are substantially similar to those covenants contained in the 2012 Credit Facility. The 2014 Credit Facility is scheduled to mature in July 2019.

Aggregate debt maturities for the next five fiscal years and thereafter are as follows (in thousands):



2015	$	865,088
2016	264,547
2017	301,286
2018	34
2019	—
Thereafter	650,000
Subtotal	2,080,955
Discount on notes	(2,053		)
Total debt	$	2,078,902

At June 28, 2014, the carrying value and fair value of the Company’s debt was $2.08 billion and $2.19 billion, respectively. Fair value was estimated primarily based upon quoted market prices for the Company's long-term notes. At June 29, 2013, the carrying value and fair value of the Company’s debt was $2.05 billion and $2.13 billion, respectively. Fair value was estimated primarily based upon quoted market prices for the Company's long-term notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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