4. Debt

Short-term debt consists of the following (in thousands):


	March 28, 2015		June 28, 2014		March 28, 2015		June 28, 2014
	Interest Rate				Carrying Balance
Bank credit facilities and other	5.56	%	3.20	%	$	100,277	$	250,088
Accounts receivable securitization program	—		0.60	%		—		615,000
Notes due September 1, 2015	6.00	%	—			250,000		—
Short-term debt					$	350,277	$	865,088

Bank credit facilities and other consists 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.

Long-term debt consists of the following (in thousands):


	March 28, 2015		June 28, 2014		March 28, 2015		June 28, 2014
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	0.58	%	—		$	725,000	$	—
2014 Credit Facility	3.55	%	—			50,000		—
2012 Credit Facility	—		3.55	%		—		12,000
Notes due:
September 1, 2015	—		6.00	%		—		250,000
September 15, 2016	6.63	%	6.63	%		300,000		300,000
June 15, 2020	5.88	%	5.88	%		300,000		300,000
December 1, 2022	4.88	%	4.88	%		350,000		350,000
Other long-term debt	1.42	%	1.40	%		1,901		3,867
Long-term debt before discount						1,726,901		1,215,867
Discount on Notes						(1,663)		(2,053)
Long-term debt					$	1,725,238	$	1,213,814

In August 2014, the Company amended and extended its accounts receivable securitization program (the “Program”) with a group of financial institutions to allow the Company to transfer, on an ongoing revolving basis, an undivided interest in a designated pool of accounts receivable, to provide security or collateral for borrowings up to a maximum of $900.0 million. The Program does not qualify for off balance sheet sale accounting treatment and, as a result, any borrowings under the Program are recorded as debt on the consolidated balance sheets. Under the Program, the Company legally isolates certain U.S. trade receivables into a wholly-owned and consolidated bankruptcy remote special purpose entity. Such isolated receivables, which are recorded within “Receivables” in the consolidated balance sheets, totaled $1.47 billion and $1.65 billion at March 28, 2015 and June 28, 2014, respectively. The Program contains certain covenants relating to the quality of the receivables sold. The Program also requires the Company to maintain certain minimum interest coverage and leverage ratios, which the Company was in compliance with as of March 28, 2015. The Program has a two-year term that expires in August 2016. As a result of the two-year term, outstanding borrowings under the Program are classified as long-term debt at March 28, 2015. Interest on borrowings is calculated using a base rate or a commercial paper rate plus a spread of 0.38%. The facility fee is 0.38%.

In July 2014, the Company terminated its existing Credit Facility (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 $150.0 million of letters of credit, which expires in July 2019. Under the 2014 Credit Facility, the Company may select from various interest rate options, currencies and maturities. The 2014 Credit Facility contains certain covenants including various limitations on debt incurrence, share repurchases, dividends, investments and capital expenditures. The 2014 Credit Facility also includes financial covenants requiring the Company to maintain minimum interest coverage and leverage ratios, which the Company was in compliance with as of March 28, 2015. At March 28, 2015, there were $1.9 million in letters of credit issued under the 2014 Credit Facility. At June 28, 2014, there were $2.0 million in letters of credit issued under the 2012 Credit Facility.

At March 28, 2015, the carrying value and fair value of the Company’s total debt was $2.08 billion and $2.17 billion, respectively. At June 28, 2014, the carrying value and fair value of the Company's total debt was $2.08 billion and $2.19 billion, respectively. Fair value was estimated primarily based upon quoted market prices.