7. Debt

Short-term debt consists of the following:


	June 27, 2015		June 28, 2014		June 27, 2015		June 28, 2014
	Interest Rate				Carrying Balance
Bank credit facilities and other	5.54	%	3.20	%	$	81,115	$	250,088
Accounts receivable securitization program	—		0.60	%		—		615,000
Notes due September 1, 2015	6.00	%	—			250,000		—
Short-term debt					$	331,115	$	865,088

Bank credit facilities and other 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. See Note 3 for further information on the accounts receivable securitization program.

Long-term debt consists of the following:


	June 27, 2015		June 28, 2014		June 27, 2015		June 28, 2014
	Interest Rate				Carrying Balance
Revolving credit facilities:
Accounts receivable securitization program	0.59	%	—		$	650,000	$	—
2014 Credit Facility	1.45	%	—			50,000		—
Previous 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	2.06	%	1.40	%		1,828		3,867
Long-term debt before discount						1,651,828		1,215,867
Discount and debt issuance costs						(5,327)		(6,916)
Long-term debt					$	1,646,501	$	1,208,951

At the end of fiscal 2015, the Company had 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. 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 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 rations, which the Company was in compliance with as of June 27, 2015. At June 27, 2015 and June 28, 2014, there were $1.9 million and $2.0 million, respectively, in letters of credit issued under the 2014 Credit Facility and a previous credit facility.

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


2016	$	331,115
2017		951,459
2018		257
2019		94
2020		350,018
Thereafter		350,000
Subtotal		1,982,943
Discount and debt issuance costs		(5,327)
Total debt	$	1,977,616

At June 27, 2015, the carrying value and fair value of the Company’s debt was $1.98 billion and $2.04 billion, respectively. 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 public notes.