Note 4—Debt

Short-Term Borrowings

The Company enters into various short-term bank credit facilities, totaling $429 and $407 in 2016 and 2015, respectively. At the end of 2016 and 2015, there were no outstanding borrowings under these credit facilities.

In 2016, the average and maximum short term borrowings in Japan were $99 and $110, respectively, and had a weighted average interest rate of 0.52% during the year. All other short term borrowings during the year were immaterial. In 2015, the average and maximum short term borrowings were immaterial.

Long-Term Debt

On February 17, 2015, the Company issued $1,000 in aggregate principal amount of Senior Notes (February 2015 Notes), as follows: $500 of 1.75% Senior Notes due February 15, 2020; and $500 of 2.25% Senior Notes due February 15, 2022. Interest is due semi-annually on February 15 and August 15; the first payment was made on August 15, 2015. The Company, at its option, may redeem the February 2015 Notes at any time, in whole or in part, at the redemption price plus accrued and unpaid interest to the date of redemption. The redemption price is equal to the greater of 100% of the principal amount of the notes to be redeemed or the sum of the present value of the remaining scheduled payments of principal and interest to maturity. The Company will be required to offer to purchase the February 2015 Notes, at a price of 101% of the principal amount plus accrued and unpaid interest to the date of repurchase, upon certain events as defined by the terms of the February 2015 Notes. The discount and issuance costs associated with the February 2015 Notes are being amortized to interest expense over the term of the notes, which are valued using Level 2 inputs.

In December 2012, the Company issued $3,500 in aggregate principal amount of Senior Notes (December 2012 Notes) as follows: $1,200 of 0.65% Senior Notes due December 7, 2015; $1,100 of 1.125% Senior Notes due December 15, 2017; and $1,200 of 1.7% Senior Notes due December 15, 2019. Interest is payable semi-annually. The Company, at its option, may redeem the December 2012 Notes at any time, in whole or in part, at a redemption price plus accrued interest. The redemption price is equal to the greater of 100% of the principal amount of the December 2012 Notes to be redeemed or the sum of the present value of the remaining scheduled payments of principal and interest to maturity. Additionally, the Company will be required to make an offer to purchase the December 2012 Notes at a price of 101% of the principal amount plus accrued and unpaid interest to the date of repurchase, upon certain events as defined by the terms of the December 2012 Notes. The discount and issuance costs associated with the December 2012 Notes are being amortized to interest expense over the terms of the notes. In December 2015, the Company paid the outstanding principal balance and interest on the 0.65% Senior Notes with existing sources of cash and cash equivalents and short term investments. The remaining December 2012 Notes are valued using Level 2 inputs.

In February 2007, the Company issued $1,100 of 5.5% Senior Notes due March 15, 2017 (2007 Senior Note). Interest is payable semi-annually. The Company, at its option, may redeem the 2007 Senior Note at any time, in whole or in part, at a redemption price plus accrued interest. The redemption price is equal to the greater of 100% of the principal amount of the 2007 Senior Note to be redeemed or the sum of the present value of the remaining scheduled payments of principal and interest to maturity. Additionally, the Company will be required to make an offer to purchase the 2007 Senior Note at a price of 101% of the principal amount plus accrued and unpaid interest to the date of repurchase, upon certain events as defined by the terms of the 2007 Senior Note. The discount and issuance costs associated with the 2007 Senior Note are being amortized to interest expense over the term of the note. This note is valued using Level 2 inputs.

Other long-term debt consisted primarily of promissory notes and term loans issued by the Company's Japanese subsidiary. These notes and term loans are valued primarily using Level 3 inputs. In March 2016, the Company's Japanese subsidiary issued approximately $103 of 0.63% Guaranteed Senior Notes through a private placement. Interest is payable semi-annually, and principal is due in March 2026. Additionally in June 2016, the Company's Japanese subsidiary issued approximately $93 of zero percent Guaranteed Senior Notes through a private placement. Interest is payable semi-annually, and principal is due in June 2021. Both notes are included in other long-term debt in the table below.

The estimated fair value of the Company's debt was based primarily on reported market values, recently completed market transactions, and estimates based upon interest rates, maturities, and credit. The carrying value and estimated fair value at the end of 2016 and 2015 consisted of the following:



	2016				2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
0.65% Senior Notes due December 2015	$	0	$	0	$	1,200	$	1,201
5.5% Senior Notes due March 2017	1,100		1,129		1,099		1,171
1.125% Senior Notes due December 2017	1,099		1,103		1,098		1,097
1.7% Senior Notes due December 2019	1,196		1,219		1,195		1,186
1.75% Senior Notes due February 2020	498		508		497		494
2.25% Senior Notes due February 2022	497		512		496		484
Other long-term debt	771		803		550		555
Total long-term debt	5,161		5,274		6,135		6,188
Less current portion	1,100		1,130		1,283		1,284
Long-term debt, excluding current portion	$	4,061	$	4,144	$	4,852	$	4,904

Maturities of long-term debt during the next five fiscal years and thereafter, excluding deferred issuance costs, are as follows:



2017	$	1,100
2018	1,195
2019	100
2020	1,698
2021	100
Thereafter	978
Total	$	5,171