Note 4—Debt

Short-Term Borrowings

The Company maintains various short-term bank credit facilities with a borrowing capacity of $857 and $833, in 2018 and 2017, respectively. Borrowings on these short-term facilities were immaterial during 2018 and 2017, and there were no outstanding borrowings at the end of 2018 and 2017.

Long-Term Debt

The Company's long-term debt consists primarily of Senior Notes, which have various principal balances, interest rates, and maturity dates as described below. In May 2017, the Company issued $3,800 in aggregate principal amount of Senior Notes, with maturity dates between May 2021 and May 2027. Additionally, in 2017 the Company repaid long-term debt totaling $2,200.

The Company at its option may redeem the Senior 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 or the sum of the present value of the remaining scheduled payments of principal and interest to maturity. Additionally, upon certain events, as defined by the terms of the Senior Notes, the holder has the right to require the Company to purchase this security at a price of 101% of the principal amount plus accrued and unpaid interest to the date of the event. Interest on all outstanding long-term debt is payable semi-annually.

The estimated fair value of Senior Notes is valued using Level 2 inputs. Other long-term debt consists of Guaranteed Senior Notes issued by the Company's Japanese subsidiary and are valued using Level 3 inputs. At the end of 2018 and 2017, the fair value of the Company's long-term debt, including the current portion, was approximately $6,492 and $6,753, respectively. The carrying value of long-term debt consisted of the following:



	2018		2017
1.70% Senior Notes due December 2019	$	1,199	$	1,198
1.75% Senior Notes due February 2020	499		498
2.15% Senior Notes due May 2021	995		994
2.25% Senior Notes due February 2022	498		497
2.30% Senior Notes due May 2022	794		793
2.75% Senior Notes due May 2024	992		991
3.00% Senior Notes due May 2027	987		986
Other long-term debt	613		702
Total long-term debt	6,577		6,659
Less current portion⁽¹⁾	90		86
Long-term debt, excluding current portion	$	6,487	$	6,573

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(1) Included in other current liabilities in the consolidated balance sheets.

Maturities of long-term debt during the next five fiscal years and thereafter are as follows:



2019	$	90
2020	1,700
2021	1,091
2022	1,300
2023	90
Thereafter	2,343
Total	$	6,614