Debt consists of the following:



	December 26, 2015		March 28, 2015
	(millions)
$300 million 2.125% Senior Notes^(a)	$	298	$	298
$300 million 2.625% Senior Notes^(b)	298		—
Commercial paper notes	15		234
Total debt	611		532
Less: short-term debt	15		234
Total long-term debt	$	596	$	298

^(a)

During the first quarter of Fiscal 2016, the Company entered into an interest rate swap contract which it designated as a hedge against changes in the fair value of its fixed-rate 2.125% Senior Notes (see Note 13). Accordingly, the carrying value of the 2.125% Senior Notes as of December 26, 2015 reflects an adjustment of $1 million for the change in fair value attributable to the benchmark interest rate. The carrying value of the 2.125% Senior Notes is also net of unamortized debt issuance costs and discount of $1 million and $2 million as of December 26, 2015 and March 28, 2015, respectively.


^(b)	The carrying value of the 2.625% Senior Notes is net of unamortized debt issuance costs and discount of $2 million as of December 26, 2015.