Debt consists of the following:



	December 31, 2016		April 2, 2016
	(millions)
$300 million 2.125% Senior Notes^(a)	$	298	$	301
$300 million 2.625% Senior Notes^(b)	291		296
Commercial paper notes	—		90
Borrowings outstanding under credit facilities	—		26
Total debt	589		713
Less: short-term debt	—		116
Total long-term debt	$	589	$	597

^(a)

During 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 12). Accordingly, the carrying value of the 2.125% Senior Notes as of December 31, 2016 and April 2, 2016 reflects adjustments of $1 million and $2 million, respectively, 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 as of both December 31, 2016 and April 2, 2016.

^(b)

During 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 2.625% Senior Notes (see Note 12). Accordingly, the carrying value of the 2.625% Senior Notes as of December 31, 2016 and April 2, 2016 reflects adjustments of $7 million and $2 million, respectively, for the change in fair value attributable to the benchmark interest rate. The carrying value of the 2.625% Senior Notes is also net of unamortized debt issuance costs and discount of $2 million as of both December 31, 2016 and April 2, 2016.