Debt

The Company's outstanding debt was as follows:



	March 31, 2017						December 31, 2016
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	$	37		$	37		$	33		$	33

Long-term debt
Senior secured borrowings:
Revolving credit facilities	$	354		$	354		$	—		$	—
Term loan facilities
U.S. dollar at LIBOR + 1.75% due 2018	654			650			654			649
€58 Euro at EURIBOR + 1.75% due 2018	62			62			61			61
Farm credit facility at LIBOR + 2.00% due 2019	351			347			351			347
Senior notes and debentures:
€650 at 4.0% due 2022	694			686			684			676
U. S. dollar at 4.50% due 2023	1,000			991			1,000			991
€600 at 2.625% due 2024	641			634			631			623
€600 at 3.375% due 2025	641			632			631			622
U.S. dollar at 4.25% due 2026	400			393			400			393
U.S. dollar at 7.375% due 2026	350			347			350			347
U.S. dollar at 7.50% due 2096	45			45			45			45
Other indebtedness in various currencies	122			122			124			124
Total long-term debt	5,314			5,263			4,931			4,878
Less current maturities	(58		)	(57		)	(162		)	(161		)
Total long-term debt, less current maturities	$	5,256		$	5,206		$	4,769		$	4,717

The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating Level 2 inputs such as quoted market prices for the same or similar issues, was $5,451 at March 31, 2017 and $5,043 at December 31, 2016.

In April 2017, the Company amended its credit agreement to provide for a $1,400 revolving credit facility, a $750 Term A Facility and a €275 Term Euro Facility. The maturity date for the facilities is in April 2022 and the facilities bore interest at LIBOR plus 1.75% as of closing. Interest rates can be reduced up to one-half percent per annum if the Company's total leverage ratio decreases to agreed levels. In connection with the amendment, the Company expects to record a loss from early extinguishment of debt of approximately $8 during the second quarter of 2017.

2016 Activity

In February 2016, the Company amended its credit agreement to provide for an additional $300 of term loan borrowings, the proceeds of which, along with borrowings under the revolving credit facilities and cash on hand, were used to redeem the Company's $700 6.25% senior notes due 2021. In September 2016, the Company issued €600 principal amount of 2.625% senior unsecured notes due 2024 and used the proceeds to repay a portion of the Euro term loan facility. In September 2016, the Company also issued $400 principal amount of 4.25% senior unsecured notes due 2026 and used the proceeds to repay a portion of the U.S dollar term loan facility.

In connection with the above transactions, the Company recorded a loss from early extinguishment of debt of $27 for the three months ended March 31, 2016 and $37 for the year ended December 31, 2016 for premiums paid and the write-off of deferred financing fees.