7. Debt

As of March 31, 2019 and December 31, 2018, the Company’s total debt consisted of the following:


	As of		As of
(in millions)	March 31, 2019		December 31, 2018
3.2% senior notes due October 1, 2026	$	496	$	496
4.625% senior notes due November 1, 2020		399		399
6.625% senior notes due April 15, 2037		254		254
5.62% senior notes due March 25, 2020		200		200
Term loan credit agreement due April 12, 2021		165		165
Revolving credit facility		443		418
Fair value adjustment related to hedged fixed rate debt instruments		-		(1)
Long-term debt		1,957		1,931
Short-term borrowings		153		169
Total debt	$	2,110	$	2,100

The Company’s long-term debt as of March 31, 2019 includes the Term Loan Credit Agreement (“Term Loan”) of $165 million that was due in April 2019. On April 12, 2019, the Company amended and restated the Term Loan to establish a 24-month senior unsecured term loan credit facility (“Amended Term Loan”) in an amount of up to $500 million that matures on April 12, 2021. The indebtedness outstanding under the Term Loan as of April 12, 2019, in the aggregate outstanding principal amount of $165 million, will continue as indebtedness under the Amended Term Loan. Borrowings under the Amended Term Loan are to be used for general corporate purposes. This borrowing is included in the long-term debt as the Company has the ability and intent to refinance it on a long-term basis prior to the maturity date.