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Short-term Borrowings and Long-term Debt
 3 Months Ended
Mar. 31, 2018
Debt Disclosure [Abstract]  
Short-term Borrowings and Long-term Debt Short-term Borrowings and Long-term Debt

Short-term Borrowings
 
3/31/2018
 
12/31/2017

Current maturities of long-term debt
 
$
67

 
$
386

Other
 
5

 
—

 
 
$
72

 
$
386

Less current portion of debt issuance costs and discounts
 
(11
)
 
(11
)
Short-term borrowings
 
$
61

 
$
375

 
 
 
 
 
Long-term Debt
 
 
 
 
Securitization Notes
 
$
2,271

 
$
2,271

Subsidiary Senior Unsecured Notes
 
2,850

 
2,850

Term Loan A Facility
 
500

 
500

Term Loan B Facility
 
1,970

 
1,975

YUM Senior Unsecured Notes(a)
 
1,875

 
2,200

Capital lease obligations
 
103

 
105

 
 
$
9,569

 
$
9,901

Less debt issuance costs and discounts
 
(83
)
 
(86
)
Less current maturities of long-term debt
 
(67
)
 
(386
)
Long-term debt
 
$
9,419

 
$
9,429



(a)    During the quarter, we repaid $325 million in YUM Senior Unsecured Notes that matured in March 2018.

Revolving Facility

As of March 31, 2018, we had no borrowings outstanding under our $1 billion revolving facility (the "Revolving Facility") with $8 million in letters of credit outstanding. Funds available under the Revolving Facility may be used to repay other debt, finance debt or share repurchases, fund acquisitions or capital expenditures and for other general corporate purposes.

Credit Agreement Repricing

Subsequent to the end of the first quarter, on April 3, 2018, KFC Holding Co., Pizza Hut Holdings, LLC, a limited liability company, and Taco Bell of America, LLC, a limited liability company, as co-borrowers (collectively, the “Borrowers”), each of which is a wholly-owned subsidiary of the Company, completed the repricing of the then existing $1.97 billion under the Term Loan B Facility pursuant to an amendment to the Credit Agreement (as defined in our 2017 Form 10-K). The amendment reduces the interest rate applicable to the Term Loan B Facility by 25 basis points to adjusted LIBOR plus 1.75% or Base Rate plus 0.75%, at the Borrowers’ election, and extends the maturity date for the Term Loan B Facility by 2 years to April 3, 2025. All other material provisions under the Credit Agreement remained unchanged as a result of this amendment.

Details of our short-term borrowings and long-term debt as of December 31, 2017 can be found within our 2017 Form 10-K. Cash paid for interest during the quarters ended March 31, 2018 and 2017 was $71 million and $68 million, respectively.