Short-term Borrowings and Long-term Debt (Tables)

3 Months Ended

6 Months Ended

Jun. 30, 2018

Schedule of Short-term Borrowings and Long-term Debt



Short-term Borrowings	6/30/2018			12/31/2017
Current maturities of long-term debt	$	51		$	386
Other	8			—
	$	59		$	386
Less current portion of debt issuance costs and discounts	(5		)	(11		)
Short-term borrowings	$	54		$	375

Long-term Debt
Securitization Notes	$	2,265		$	2,271
Subsidiary Senior Unsecured Notes	2,850			2,850
Revolving Facility	202			—
Term Loan A Facility	500			500
Term Loan B Facility	1,965			1,975
YUM Senior Unsecured Notes^(a)	1,875			2,200
Capital lease obligations	95			105
	$	9,752		$	9,901
Less debt issuance costs and discounts	(89		)	(86		)
Less current maturities of long-term debt	(51		)	(386		)
Long-term debt	$	9,612		$	9,429

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

The following table presents the carrying value and estimated fair value of the Company’s debt obligations:



	6/30/2018				12/31/2017
	Carrying Value		Fair Value (Level 2)		Carrying Value		Fair Value (Level 2)

Securitization Notes^(a)	$	2,265	$	2,348	$	2,271	$	2,367
Subsidiary Senior Unsecured Notes^(b)	2,850		2,793		2,850		2,983
Term Loan A Facility^(b)	500		500		500		503
Term Loan B Facility^(b)	1,965		1,973		1,975		1,990
YUM Senior Unsecured Notes^(b)	1,875		1,845		2,200		2,277


(a)	We estimated the fair value of the Securitization Notes by obtaining broker quotes from two separate brokerage firms that are knowledgeable about the Company’s Securitization Notes and, at times, trade these notes. The markets in which the Securitization Notes trade are not considered active markets.

(b)

We estimated the fair value of the YUM and Subsidiary Senior Unsecured Notes, Term Loan A Facility, and Term Loan B Facility using market quotes and calculations based on market rates.