12. Debt

As of March 31, 2018 and December 31, 2017, the Company’s total debt consisted of the following:


	As of		As of
(in millions)	March 31, 2018		December 31, 2017
3.2% senior notes due October 1, 2026	$	496	$	496
4.625% senior notes due November 1, 2020		399		398
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 25, 2019		165		395
Revolving credit facility		—		—
Fair value adjustment related to hedged fixed rate debt instruments		(2)		1
Long-term debt		1,512		1,744
Short-term borrowings		140		120
Total debt	$	1,652	$	1,864

The Company paid $230 million towards the Term Loan Credit Agreement in the three months ended March 31, 2018.