DEBT

The carrying value of the Company’s debt, including discounts, the fair value of an interest rate swap agreement and the remaining deferred gain from a terminated interest rate swap agreement, consisted of the following (in millions):



	July 4, 2015		January 3, 2015
Term loan due June 2015	$	—	$	500
Term loan due August 2015	—		250
Term loan due April 2016	175		—
2.50% senior notes due 2016	503		506
3.25% senior notes due 2023	896		896
4.75% senior notes due 2043	696		696
1.58% Yen-denominated senior notes due 2017	66		68
2.04% Yen-denominated senior notes due 2020	104		107
Yen-denominated credit facilities	52		54
Commercial paper borrowings	1,249		789
Total debt	3,741		3,866
Less: current debt obligations	1,979		1,593
Long-term debt	$	1,762	$	2,273

Contractual maturities of the Company's debt for the next five fiscal years and thereafter, excluding any discounts or premiums, as of July 4, 2015 are as follows (in millions):



	Remainder of 2015		2016		2017		2018		2019		After 2019
Expected future minimum principal payments	$	1,249	$	727	$	66	$	—	$	—	$	1,704

During the first quarter of 2015, the Company repaid its 2-year, $500 million unsecured term loan due June 2015 and its 364-day, $250 million unsecured term loan due August 2015. The Company also increased its commercial paper balance to support the Company’s common stock repurchases during the first quarter of 2015. Refer to Note 6 for further information on the Company's common stock repurchases.

During the first quarter of 2015, the yen-denominated credit facility that expired in March 2015 for 3.25 billion Japanese Yen (the equivalent of $26 million as of July 4, 2015) was automatically extended for a one-year period bearing interest at Yen LIBOR plus 0.25%. Additionally, during the second quarter of 2015, the yen-denominated credit facility that expired in June 2015 for 3.25 billion Japanese Yen (the equivalent of $26 million as of July 4, 2015) was automatically extended for a one-year period bearing interest at Yen LIBOR plus 0.27%.

During the second quarter of 2015, the Company entered into a 364-day, $175 million unsecured term loan that matures in April 2016, the proceeds of which were used to acquire the remaining ownership interest in Spinal Modulation, Inc. (Spinal Modulation). These borrowings bear interest at LIBOR plus 0.90% and the Company may repay the term loan at any time.