The following is a summary of the Company's debt as of January 1, 2016 and April 3, 2015:



(Amounts in millions)	January 1, 2016		April 3, 2015
4.45% term notes, due September 2022	$	452	$	451
6.50% term notes, due March 2018	899		917
2.50% term notes, due September 2015	—		350
Loan payable, due May 2016	75		371
Loan payable, due January 2019	298		—
Lease credit facility, various⁽¹⁾	50		—
Mandatorily redeemable preferred stock outstanding, due March 2023	61		61
Loan payable, due March 2018	68		68
Euro-denominated commercial paper	549		—
Capitalized lease liabilities	161		202
Borrowings for assets acquired under long-term financing	53		95
Other borrowings	3		3
Total debt	2,669		2,518
Less: short term debt and current maturities of long term debt	760		883
Total long-term debt	$	1,909	$	1,635


⁽¹⁾	Drawings under the lease credit facility convert into individual term notes of variable terms up to sixty months therefrom, depending on the nature of the underlying equipment being financed. Borrowings under the lease credit facility are classified as short-term debt if the Company intends to repay within twelve months and as long-term debt otherwise.