Debt

The following is a summary of the Company's debt:



(in millions)	Interest Rates	Fiscal Year Maturities	March 31, 2017		April 1, 2016
Short-term debt and current maturities of long-term debt
Euro-denominated commercial paper	(0.1)% - 0.2%⁽¹⁾	2018	$	646	$	559
Current maturities of long-term debt	Various	2018	55		79
Current maturities of capitalized lease liabilities	1.1% - 7.2%	2018	37		72
Short-term debt and current maturities of long term debt			$	738	$	710

Long-term debt, net of current maturities
GBP term loan	0.7%	2017	$	—	$	71
GBP term loan	1.0% - 1.2%⁽²⁾	2019	233		284
USD term loan	1.7% - 2.0%⁽³⁾	2021	571		575
AUD term loan	2.9% - 3.0%⁽⁴⁾	2022	76		—
Senior notes	4.5%	2023	453		454
Revolving credit facility⁽⁵⁾	1.4% - 3.3%	2021 - 2022	678		395
Lease credit facility	1.4% - 1.9%	2020 - 2022	60		49
Capitalized lease liabilities	1.1% - 7.2%	2018 - 2022	104		141
Borrowings for assets acquired under long-term financing	1.7% - 4.8%	2018 - 2021	77		51
Mandatorily redeemable preferred stock outstanding	3.5%	2023	61		61
Other borrowings	0.5% -14.0%	2018 - 2023	4		4
Long-term debt			2,317		2,085
Less: current maturities of long-term debt			92		151
Long-term debt, net of current maturities			$	2,225	$	1,934


⁽¹⁾	Approximate weighted average interest rate

⁽²⁾ Three-month LIBOR rate plus 0.65%

⁽³⁾ At CSC's option, the USD note bears interest at a variable rate equal to the adjusted LIBOR for a one, two, three, or six month interest period, plus a margin between 0.75% and 1.50% based on a pricing grid consistent with the Company's outstanding revolving credit facility or the greater of the prime rate, the federal funds rate plus 0.50%, or the adjusted LIBOR for a one-month interest period plus 1.00%, in each case plus a margin of up to 0.50%, based on a pricing grid consistent with the revolving credit facility.

⁽⁴⁾ Variable interest rate equal to the bank bill swap bid rate for a one, two, three or six-month interest period plus 0.95% - 1.45% based on the published credit ratings of CSC.

⁽⁵⁾ Classified as short-term if the Company intends to repay within 12 months and as long-term otherwise.

European Commercial Paper Program

During fiscal 2017, CSC increased the maximum size of its existing European Commercial Paper Program ("ECP") from €500 million to €1 billion, or its equivalent in alternative currencies. The maturities of the ECP vary but may not exceed 364 days from the date of issue. The Company's revolving credit facility is available, subject to certain conditions, to repay borrowings under the ECP, if necessary. Borrowings may be issued at a discount, bear fixed or floating interest rates or a coupon calculated by reference to an index or formula.

Senior Notes and Term Loans

As of March 31, 2017, our outstanding debt included senior notes and unsecured term loans. Cash interest on the senior notes is payable semi-annually in arrears. Cash interest on the term loans is payable monthly or quarterly in arrears. Generally, the Company's notes are redeemable at the Company's discretion at the then-applicable redemption prices plus accrued interest. The Company fully and unconditionally guaranteed notes issued by its 100% owned subsidiaries.

Revolving Credit Facility

During fiscal 2017, the Company entered into several amendments to its revolving credit facility agreement which increased commitments to $3.0 billion, extended the maturity dates of certain commitments and terminated the commitment of one lender. Of the total commitments, $70 million will mature during January 2021 and $2.9 billion will mature during January 2022. During fiscal 2017, CSC drew down $920 million on the revolving credit facility and repaid $535 million.

Lease Credit Facility

During fiscal 2016, the Company amended its existing master loan and security agreement (the "Lease Credit Facility") to reduce the aggregate commitment from $250 million to $150 million. The draw-down availability period of the Lease Credit Facility expires November 29, 2017, but may be extended by mutual agreement among the lenders and the Company. Once drawn, the funded amount converts into individual term notes of varying terms up to 60 months, depending upon the nature of the underlying equipment or software being financed.

Capital Lease and Financing Obligations

Capitalized lease liabilities represent obligations due under capital leases for the use of computers and other equipment. The gross amount of assets recorded under capital leases was $738 million with accumulated amortization of $598 million as of March 31, 2017, and $699 million with accumulated amortization of $563 million as of April 1, 2016. The future minimum lease payments required to be made under the capital leases as of March 31, 2017, are as follows:



Fiscal Year	(in millions)
2018	$	37
2019	36
2020	23
2021	10
2022	1
Thereafter	—
Total minimum lease payments	107
Less: Amount representing interest and executory costs	(3		)
Present value of net minimum lease payments	104
Less: Current maturities of capital lease obligations	(37		)
Long-term capitalized lease liabilities	$	67

Certain assets were acquired under long-term vendor financing agreements that mature over the next four years. Gross amounts of assets purchased under these borrowings included:



(in millions)	March 31, 2017		April 1, 2016
Property and equipment	$	23	$	50
Software	$	99	$	94
Outsourcing contract costs	$	44	$	44

Future Maturities of Long-Term Debt

Expected maturities of long-term debt, including borrowings for asset financing but excluding future minimum capital lease payments, for fiscal years subsequent to March 31, 2017, are as follows:



Fiscal Year	(in millions)
2018	$	55
2019	307
2020	65
2021	542
2022	729
Thereafter	515
Total	$	2,213