Borrowings

Long-term debt was net of unamortized debt discounts/premiums and debt issuance costs of $29 million and $24 million at March 31, 2017 and December 31, 2016, respectively.



	March 31, 2017		December 31, 2016
Senior Notes	$	3,202	$	2,558
Medium-Term Notes	250		250
Finance lease obligation	66		68
Total long-term debt	$	3,518	$	2,876

On March 2, 2017, CSC issued $650 million aggregate principal amount of Senior Notes that mature in 2027. The Senior Notes have a fixed interest rate of 3.200% with interest payable semi-annually.

The Company’s long-term debt at March 31, 2017 had a weighted-average interest rate of 3.34%.

Annual maturities on long-term debt outstanding at March 31, 2017 are as follows:



2017	$	256
2018	908
2019	8
2020	709
2021	9
Thereafter	1,657
Total maturities	3,547
Unamortized discount, net	(14		)
Debt issuance costs	(15		)
Total long-term debt	$	3,518

Short-term borrowings: Schwab Bank maintains a secured credit facility with the Federal Home Loan Bank of San Francisco (FHLB). Amounts available under this facility are dependent on the amount of Schwab Bank’s First Mortgages, HELOCs, and the fair value of certain of Schwab Bank’s investment securities that are pledged as collateral. As a condition of the borrowings, Schwab Bank is required to hold FHLB stock, with the investment recorded in other assets on the condensed consolidated balance sheets. Schwab Bank sold $64 million of FHLB stock in the first quarter of 2017. Schwab Bank did not purchase or sell FHLB stock during the first quarter of 2016. No funds were drawn under this facility as of March 31, 2017 and December 31, 2016.

CSC has authorization from its Board of Directors to issue Commercial Paper Notes not to exceed $1.5 billion. Management has set a current limit for the commercial paper program not to exceed the amount of the committed, unsecured credit facility, which was $750 million at March 31, 2017. CSC had $600 million of Commercial Paper Notes outstanding at March 31, 2017 and no borrowings outstanding at December 31, 2016.