Debt



					December 1, 2016						September 1, 2016
Instrument	Stated Rate⁽¹⁾		Effective Rate⁽¹⁾		Current		Long-Term		Total		Current		Long-Term		Total
MMJ creditor installment payments	N/A		6.52	%	$	156	$	588	$	744	$	189	$	680	$	869
Capital lease obligations⁽²⁾	N/A		N/A		338		925		1,263		380		1,026		1,406
1.258% notes	1.258	%	1.97	%	87		132		219		87		131		218
2022 senior notes	5.875	%	6.14	%	—		591		591		—		590		590
2022 senior secured term loan B	4.360	%	4.77	%	5		729		734		5		730		735
2023 senior notes	5.250	%	5.43	%	—		990		990		—		990		990
2023 senior secured notes	7.500	%	7.69	%	—		1,237		1,237		—		1,237		1,237
2024 senior notes	5.250	%	5.38	%	—		546		546		—		546		546
2025 senior notes	5.500	%	5.56	%	—		1,139		1,139		—		1,139		1,139
2026 senior notes	5.625	%	5.73	%	—		446		446		—		446		446
2032C convertible senior notes⁽³⁾	2.375	%	5.95	%	—		206		206		—		204		204
2032D convertible senior notes⁽³⁾	3.125	%	6.33	%	—		155		155		—		154		154
2033E convertible senior notes⁽³⁾	1.625	%	4.50	%	170		—		170		—		168		168
2033F convertible senior notes⁽³⁾	2.125	%	4.93	%	273		—		273		—		271		271
2043G convertible senior notes	3.000	%	6.76	%	—		661		661		—		657		657
Other notes payable	2.513	%	2.65	%	126		145		271		95		185		280
					$	1,155	$	8,490	$	9,645	$	756	$	9,154	$	9,910

⁽¹⁾ As of December 1, 2016.


⁽²⁾	Weighted-average imputed rate of 3.4% and 3.3% as of December 1, 2016 and September 1, 2016, respectively.

⁽³⁾

Since the closing price of our common stock exceeded 130% of the conversion price per share for at least 20 trading days in the 30 trading day period ended on September 30, 2016, these notes were convertible by the holders during the calendar quarter ended December 31, 2016. The closing price of our common stock also exceeded the thresholds for the calendar quarter ended December 31, 2016; therefore, these notes are convertible by the holders through March 31, 2017. The 2033 Notes were classified as current as of December 1, 2016 because the terms of these notes require us to pay cash for the principal amount of any converted notes and holders of these notes had the right to convert their notes as of that date.

Capital Lease Obligations

In the first quarter of 2016, we recorded capital lease obligations aggregating $51 million at a weighted-average effective interest rate of 6.5% and a weighted-average expected term of 12 years.

Convertible Senior Notes

As of December 1, 2016, the trading price of our common stock was higher than the initial conversion prices of our 2032 Notes and our 2033 Notes. As a result, the conversion values for these notes exceeded the principal amounts by $683 million as of December 1, 2016.

2022 Senior Secured Term Loan B Repricing Amendment

On October 27, 2016, we amended our 2022 Term Loan B, substantially all of which was treated as a debt modification, to reduce the margins added to the base rate from 5.00% to 2.75% and to the adjusted LIBOR rate from 6.00% to 3.75%.

Other Facilities

On November 18, 2016, we entered into a five-year variable-rate facility agreement to obtain up to $800 million of financing, collateralized by certain production equipment, which may be utilized in multiple draws until June 10, 2017. Interest is payable quarterly at a rate equal to three-month LIBOR plus 2.4% per annum. Principal is payable in 16 equal quarterly installments beginning in March 2018. The facility agreement contains covenants which are customary for financings of this type, including negative covenants that limit or restrict our ability to create liens or dispose of the equipment securing the facility agreement. The facility also contains a covenant that the ratio of the outstanding loan to the fair value of the equipment collateralizing the loan not exceed 0.8. If such ratio is exceeded, we are required to grant a security interest in additional equipment and/or prepay the loan in an amount sufficient to reduce such ratio to 0.8 or less. The facility agreement also contains customary events of default which could result in the acceleration of all amounts to be immediately due and payable and cancellation of all commitments under the facility agreement. On December 2, 2016, subsequent to the end of our first quarter of 2017, we drew $450 million under this facility.