Bank Financing and Debt (Tables)

3 Months Ended

Mar. 31, 2016

The following table sets forth the Company’s debt.



	At			At
	March 31, 2016			December 31, 2015
Senior debt (1.95% - 7.875% due 2016 - 2045) ^(a)		$	8,166		$	8,365
Obligations under capital leases		83			83
Total debt		8,249			8,448
Less current portion of long-term debt		23			222
Total long-term debt, net of current portion		$	8,226		$	8,226

(a) At March 31, 2016 and December 31, 2015, the senior debt balances included (i) a net unamortized discount of $44 million and $45 million, respectively, (ii) unamortized deferred financing costs of $43 million and $44 million, respectively, and (iii) an increase in the carrying value of the debt relating to previously settled fair value hedges of $13 million and $14 million, respectively. The face value of the Company’s senior debt was $8.24 billion and $8.44 billion at March 31, 2016 and December 31, 2015, respectively.