NOTE 10. Debt

The Company’s short and long-term debt consists of the following:



	March 31		December 31
	2016		2015
	(Dollars in Millions)
Short-Term Debt:
Current portion of long-term debt	$	2	$	3
Short-term borrowings	34		34
	$	36	$	37
Long-Term Debt:
Term debt facility	$	345	$	345
Other	1		1
	$	346	$	346

As of December 31, 2015 previously issued debt issuance costs were reclassified as a reduction of the corresponding debt liability in accordance with ASU No. 2015-3, "Simplifying the Presentation of Debt Issuance Cost". These costs approximated $1 million as of March 31, 2016 and December 31, 2015.

Short-Term Debt

Short-term borrowings are primarily related to the Company's non-U.S. joint ventures and are payable in Chinese Yuan and Thai Baht. The Company had international affiliate short-term borrowings of $34 million as of March 31, 2016 and December 31, 2015. Availability under outstanding affiliate credit facilities as of March 31, 2016 is approximately $19 million.

Long-Term Debt

The Credit Agreement, dated as of April 9, 2014 and as amended by Waiver and Amendment No. 1 dated as of March 25, 2015 (the “Credit Agreement”), by and among the Company, as borrower, each lender from time to time party thereto, each letter of credit issuer from time to time party thereto and Citibank, N.A., as administrative agent, provides for (i) an aggregate principal of $350 million (the “Term Facility”) and (ii) a $200 million revolving credit facility (the “Revolving Facility”). The Term Facility matures on April 9, 2021 and the Revolving Facility matures on April 9, 2019. The Credit Agreement requires the Company and its subsidiaries to comply with customary affirmative and negative covenants, including financial covenants and contains customary events of default. The Company was in compliance with such covenants as of March 31, 2016.

Other Long-Term Debt

The Company had $1 million of other long-term debt outstanding as of March 31, 2016 and December 31, 2015, primarily related to information technology software leases.