Debt

The Company’s outstanding debt was as follows.



	March 31, 2013			December 31, 2012
Short-term debt	$	267		$	261
Long-term debt
Senior secured borrowings:
Revolving credit facilities	$	398		$	45
Term loan facilities
U.S. dollar at LIBOR plus 1.75% due 2016	248			550
Euro (€124 at March 31, 2013) at EURIBOR plus 1.75% due 2016	159			362
Senior notes and debentures:
U.S. dollar 7.625% due 2017	—			400
Euro (€500 at March 31, 2013) 7.125% due 2018	641			659
U.S. dollar 6.25% due 2021	700			700
U.S. dollar 4.50% due 2023	1,000			—
U.S. dollar 7.375% due 2026	350			350
U.S. dollar 7.50% due 2096	64			64
Other indebtedness in various currencies	279			283
Unamortized discounts	(2		)	(9		)
Total long-term debt	3,837			3,404
Less: current maturities	(129		)	(115		)
Total long-term debt, less current maturities	$	3,708		$	3,289

The estimated fair value of the Company’s long-term borrowings, using a market approach incorporating level 2 inputs such as quoted market prices for the same or similar issues, was $4,267 at March 31, 2013.

In January 2013, the Company issued $1,000 principal amount of 4.5% senior unsecured notes due 2023. The Company paid $15 in issuance costs that will be amortized over the term of the debt. In connection with the issuance, the Company redeemed all of its outstanding $400 senior notes due 2017 and repaid $500 of indebtedness under its senior secured term loan facilities. The Company recorded a loss from early extinguishment of debt of $38, including $23 for premiums paid, $9 for the write off of deferred financing fees and $6 for the write off of unamortized discounts.