Debt

The Company's outstanding debt was as follows:



	June 30, 2016						December 31, 2015
	Principal			Carrying			Principal			Carrying
	outstanding			amount			outstanding			amount
Short-term debt	$	37		$	37		$	54		$	54

Long-term debt
Senior secured borrowings:
Revolving credit facilities	$	148		$	148		$	—		$	—
Term loan facilities
U.S. dollar at LIBOR + 1.75% due 2018	1,131			1,121			831			821
€665 Euro at EURIBOR + 1.75% due 2018	738			731			723			714
Farm credit facility at LIBOR + 2.00% due 2019	355			351			355			350
Senior notes and debentures:
U.S. dollar at 6.25% due 2021	—			—			700			694
€650 at 4.0% due 2022	722			714			706			697
U. S. dollar at 4.50% due 2023	1,000			990			1,000			989
€600 at 3.375% due 2025	666			656			652			642
U.S. dollar at 7.375% due 2026	350			346			350			346
U.S. dollar at 7.50% due 2096	45			45			45			45
Other indebtedness in various currencies	145			145			166			166
Total long-term debt	5,300			5,247			5,528			5,464
Less current maturities	(237		)	(236		)	(211		)	(209		)
Total long-term debt, less current maturities	$	5,063		$	5,011		$	5,317		$	5,255

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 $5,443 at June 30, 2016 and $5,540 at December 31, 2015.

In February 2016, the Company amended its credit agreement to provide for an additional $300 of term loan borrowings, the proceeds of which, along with borrowings under the revolving credit facilities and cash on hand were used to redeem the Company's $700 6.25% senior notes due 2021. In connection with the redemption of the 2021 notes, the Company recorded a loss from early extinguishment of debt of $27.