
	December 31, 2017
(in millions)	Debt Instrument		Unamortized Issuance Expense		Unamortized Debt Discount		Total
Long-term debt:
Variable rate (3.980% at December 31, 2017) 2016 term loan facility, due December 2020 (1)	$	1,191	$	(8)	$	–	$	1,183
4.05% Senior Notes due January 2020 (2) (3)		92		–		–		92
4.10% Senior Notes due March 2022		1,000		(7)		–		993
4.95% Senior Notes due January 2025 (2)		1,000		(8)		(2)		990
7.50 % Senior Notes due April 2026		650		(10)		–		640
7.75 % Senior Notes due October 2027		500		(7)		–		493
Total long-term debt	$	4,433	$	(40)	$	(2)	$	4,391


	December 31, 2016
(in millions)	Debt Instrument		Unamortized Issuance Expense		Unamortized Debt Discount		Total
Short-term debt:
7.35% Senior Notes due October 2017	$	15	$	–	$	–	$	15
7.125% Senior Notes due October 2017		25		–		–		25
7.15% Senior Notes due June 2018 (3)		1		–		–		1
Total short-term debt	$	41	$	–	$	–	$	41

Long-term debt:
Variable rate (3.220% at December 31, 2016) term loan facility, due December 2020 (3)	$	327	$	(2)	$	–	$	325
Variable rate (3.220% at December 31, 2016) term loan facility, due December 2020 (1)		1,191		(10)		–		1,181
3.30% Senior Notes due January 2018 (2) (3)		38		–		–		38
7.50% Senior Notes due February 2018 (3)		212		–		–		212
7.15% Senior Notes due June 2018 (3)		25		–		–		25
4.05% Senior Notes due January 2020 (2) (3)		850		(5)		–		845
4.10% Senior Notes due March 2022		1,000		(4)		(1)		995
4.95% Senior Notes due January 2025 (2)		1,000		(7)		(2)		991
Total long-term debt	$	4,643	$	(28)	$	(3)	$	4,612

Total debt	$	4,684	$	(28)	$	(3)	$	4,653

(1)

The maturity date will accelerate to October 2019 if, by that date, the Company has not amended, redeemed or refinanced at least $765 million of its senior notes due in January 2020. As of December 31, 2017, the Company has redeemed and refinanced $758 million principal amount of the 2020 senior notes.

(2)

In February and June 2016, Moody’s and S&P downgraded certain senior notes, increasing the interest rates by 175 basis points effective July 2016. As a result of the downgrades, interest rates increased to 5.05% for the 2018 Notes, 5.80% for the 2020 Notes and 6.70% for the 2025 Notes.

(3)

In 2017, the Company repurchased $38 million principal amount of its outstanding 3.30% Senior Notes due January 2018, $212 million principal amount of its outstanding 7.50% Senior Notes due February 2018, $26 million principal amount of its outstanding 7.15% Senior Notes due June 2018 and $758 million principal amount of its outstanding 4.05% Senior Notes due January 2020. The Company also repaid the outstanding $25 million of its outstanding 7.125% Senior Notes and $15 million of its 7.35% Senior Notes due October 2017 and the remaining $327 million principal amount of its term loan entered into in November 2015. The Company recognized a $70 million loss on the extinguishment of debt.