

	As of December 31,
(in millions)	2015			2014
Short-term borrowings:
Foreign lines of credit and other arrangements	$	43		$	68
Senior secured revolving credit facility	—			10
Total Short-term borrowings	43			78

Current portion of long-term borrowings:
8.75% Senior secured second lien notes due 2022 (a)	750			—
4.95% Unsecured notes due 2015	—			10
Unamortized discount and unamortized deferred financing costs (b)	(10		)	—
Capital lease obligations	73			73
Total Current portion of long-term borrowings	813			83
Total Short-term and current portion of long-term borrowings	856			161

Long-term borrowings:
Senior secured term loan facility due March 2017 at LIBOR and euro LIBOR plus 3.5% or, solely with respect to U.S. dollar-denominated term loans, a base rate plus 2.5%	—			1,461
Senior secured term loan facility due March 2018 at LIBOR and euro LIBOR plus 3.5% or, solely with respect to U.S. dollar-denominated term loans, a base rate plus 2.5%	4,938			4,977
Senior secured term loan facility due September 2018 at LIBOR plus 3.5% or a base rate plus 2.5%	1,008			1,008
Senior secured term loan facility due March 2021 at LIBOR and euro LIBOR plus 4.0% or, solely with respect to U.S. dollar-denominated term loans, a base rate plus 3.0%	1,171			1,191
Senior secured term loan facility due July 2022 at LIBOR and euro LIBOR plus 3.75% or, solely with respect to U.S. dollar-denominated term loans, a base rate plus 2.75%	2,464			—
7.375% Senior secured first lien notes due 2019	—			1,595
8.875% Senior secured first lien notes due 2020	—			510
6.75% Senior secured first lien notes due 2020	1,398			1,398
5.375% Senior secured first lien notes due 2023	1,210			—
5.0% Senior secured first lien notes due 2024	1,000			—
8.25% Senior secured second lien notes due 2021	—			2,000
8.75% Senior secured second lien notes due 2022	—			1,000
5.75% Senior secured second lien notes due 2024	2,200			—
12.625% Senior unsecured notes due 2021	—			3,000
10.625% Senior unsecured notes due 2021	—			530
11.25% Senior unsecured notes due 2021	—			510
7.0% Senior unsecured notes due 2023	3,400			—
11.75% Senior unsecured subordinated notes due 2021	—			1,609
Unamortized discount and unamortized deferred financing costs (b) (c)	(174		)	(226		)
Capital lease obligations	122			134
Total Long-term borrowings	18,737			20,697
Total Borrowings (d) (e)	$	19,593		$	20,858


(a)	On November 16, 2015, the Company exercised its option to call for early redemption of its outstanding 8.75% Senior secured second lien notes due 2022. The notes were subsequently redeemed on January 15, 2016. Refer to "8.25% and 8.75% Senior Secured Second Lien Notes" below for additional information.

(b)

Unamortized deferred financing costs are amortized on a straight-line basis, which approximates the interest method, over the remaining term of the respective debt. In addition, certain lenders fees associated with debt transactions were capitalized as discounts and are similarly being amortized on a straight-line basis, which approximates the effective interest method, over the remaining term of the respective debt.

(c)

Unamortized deferred financing costs include $62 million as of December 31, 2014 that was previously recorded as an asset within "Other long-term assets" on the Company's consolidated balance sheets. Refer to note 1 "Summary of Significant Accounting Policies " of these consolidated financial statements for additional information on the change in accounting principle based upon the adoption of new accounting guidance.


(d)	As of December 31, 2015 and 2014, the fair value of the Company's long-term borrowings was $19.6 billion and $22.1 billion, respectively. The estimated fair value of the Company's long-term borrowings was primarily based on market trading prices and is considered to be a Level 2 measurement.


(e)	The effective interest rate is not substantially different than the coupon rate on any of the Company's debt tranches