

(in millions)	As of March 31, 2016			As of December 31, 2015
Short-term borrowings:
Foreign lines of credit and other arrangements	$	42		$	43
Senior secured revolving credit facility at either (i) LIBOR for deposits in the applicable currency plus 350 basis points or (ii) the prime rate plus 250 basis points.	269			—
Accounts receivable securitized loan at LIBOR plus 200 basis points or a base rate equal to the highest of (i) the applicable lender's prime rate, or (ii) the federal funds rate plus 0.50%	233			—
Unamortized deferred financing costs (a)	(3		)	—
Total Short-term borrowings	541			43
Current portion of long-term borrowings:
8.75% Senior secured second lien notes due 2022	—			750
Unamortized discount and unamortized deferred financing costs	—			(10		)
Other arrangements	3			—
Capital lease obligations	60			73
Total Current portion of long-term borrowings	63			813
Total Short-term and current portion of long-term borrowings	604			856
Long-term borrowings:
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%	4,068			4,938
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%	1,179			1,171
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%	2,487			2,464
6.75% Senior secured first lien notes due 2020	1,398			1,398
5.375% Senior secured first lien notes due 2023	1,210			1,210
5.0% Senior secured first lien notes due 2024	1,900			1,000
5.75% Senior secured second lien notes due 2024	2,200			2,200
7.0% Senior unsecured notes due 2023	3,400			3,400
Unamortized discount and unamortized deferred financing costs (a)	(178		)	(174		)
Other arrangements	19			—
Capital lease obligations	166			122
Total Long-term borrowings	18,857			18,737
Total Borrowings (b) (c)	$	19,461		$	19,593

(a)

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.


(b)	As of March 31, 2016 and December 31, 2015, the fair value of the Company's long-term borrowings was $19.1 billion and $19.6 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.


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