Note 4—Debt

Short-Term Borrowings

The Company enters into various short-term bank credit facilities, which increased to $833 in 2017 from $429 in 2016 due to the addition of a $400 revolving line of credit in the U.S. which expires June 2018. At the end of 2017 and 2016, there were no outstanding borrowings under these credit facilities.

In 2017, short term borrowings were immaterial. In 2016, the average and maximum short term borrowings in Japan were $99 and $110, respectively, and had a weighted average interest rate of 0.52% during the year. All other short term borrowings during the year were immaterial.

Long-Term Debt

The Company's long-term debt consists primarily of Senior Notes that have various principal balances, interest rates, and maturity dates as described below. In May 2017, the Company issued $3,800 in aggregate principal amount of Senior Notes, with maturity dates between May 2021 and May 2027. In February 2015 and December 2012, the Company issued $1,000 and $3,500 in aggregate principal amount of Senior Notes, respectively.

In June 2017, the Company paid the outstanding $1,100 principal balance and accrued interest on the 1.125% Senior Notes through proceeds from the Senior Notes issued in May 2017 and existing sources of cash and cash equivalents and short-term investments. In March 2017, the Company paid the outstanding $1,100 principal balance and interest on the 5.5% Senior Notes with existing sources of cash and cash equivalents and short-term investments.

The Company, at its option, may redeem the Senior Notes at any time, in whole or in part, at a redemption price plus accrued interest. The redemption price is equal to the greater of 100% of the principal amount or the sum of the present value of the remaining scheduled payments of principal and interest to maturity. Additionally, upon certain events, as defined by the terms of the Senior Notes, the holder has the right to require the Company to purchase this security at a price of 101% of the principal amount plus accrued and unpaid interest to the date of the event. Interest on all outstanding long-term debt is payable semi-annually.

The estimated fair value of Senior Notes is valued using Level 2 inputs. Other long-term debt consists primarily of promissory notes and term loans issued by the Company's Japanese subsidiary and are valued primarily using Level 3 inputs. The carrying value and estimated fair value of long-term debt at the end of 2017 and 2016 consisted of the following:



	2017				2016
	Carrying Value		Fair Value		Carrying Value		Fair Value
5.5% Senior Notes due March 2017	$	0	$	0	$	1,100	$	1,129
1.125% Senior Notes due December 2017	0		0		1,099		1,103
1.7% Senior Notes due December 2019	1,198		1,201		1,196		1,219
1.75% Senior Notes due February 2020	498		501		498		508
2.15% Senior Notes due May 2021	994		1,007		0		0
2.25% Senior Notes due February 2022	497		504		497		512
2.30% Senior Notes due May 2022	793		805		0		0
2.75% Senior Notes due May 2024	991		1,010		0		0
3.00% Senior Notes due May 2027	986		1,009		0		0
Other long-term debt	702		716		771		803
Total long-term debt	6,659		6,753		5,161		5,274
Less current portion	86				1,100
Long-term debt, excluding current portion	$	6,573			$	4,061

Maturities of long-term debt during the next five fiscal years and thereafter are as follows:



2018	$	86
2019	91
2020	1,700
2021	1,091
2022	1,300
Thereafter	2,436
Total	$	6,704