Debt

Short-term debt represents obligations with a maturity date of one year or less and are stated at cost which approximates fair value. Short-term debt also includes current maturities of long-term debt. Current maturities of long-term debt included $800 million of 5.15% redeemable notes due April 1, 2014, which were repaid on the due date, and €750 million($1.0 billion) of 5.25% Euro notes due October 1, 2014. In addition, short-term debt included commercial paper of $950 million as of March 31, 2014 and $1.7 billion at December 31, 2013.

On January 22, 2014, the Company entered into a $1.0 billion short-term line of credit agreement with a term of up to 364 days to provide additional liquidity under the Company's commercial paper program in order to fund short-term capital allocation needs. No amount was outstanding under this facility at March 31, 2014.

Long-term debt represents obligations with a maturity date greater than one year, and excludes current maturities that have been reclassified to short-term debt. In February 2014, the Company issued $650 million of 0.9% notes due February 25, 2017, $650 million of 1.95% notes due March 1, 2019, and $700 million of 3.5% notes due March 1, 2024. Proceeds from the February 2014 debt issuance were used to repay commercial paper.

The approximate fair value and related carrying value of the Company's total long-term debt, including current maturities of long-term debt reclassified to short-term debt, as of March 31, 2014 and December 31, 2013 were as follows:



(In millions)	March 31, 2014		December 31, 2013
Fair value	$	6,774	$	4,670
Carrying value	6,625		4,627

The approximate fair values of the Company's long-term debt, including current maturities, were based on a Level 2 valuation model, using observable inputs which included market rates for comparable instruments for the respective periods.