Debt

Short-term debt as of December 31, 2015 included commercial paper of $498 million. There was no commercial paper outstanding as of March 31, 2016. In addition, in the first quarter of 2016, the Company reclassified $649 million related to the 0.90% notes due February 25, 2017 from Long-term debt to Short-term debt.

The approximate fair value and related carrying value of the Company's total long-term debt, including current maturities of long-term debt presented as short-term debt, as of March 31, 2016 and December 31, 2015 were as follows:



In millions	March 31, 2016		December 31, 2015
Fair value	$	7,603	$	7,153
Carrying value	7,003		6,897

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.