Debt

Short-term debt as of June 30, 2017 included commercial paper of $688 million. Short-term debt as of December 31, 2016 included $650 million related to the 0.90% notes paid on the February 25, 2017 due date.

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 June 30, 2017 and December 31, 2016 were as follows:



In millions	June 30, 2017		December 31, 2016
Fair value	$	7,898	$	8,281
Carrying value	7,360		7,827

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