Note 4—Debt

The estimated fair value of the Company’s debt is based primarily on reported market values, recently completed market transactions, and estimates based upon interest rates, maturities, and credit risk. Substantially all of the Company's long-term debt is valued using Level 2 inputs.

The carrying and estimated fair values of the Company’s long-term debt consisted of the following:



	May 8, 2016				August 30, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
0.65% Senior Notes due December 2015	$	0	$	0	$	1,200	$	1,201
5.5% Senior Notes due March 2017	1,099		1,144		1,099		1,171
1.125% Senior Notes due December 2017	1,099		1,105		1,098		1,097
1.7% Senior Notes due December 2019	1,196		1,219		1,195		1,186
1.75% Senior Notes due February 2020	498		508		497		494
2.25% Senior Notes due February 2022	496		512		496		484
Other long-term debt	726		756		550		555
Total long-term debt	5,114		5,244		6,135		6,188
Less current portion	1,193		1,238		1,283		1,284
Long-term debt, excluding current portion	$	3,921	$	4,006	$	4,852	$	4,904

On December 7, 2015, the Company paid the outstanding principal balance and interest on the 0.65% Senior Notes with existing sources of cash and cash equivalents and short-term investments.

On March 31, 2016, the Company's Japanese subsidiary issued approximately $103 of 0.63% Guaranteed Senior Notes through a private placement. Interest is payable semi-annually, and principal is due in March 2026. These notes are valued using Level 3 inputs.