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. The majority 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 7, 2017				August 28, 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	1,099		1,099		1,099		1,103
1.7% Senior Notes due December 2019	1,197		1,200		1,196		1,219
1.75% Senior Notes due February 2020	498		500		498		508
2.25% Senior Notes due February 2022	497		501		497		512
Other long-term debt	688		713		771		803
Total long-term debt	3,979		4,013		5,161		5,274
Less current portion	1,158		1,159		1,100		1,130
Long-term debt, excluding current portion	$	2,821	$	2,854	$	4,061	$	4,144

On March 15, 2017, the Company paid the outstanding principal balance and interest on the 5.5% Senior Notes with existing sources of cash and cash equivalents and short-term investments.