Note 4—Debt

The estimated fair value of the Company’s debt was 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:



	November 22, 2015				August 30, 2015
	Carrying Value		Fair Value		Carrying Value		Fair Value
0.65% Senior Notes due December 2015	$	1,200	$	1,200	$	1,200	$	1,201
5.5% Senior Notes due March 2017	1,099		1,165		1,099		1,171
1.125% Senior Notes due December 2017	1,098		1,100		1,098		1,097
1.7% Senior Notes due December 2019	1,196		1,212		1,195		1,186
1.75% Senior Notes due February 2020	497		497		497		494
2.25% Senior Notes due February 2022	496		501		496		484
Other long-term debt	540		557		550		555
Total long-term debt	6,126		6,232		6,135		6,188
Less current portion	1,281		1,282		1,283		1,284
Long-term debt, excluding current portion	$	4,845	$	4,950	$	4,852	$	4,904

Subsequent to the end of the quarter, on December 7, 2015, the Company paid the outstanding principal balance and associated interest on the 0.65% Senior Notes with its existing liquidity sources of cash and cash equivalents and short-term investments.