Debt

Long-term debt consisted of the following ($ in millions):



	May 2, 2015			January 31, 2015			May 3, 2014
2016 Notes	$	350		$	349		$	349
2018 Notes	500			500			500
2021 Notes	649			649			649
Interest rate swap valuation adjustments	5			1			—
Financing lease obligations	60			69			90
Capital lease obligations	43			52			59
Other debt	—			1			1
Total long-term debt	1,607			1,621			1,648
Less: current portion⁽¹⁾	(383		)	(41		)	(44		)
Total long-term debt, less current portion	$	1,224		$	1,580		$	1,604


(1)	Our 2016 Notes due March 15, 2016, are classified in the current portion of long-term debt as of May 2, 2015.

The fair value of total long-term debt approximated $1,671 million, $1,677 million, and $1,705 million at May 2, 2015, January 31, 2015, and May 3, 2014, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,607 million, $1,621 million, and $1,648 million, respectively. If long-term debt was measured at fair value in the financial statements, it would be classified primarily as Level 2 in the fair value hierarchy.

See Note 5, Debt, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 31, 2015, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.