Debt

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



	April 30, 2016			January 30, 2016			May 2, 2015
2016 Notes	$	—		$	350		$	350
2018 Notes	500			500			500
2021 Notes	650			650			650
Interest rate swap valuation adjustments	15			25			5
Subtotal	1,165			1,525			1,505
Debt discounts and issuance costs	(6		)	(7		)	(8		)
Financing lease obligations	184			178			60
Capital lease obligations	35			38			43
Total long-term debt	1,378			1,734			1,600
Less: current portion⁽¹⁾	(44		)	(395		)	(383		)
Total long-term debt, less current portion	$	1,334		$	1,339		$	1,217


(1)	Our 2016 Notes, due March 15, 2016, were classified in our current portion of long-term debt as of January 30, 2016 and May 2, 2015, respectively. In March 2016, we repaid the 2016 Notes using existing cash resources.

The fair value of total long-term debt, excluding debt discounts and issuance costs and financing and capital lease obligations, approximated $1,249 million, $1,543 million, and $1,572 million at April 30, 2016, January 30, 2016, and May 2, 2015, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,165 million, $1,525 million, and $1,505 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 Condensed Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.