Debt

Short-Term Debt

Short-term debt consisted of the following:



	August 4, 2012		March 3, 2012		July 30, 2011
					(recast)
U.S. revolving credit facility – 364-Day	$	—	$	—	$	—
U.S. revolving credit facility – Five-Year	—		—		—
Europe revolving credit facility	519		480		—
Europe receivables financing facility	—		—		386
Old Europe revolving credit facility	—		—		—
Canada revolving demand facility	—		—		—
China revolving demand facilities	—		—		6
Total short-term debt	$	519	$	480	$	392

U.S. Revolving Credit Facility

On August 31, 2012, subsequent to the end of the second quarter of fiscal 2012, Best Buy Co., Inc. entered into a $1,000 364-day senior unsecured revolving credit facility agreement (the "364-Day Facility Agreement") with JPMorgan Chase Bank, N.A. ("JPMorgan"), as adminstrative agent, and a syndicate of banks. The 364-Day Facility Agreement terminates in August 2013 (subject to a one-year term-out option). The 364-Day Facility Agreement replaced the previously existing $1,000 364-day senior unsecured revolving credit facility with a syndicate of banks, including JPMorgan acting as administrative agent, which was originally scheduled to expire in October 2012.

Long-Term Debt

Long-term debt consisted of the following:



	August 4, 2012			March 3, 2012			July 30, 2011
							(recast)
2013 Notes	$	500		$	500		$	500
2016 Notes	349			349			349
2021 Notes	648			648			648
Convertible debentures	—			—			402
Financing lease obligations	136			149			162
Capital lease obligations	73			81			82
Other debt	1			1			2
Total long-term debt	1,707			1,728			2,145
Less: current portion⁽¹⁾	(542		)	(43		)	(444		)
Total long-term debt, less current portion	$	1,165		$	1,685		$	1,701


⁽¹⁾	Since holders of our convertible debentures could have required us to purchase all or a portion of the debentures on January 15, 2012, we classified the $402 for such debentures in the current portion of long-term debt at July 30, 2011. Our 2013 Notes due July 15, 2013, are classified in the current portion of long-term debt as of August 4, 2012.

The fair value of long-term debt approximated $1,669, $1,756 and $2,219 at August 4, 2012, March 3, 2012 and July 30, 2011, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,707, $1,728 and $2,145, respectively. If long-term debt was measured at fair value in the financial statements, it would be classified primarily as Level 1 in the fair value hierarchy.

See Note 8, Debt, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended March 3, 2012, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.