Debt

Short-Term Debt

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



	May 4, 2013		February 2, 2013		May 5, 2012
U.S. revolving credit facility – 364-Day	$	—	$	—	$	—
U.S. revolving credit facility – 5-Year	—		—		—
Europe revolving credit facility	—		596		306
Canada revolving demand facility	—		—		—
China revolving demand facilities	—		—		—
Total short-term debt	$	—	$	596	$	306

Long-Term Debt

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



	May 4, 2013			February 2, 2013			May 5, 2012
2013 Notes	$	500		$	500		$	500
2016 Notes	349			349			349
2021 Notes	648			648			648
Financing lease obligations	116			122			145
Capital lease obligations	72			80			78
Other debt	1			1			1
Total long-term debt	1,686			1,700			1,721
Less: current portion⁽¹⁾	(544		)	(547		)	(43		)
Total long-term debt, less current portion	$	1,142		$	1,153		$	1,678


⁽¹⁾	Our 2013 Notes due July 15, 2013, are classified in the current portion of long-term debt as of May 4, 2013 and February 2, 2013, respectively.

The fair value of long-term debt approximated $1,729 million, $1,652 million and $1,699 million at May 4, 2013, February 2, 2013 and May 5, 2012, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,686 million, $1,700 million and $1,721 million, 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 Transition Report on Form 10-K for the fiscal year ended February 2, 2013, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.