Debt

Long-Term Debt

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



	May 3, 2014			February 1, 2014			May 4, 2013
2013 Notes	$	—		$	—		$	500
2016 Notes	349			349			349
2018 Notes	500			500			—
2021 Notes	649			649			648
Financing lease obligations	90			95			116
Capital lease obligations	59			63			72
Other debt	1			1			1
Total long-term debt	1,648			1,657			1,686
Less: current portion⁽¹⁾	(44		)	(45		)	(544		)
Total long-term debt, less current portion	$	1,604		$	1,612		$	1,142


(1)	Our 2013 Notes due July 15, 2013, which were retired on July 15, 2013, are classified in the current portion of long-term debt as of May 4, 2013.

The fair value of long-term debt approximated $1,705 million, $1,690 million, and $1,729 million at May 3, 2014, February 1, 2014, and May 4, 2013, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,648 million, $1,657 million, and $1,686 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 7, Debt, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2014, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.