Debt

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



	July 29, 2017			January 28, 2017			July 30, 2016
2018 Notes	$	500		$	500		$	500
2021 Notes	650			650			650
Interest rate swap valuation adjustments	16			13			27
Subtotal	1,166			1,163			1,177
Debt discounts and issuance costs	(4		)	(5		)	(6		)
Financing lease obligations	166			177			181
Capital lease obligations	26			30			32
Total long-term debt	1,354			1,365			1,384
Less: current portion	44			44			43
Total long-term debt, less current portion	$	1,310		$	1,321		$	1,341

The fair value of total long-term debt, excluding debt discounts and issuance costs and financing and capital lease obligations, approximated $1,242 million, $1,240 million and $1,271 million at July 29, 2017, January 28, 2017, and July 30, 2016, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,166 million, $1,163 million and $1,177 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 28, 2017, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.