Debt

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



	October 28, 2017			January 28, 2017			October 29, 2016
2018 Notes	$	500		$	500		$	500
2021 Notes	650			650			650
Interest rate swap valuation adjustments	—			13			13
Subtotal	1,150			1,163			1,163
Debt discounts and issuance costs	(3		)	(5		)	(5		)
Financing lease obligations	158			177			180
Capital lease obligations	24			30			29
Total long-term debt	1,329			1,365			1,367
Less: current portion	545			44			43
Total long-term debt, less current portion	$	784		$	1,321		$	1,324

Our 2018 Notes, due August 1, 2018, are classified within our Current portion of long-term debt as of October 28, 2017. The fair value of total long-term debt, excluding debt discounts and issuance costs and financing and capital lease obligations, approximated $1,219 million, $1,240 million and $1,260 million at October 28, 2017, January 28, 2017, and October 29, 2016, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,150 million, $1,163 million and $1,163 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.