6. Debt

Short-Term Debt

We have a $1.25 billion five-year senior unsecured revolving credit facility agreement with a syndicate of banks. The agreement permits borrowings of up to $1.25 billion and expires in April 2023. There were no borrowings outstanding as of May 4, 2019, February 2, 2019, or May 5, 2018.

Long-Term Debt

Long-term debt consisted of the following as of May 4, 2019, February 2, 2019, and May 5, 2018 ($ in millions):



	May 4, 2019		February 2, 2019		May 5, 2018
Notes, 5.00%, due August 1, 2018	$	-	$	-	$	500
Notes, 5.50%, due March 15, 2021		650		650		650
Notes, 4.45%, due October 1, 2028		500		500		-
Interest rate swap valuation adjustments		23		25		(10)
Subtotal		1,173		1,175		1,140
Debt discounts and issuance costs		(7)		(7)		(2)
Financing lease obligations (1)		-		181		184
Capital lease obligations (1)		-		39		20
Finance lease obligations (1)		41		-		-
Total long-term debt		1,207		1,388		1,342
Less current portion		14		56		550
Total long-term debt, less current portion	$	1,193	$	1,332	$	792

(1)

See Note 3, Leases, for additional information regarding our lease obligations.

The fair value of total long-term debt, excluding debt discounts and issuance costs and lease obligations, approximated $1,213 million, $1,178 million, and $1,176 million as of May 4, 2019, February 2, 2019, and May 5, 2018, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,173 million, $1,175 million, and $1,140 million, respectively. If long-term debt were measured at fair value in the financial statements, it would be classified primarily as Level 2 in the fair value hierarchy.

The $500 million principal amount of notes due August 1, 2018, were repaid using existing cash resources and on September 27, 2018, we issued $500 million principal amount of notes due October 1, 2028.

See Note 6, Debt, in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended February 2, 2019, for additional information regarding the terms of our other debt facilities, debt instruments and other obligations.