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Debt (Notes) | 3 Months Ended
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Apr. 30, 2016
Debt Disclosure [Abstract] |
Debt | Debt Long-term debt consisted of the following ($ in millions):
| April 30, 2016 |  | January 30, 2016 |  | May 2, 2015
2016 Notes | $ | — |  |  | $ | 350 |  |  | $ | 350 |
2018 Notes | 500 |  |  | 500 |  |  | 500 |
2021 Notes | 650 |  |  | 650 |  |  | 650 |
Interest rate swap valuation adjustments | 15 |  |  | 25 |  |  | 5 |
Subtotal | 1,165 |  |  | 1,525 |  |  | 1,505 |
Debt discounts and issuance costs | (6 | ) |  | (7 | ) |  | (8 | )
Financing lease obligations | 184 |  |  | 178 |  |  | 60 |
Capital lease obligations | 35 |  |  | 38 |  |  | 43 |
Total long-term debt | 1,378 |  |  | 1,734 |  |  | 1,600 |
Less: current portion(1) | (44 | ) |  | (395 | ) |  | (383 | )
Total long-term debt, less current portion | $ | 1,334 |  |  | $ | 1,339 |  |  | $ | 1,217 |
(1) | Our 2016 Notes, due March 15, 2016, were classified in our current portion of long-term debt as of January 30, 2016 and May 2, 2015, respectively. In March 2016, we repaid the 2016 Notes using existing cash resources.
The fair value of total long-term debt, excluding debt discounts and issuance costs and financing and capital lease obligations, approximated $1,249 million, $1,543 million, and $1,572 million at April 30, 2016, January 30, 2016, and May 2, 2015, respectively, based primarily on the market prices quoted from external sources, compared with carrying values of $1,165 million, $1,525 million, and $1,505 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 Condensed Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2016, for additional information regarding the terms of our debt facilities, debt instruments and other obligations.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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