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Debt | 9 Months Ended
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Nov. 02, 2019
Debt [Abstract] |
Debt | 7. 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 $1.25 billion and expires in April 2023. There were no borrowings outstanding as of November 2, 2019, February 2, 2019, or November 3, 2018. Long-Term Debt Long-term debt consisted of the following ($ in millions):
| November 2, 2019 |  | February 2, 2019 |  | November 3, 2018
Notes, 5.50%, due March 15, 2021 | $ | 650 |  |  | $ | 650 |  |  | $ | 650 |
Notes, 4.45%, due October 1, 2028 |  | 500 |  |  |  | 500 |  |  |  | 500 |
Interest rate swap valuation adjustments |  | 70 |  |  |  | 25 |  |  |  | (22) |
Subtotal |  | 1,220 |  |  |  | 1,175 |  |  |  | 1,128 |
Debt discounts and issuance costs |  | (6) |  |  |  | (7) |  |  |  | (8) |
Financing lease obligations (1) |  | - |  |  |  | 181 |  |  |  | 189 |
Capital lease obligations (1) |  | - |  |  |  | 39 |  |  |  | 17 |
Finance lease obligations (1) |  | 39 |  |  |  | - |  |  |  | - |
Total long-term debt |  | 1,253 |  |  |  | 1,388 |  |  |  | 1,326 |
Less current portion |  | 14 |  |  |  | 56 |  |  |  | 46 |
Total long-term debt, less current portion | $ | 1,239 |  |  | $ | 1,332 |  |  | $ | 1,280 |
(1)See Note 4, 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 $1,288 million, $1,178 million, and $1,133 million as of November 2, 2019, February 2, 2019, and November 3, 2018, respectively, based primarily on market prices quoted from external sources, compared with carrying values of $1,220 million, $1,175 million, and $1,128 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. 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.

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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