Contractual Obligations The following table summarizes our contractual obligations and the expected effect on our liquidity and cash flows as of January 31, 2015.  We expect to fund these commitments primarily with operating cash flows generated in the normal course of business and credit available to  us under existing and potential future facilities. Included in the required debt repayments disclosed above are estimated total interest payments of $1,881 as of January 31, 2015, payable  over the remaining life of the debt. The capital and operating lease obligations in the table above do not include payments for operating expenses that are required by most of  our lease agreements. Such expenses, which include common area charges, real estate taxes and other executory costs, totaled $88 in  2014, $81 in 2013 and $74 in 2012. In addition, some of our leases require additional rental payments based on a percentage of our sales,  referred to as “percentage rent.” Percentage rent, which is also excluded from the obligations in the table above, was $14 in 2014, 2013 and  2012. Purchase obligations primarily consist of purchase orders for unreceived goods or services and capital expenditure commitments, including  our Manhattan store. Other long-term liabilities consist of workers’ compensation and general liability insurance reserves and postretirement benefits. The payment  amounts presented above were estimated based on historical payment trends. Other long-term liabilities not requiring cash payments, such  as deferred property incentives and deferred revenue, were excluded from the table above. Also excluded from the table above are  unrecognized tax benefits of $9, as we are unable to reasonably estimate the timing of future cash payments, if any, for these liabilities. We enter into commitments to extend credit to customers through our Nordstrom credit cards. The unused credit card capacity available to  our customers represents an off-balance sheet commitment. As of January 31, 2015, this unfunded commitment was $17,322. Other than operating leases entered into in the normal course of business and the development of our Manhattan full-line store, we had no  material off-balance sheet arrangements during 2014. The preparation of our financial statements requires that we make estimates and judgments that affect the reported amounts of assets,  liabilities, revenues and expenses, and disclosure of contingent assets and liabilities. We base our estimates on historical experience and  other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from these estimates. The following  discussion highlights the estimates we believe are critical and should be read in conjunction with the Notes to Consolidated Financial  Statements in Item 8: Financial Statements and Supplementary Data. Our management has discussed the development and selection of  these critical accounting estimates with the Audit Committee of our Board of Directors and the Audit Committee has reviewed our disclosures  that follow. The allowance for credit losses reflects our best estimate of the losses inherent in our credit card receivables as of the balance sheet date,  including uncollectible finance charges and fees. We estimate such credit losses based on several factors, including historical aging and  delinquency trends, write-off experience, portfolio concentration and risk metrics and general economic conditions. We believe the allowance for credit losses is adequate to cover anticipated losses in our credit card receivables under current conditions;  however, significant deterioration in any of the factors mentioned above could materially change these expectations. During 2014, our net  write-off results continued to improve. As a result, we reduced our allowance for credit losses by $5 during 2014, from $80 to $75, and by $5  in 2013, from $85 to $80. A 10% change in our allowance for credit losses would have affected net earnings by approximately $5 for the fiscal  year ended January 31, 2015. Allowance for Credit Losses CRITICAL ACCOUNTING ESTIMATES Off-Balance Sheet Arrangements Total Less than 1 year 1 – 3 years 3 – 5 years More than 5 years Long-term debt $5,044 $166 $1,300 $268 $3,310 Capital lease obligations 6 2 3 1 — Operating leases 2,318 210 460 446 1,202 Purchase obligations 2,092 1,809 162 120 1 Other long-term liabilities 333 — 59 37 237 Total $9,793 $2,187 $1,984 $872 $4,750 32