Fair Value Measurements (Tables)

6 Months Ended

Jul. 29, 2016

Fair value measurements - recurring basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis as of July 29, 2016, July 31, 2015, and January 29, 2016:



		Fair Value Measurements at
(In millions)	Measurement Level	July 29, 2016		July 31, 2015		January 29, 2016
Short-term investments:
Available-for-sale securities
Certificates of deposit	Level 1	$	95	$	116	$	56
Municipal obligations	Level 2	42		12		38
Money market funds	Level 1	25		57		192
Municipal floating rate obligations	Level 2	6		3		21
Total short-term investments		$	168	$	188	$	307
Long-term investments:
Available-for-sale securities
Municipal floating rate obligations	Level 2	$	598	$	402	$	212
Municipal obligations	Level 2	4		5		5
Certificates of deposit	Level 1	2		5		5
Total long-term investments		$	604	$	412	$	222

There were no transfers between Levels 1, 2 or 3 during any of the periods presented.

Fair value of financial instruments

Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding capitalized lease obligations, are as follows:



	July 29, 2016				July 31, 2015				January 29, 2016
(In millions)	Carrying Amount		Fair Value		Carrying Amount ¹		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	14,956	$	17,284	$	10,854	$	12,017	$	12,073	$	13,292
Mortgage notes (Level 2)	10		11		7		8		7		8
Long-term debt (excluding capitalized lease obligations)	$	14,966	$	17,295	$	10,861	$	12,025	$	12,080	$	13,300


¹	Carrying amounts as of July 31, 2015 have been retrospectively adjusted as a result of the Company’s adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, during the fourth quarter of fiscal 2015. The adoption of this accounting standard required reclassification of debt issuance costs from other assets to long-term debt, excluding current maturities.