Fair Value Measurements (Tables)

9 Months Ended

Nov. 02, 2018

Fair value measurements - recurring basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis as of November 2, 2018, November 3, 2017, and February 2, 2018. The fair values of these instruments approximated amortized costs.



		Fair Value Measurements at
(In millions)	Measurement Level	November 2, 2018		November 3, 2017		February 2, 2018
Short-term investments:
Available-for-sale securities
Money market funds	Level 1	$	181	$	70	$	86
Certificates of deposit	Level 1	17		15		16
Agency securities	Level 2	10		—		—
Total short-term investments		$	208	$	85	$	102
Long-term investments:
Available-for-sale securities
Corporate debt securities	Level 2	$	224	$	—	$	—
Agency securities	Level 2	66		—		—
Municipal floating rate obligations	Level 2	—		368		407
Certificates of deposit	Level 1	—		2		1
Total long-term investments		$	290	$	370	$	408

Fair value measurements - nonrecurring basis

The following table presents the Company’s non-financial assets measured at estimated fair value on a nonrecurring basis and the resulting long-lived asset impairment losses included in earnings. Because assets subject to long-lived asset impairment are not measured at fair value on a recurring basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at November 2, 2018.



	Fair Value Measurements		Impairment Losses
(In millions)	November 2, 2018		Three Months Ended November 2, 2018			Nine Months Ended November 2, 2018
Assets-held-for-use:
Operating locations	$	473	$	(112	)	$	(329	)
Total	$	473	$	(112	)	$	(329	)

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:



	November 2, 2018				November 3, 2017				February 2, 2018
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	14,718	$	14,430	$	14,958	$	15,974	$	14,961	$	15,608
Mortgage notes (Level 2)	6		6		7		7		6		7
Long-term debt (excluding capitalized lease obligations)	$	14,724	$	14,436	$	14,965	$	15,981	$	14,967	$	15,615