Fair Value Measurements (Tables)

9 Months Ended

Nov. 01, 2019

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 1, 2019, November 2, 2018, and February 1, 2019. The fair values of these instruments approximated amortized costs.



		Fair Value Measurements at
(In millions)	Measurement Level	November 1, 2019		November 2, 2018		February 1, 2019
Short-term investments:
Available-for-sale securities
Money market funds	Level 1	$	83	$	181	$	207
Agency securities	Level 2	19		10		10
U.S. Treasury securities	Level 1	13		—		—
Corporate debt securities	Level 2	12		—		1
Certificates of deposit	Level 1	—		17		—
Total short-term investments		$	127	$	208	$	218
Long-term investments:
Available-for-sale securities
U.S. Treasury securities	Level 1	$	258	$	—	$	—
Corporate debt securities	Level 2	75		224		191
Agency securities	Level 2	30		66		65
Total long-term investments		$	363	$	290	$	256

Fair Value of Financial Instruments

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



	November 1, 2019				November 2, 2018				February 1, 2019
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	16,646	$	18,184	$	14,718	$	14,430	$	14,721	$	14,473
Mortgage notes (Level 2)	5		5		6		6		6		6
Long-term debt (excluding finance and capitalized lease obligations)	$	16,651	$	18,189	$	14,724	$	14,436	$	14,727	$	14,479

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basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at November 1, 2019 and November 2, 2018.



	Fair Value Measurements		Impairment Losses
(In millions)	November 1, 2019		Three Months Ended November 1, 2019		Nine Months Ended November 1, 2019
Assets-held-for-use:
Operating locations	$	46	$	53	$	61
Total	$	46	$	53	$	61



	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