Fair Value Measurements (Tables)

6 Months Ended

Jul. 28, 2012

Carrying Value And Fair Value Of Long-Term Debt, Disclosure

The following table provides a summary of the carrying value and fair value of long-term debt as of July 28, 2012, January 28, 2012 and July 30, 2011:



	July 28, 2012		January 28, 2012		July 30, 2011
	(in millions)
Carrying Value	$	4,537	$	3,538	$	3,524
Fair Value (a)	4,927		3,849		3,704


(a)	The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC Topic 820, Fair Value Measurements and Disclosure. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair Value, Assets And Liabilities Measured On Recurring Basis

The following table provides a summary of assets and liabilities measured in the consolidated financial statements at fair value on a recurring basis as of July 28, 2012, January 28, 2012 and July 30, 2011:



	Level 1		Level 2		Level 3		Total
	(in millions)
As of July 28, 2012
Assets:
Cash and Cash Equivalents	$	1,193	$	—	$	—	$	1,193
Liabilities:
Cross-currency Cash Flow Hedges	—		53		—		53
Lease Guarantees	—		—		3		3
As of January 28, 2012
Assets:
Cash and Cash Equivalents	$	935	$	—	$	—	$	935
Interest Rate Designated Fair Value Hedges	—		14		—		14
Liabilities:
Cross-currency Cash Flow Hedges	—		60		—		60
Lease Guarantees	—		—		4		4
As of July 30, 2011
Assets:
Cash and Cash Equivalents	$	1,035	$	—	$	—	$	1,035
Interest Rate Designated Fair Value Hedges	—		19		—		19
Liabilities:
Cross-currency Cash Flow Hedges	—		83		—		83
Lease Guarantees	—		—		5		5

Fair Value, Lease Guarantees On Recurring Basis, Unobservable Input

The following table provides a reconciliation of the Company’s lease guarantees measured at fair value on a recurring basis using unobservable inputs (Level 3) for the second quarter and year-to-date 2012 and 2011:



	Second Quarter						Year-to-Date
	2012			2011			2012			2011
	(in millions)
Beginning Balance	$	4		$	6		$	4		$	6
Change in Estimated Fair Value Reported in Earnings	(1		)	(1		)	(1		)	(1		)
Ending Balance	$	3		$	5		$	3		$	5

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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