Fair Value Measurements (Tables)

6 Months Ended

Aug. 01, 2015

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

The following table provides a summary of the carrying value and estimated fair value of long-term debt as of August 1, 2015, January 31, 2015 and August 2, 2014:



	August 1, 2015		January 31, 2015		August 2, 2014
	(in millions)
Carrying Value	$	4,759	$	4,765	$	4,972
Estimated Fair Value (a)	5,233		5,305		5,443

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(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 August 1, 2015, January 31, 2015 and August 2, 2014:



	Level 1		Level 2		Level 3		Total
	(in millions)
As of August 1, 2015
Assets:
Cash and Cash Equivalents	$	780	$	—	$	—	$	780
Marketable Securities	50		—		—		50
Interest Rate Designated Fair Value Hedges	—		7		—		7
Cross-currency Cash Flow Hedges	—		25		—		25
As of January 31, 2015
Assets:
Cash and Cash Equivalents	$	1,681	$	—	$	—	$	1,681
Interest Rate Designated Fair Value Hedges	—		12		—		12
Cross-currency Cash Flow Hedges	—		21		—		21
Liabilities:
Lease Guarantees	—		—		1		1
As of August 2, 2014
Assets:
Cash and Cash Equivalents	$	1,147	$	—	$	—	$	1,147
Interest Rate Designated Fair Value Hedges	—		3		—		3
Liabilities:
Cross-currency Cash Flow Hedges	—		26		—		26
Lease Guarantees	—		—		1		1

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 2015 and 2014:



	Second Quarter				Year-to-Date
	2015		2014		2015			2014
	(in millions)
Beginning Balance	$	—	$	1	$	1		$	1
Change in Estimated Fair Value Reported in Earnings	—		—		(1		)	—
Ending Balance	$	—	$	1	$	—		$	1