Fair Value Measurements and Concentrations of Credit Risk

12 Months Ended

Jan. 29, 2022

Fair Value By Fair Value Hierarchy Level Extensible List [Abstract]

Fair Value Measurements and Concentrations of Credit Risk

12. Fair Value Measurements and Concentrations of Credit Risk

The following table shows the Company’s financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards:

	January 29, 2022								January 30, 2021
			Fair Value Measurements								Fair Value Measurements
			Quoted Prices								Quoted Prices
	Total		in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total		in Active Markets for Identical Assets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(millions)
Marketable    equity and    debt securities	$	39	$	39	$	—	$	—	$	100	$	37	$	63	$	—

Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain-short term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount approximates fair value because of the short maturity of these instruments. The fair values of long-term debt are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards.

The following table shows the estimated fair value of the Company’s long-term debt, excluding other obligations:

	January 29, 2022						January 30, 2021
	Notional Amount		Carrying Amount		Fair Value		Notional Amount		Carrying Amount		Fair Value
	(millions)
Long-term debt	$	3,295	$	3,295	$	3,254	$	4,454	$	4,407	$	4,320

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments.