Fair Value Measurements

3 Months Ended

May 04, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company's financial assets are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards.

Level 1: Quoted prices in active markets for identical assets

Level 2: Significant observable inputs for the assets

Level 3: Significant unobservable inputs for the assets

The following table shows the estimated fair value of the Company's marketable equity and debt securities:

			Fair Value Measurements
	Total		Level 1		Level 2		Level 3
	(millions)
May 4, 2024	$	36	$	36	$	—	$	—
February 3, 2024	42		42		—		—
April 29, 2023	36		36		—		—

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 of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, 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:

	Notional Amount		Carrying Amount		Fair Value
	(millions)
May 4, 2024	$	3,007	$	2,998	$	2,766
February 3, 2024	3,007		2,998		2,706
April 29, 2023	3,007		2,996		2,468