Fair Value of Financial Instruments (Tables)

3 Months Ended

May 02, 2026

Schedule of Fair Value of Financial Instruments

The following table provides a summary of the principal value and estimated fair value of the Company’s outstanding debt as of May 2, 2026, January 31, 2026 and May 3, 2025:


	May 2, 2026		January 31, 2026		May 3, 2025
	(in millions)
Principal Value	$	982	$	983	$	986
Fair Value, Estimated (a)	967		971		912

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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 820, Fair Value Measurement. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides a summary of the Company’s Designated Cash Flow Hedges recognized at fair value on a recurring basis as of May 2, 2026, January 31, 2026 and May 3, 2025 (in millions):


	Measurement Level	May 2, 2026		January 31, 2026		May 3, 2025
Designated Cash Flow Hedge Assets	Level 2	$	1	$	—	$	—

The estimated fair values of the Designated Cash Flow Hedges were determined using the market approach, which utilizes observable market inputs, including spot and forward currency exchange rates. These are considered Level 2 inputs in accordance with ASC 820, Fair Value Measurement. For additional information regarding the Designated Cash Flow Hedges, see Note 10, “Derivative Financial Instruments.”