Fair Value Measurements (Tables)

6 Months Ended

Aug. 01, 2015

Fair Value Measurements - Recurring Basis

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).



Fair Value Measurements - Recurring Basis		Fair Value at
(millions)	Pricing Category	August 1, 2015		January 31, 2015		August 2, 2014
Assets
Cash and cash equivalents
Short-term investments	Level 1	$	1,985	$	1,520	$	3
Other current assets
Interest rate swaps^(a)	Level 2	25		—		—
Prepaid forward contracts	Level 1	36		38		40
Beneficial interest asset	Level 3	29		43		56
Other noncurrent assets
Interest rate swaps^(a)	Level 2	16		65		51
Company-owned life insurance investments^(b)	Level 2	331		322		314
Beneficial interest asset	Level 3	19		31		41
Liabilities
Other current liabilities
Interest rate swaps^(a)	Level 2	16		—		—
Other noncurrent liabilities
Interest rate swaps^(a)	Level 2	—		24		31

^(a) See Note 9 for additional information on interest rate swaps.

^(b) Company-owned life insurance investments consist of equity index funds and fixed income assets. Amounts are presented net of nonrecourse loans that are secured by some of these policies. These loan amounts totaled $783 million at August 1, 2015, $773 million at January 31, 2015 and $806 million at August 2, 2014.

Fair Value Measurements, Significant Financial Instruments not Measured at Fair Value



Significant Financial Instruments not Measured at Fair Value ^(a) (millions)	August 1, 2015				January 31, 2015				August 2, 2014
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Debt ^(b)	$	11,921	$	13,365	$	11,946	$	14,089	$	12,135	$	13,553

^(a) The carrying amounts of certain other current assets, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

^(b)The carrying amount and estimated fair value of debt exclude unamortized swap valuation adjustments and capital lease obligations.