Fair Value Measurements (Tables)

9 Months Ended

Oct. 31, 2020

Schedule of Fair Value Measurements - Recurring Basis

Fair value measurements are reported in one of three levels reflecting the valuation techniques used to determine fair value.


Fair Value Measurements - Recurring Basis			Fair Value at
(millions)	Classification	Pricing Category	October 31, 2020		February 1, 2020		November 2, 2019
Assets
Short-term investments	Cash and Cash Equivalents	Level 1	$	5,089	$	1,810	$	163
Prepaid forward contracts	Other Current Assets	Level 1	32		23		24
Equity securities (a)	Other Current Assets	Level 1	19		39		80
Interest rate swaps	Other Noncurrent Assets	Level 2	205		137		122
Liabilities


Interest rate swaps	Other Noncurrent Liabilities	Level 2	3		—		—

(a)Represents our investment in Casper Sleep Inc. common stock.

Significant Financial Instruments Not Measured at Fair Value


Significant Financial Instruments Not Measured at Fair Value (a) (millions)	October 31, 2020				February 1, 2020				November 2, 2019
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	10,641	$	12,787	$	9,992	$	11,864	$	10,246	$	11,870

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

(b)The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.