Fair Value Measurements (Tables)

3 Months Ended

May 03, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured on a Recurring Basis

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

 

Financial Instruments Measured On a Recurring Basis			Fair Value
(millions)	Classification	Measurement Level	May 3, 2025		February 1, 2025		May 4, 2024
Assets
Short-term investments	Cash and Cash Equivalents	Level 1	$	1,975	$	3,893	$	2,726
Prepaid forward contracts	Other Current Assets	Level 1	17		23		27
Liabilities
Interest rate swaps	Other Current Liabilities	Level 2	3		—		3
Interest rate swaps	Other Noncurrent Liabilities	Level 2	65		125		154

Schedule of Significant Financial Instruments Not Measured at Fair Value

Significant Financial Instruments Not Measured at Fair Value (a) (millions)	May 3, 2025				February 1, 2025				May 4, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	13,398	$	12,377	$	13,904	$	12,953	$	14,155	$	13,123

(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 long-term debt is estimated using Level 2 inputs based on quoted prices for the instruments. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectations for interest rates. These amounts exclude commercial paper, fair value hedge adjustments, and lease liabilities.