Fair Value Measurements

6 Months Ended

Jul. 29, 2012

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

FAIR VALUE MEASUREMENTS

The fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, rather than the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include:

•	Level 1 –	Observable inputs that reflect quoted prices in active markets
•	Level 2 –	Inputs other than quoted prices in active markets that are either directly or indirectly observable
•	Level 3 –	Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions

Assets and Liabilities Measured at Fair Value on a Recurring Basis

The assets and liabilities of the Company that are measured at fair value on a recurring basis as of July 29, 2012 and January 29, 2012 were as follows (amounts in millions):

	Fair Value at July 29, 2012 Using							Fair Value at January 29, 2012 Using
	Level 1		Level 2			Level 3		Level 1		Level 2			Level 3
Derivative agreements - assets	$	—	$	81		$	—	$	—	$	91		$	—
Derivative agreements - liabilities	—		(18		)	—		—		(27		)	—
Total	$	—	$	63		$	—	$	—	$	64		$	—

The Company uses derivative financial instruments from time to time in the management of its interest rate exposure on long-term debt and its exposure on foreign currency fluctuations. The fair value of the Company’s derivative financial instruments was measured using level 2 inputs.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The assets and liabilities of the Company that were measured at fair value on a nonrecurring basis during the six months ended July 29, 2012 and July 31, 2011 were as follows (amounts in millions):

	Fair Value Measured During
	the Six Months Ended			Gains
	July 29, 2012 - Level 3			(Losses)
Lease obligation costs, net	$	(132	)	$	1
Total for the first six months of fiscal 2012				$	1

	Fair Value Measured During
	the Six Months Ended			Gains
	July 31, 2011 - Level 3			(Losses)
Lease obligation costs, net	$	(139	)	$	7
Total for the first six months of fiscal 2011				$	7

Lease obligation costs were related to certain store closings and the exit of certain businesses in fiscal 2009 and 2008. These charges were measured on a nonrecurring basis using fair value measurements with unobservable inputs (level 3).

Long-lived assets were analyzed for impairment on a nonrecurring basis using fair value measurements with unobservable inputs (level 3). Impairment charges related to long-lived assets in the first six months of fiscal 2012 and 2011 were not material.

The aggregate fair value of the Company’s Senior Notes, based on quoted market prices, was $12.7 billion and $12.1 billion at July 29, 2012 and January 29, 2012, respectively, compared to a carrying value of $10.3 billion at both July 29, 2012 and January 29, 2012.