Fair Value Measurements (Tables)

6 Months Ended

Aug. 02, 2013

Fair Value Measurements

Fair value measurements - recurring basis

The following tables present the Company's financial assets measured at fair value on a recurring basis as of August 2, 2013, August 3, 2012, and February 1, 2013, classified by fair value hierarchy:

				Fair Value Measurements at Reporting Date Using
(In millions)	August 2, 2013			Level 1			Level 2			Level 3
Available-for-sale securities:
Money market funds		$	105		$	105		$	-		$	-
Municipal obligations			46			-			46			-
Municipal floating rate obligations			17			-			17			-
Certificates of deposit			21			21			-			-
Total short-term investments		$	189		$	126		$	63		$	-
Available-for-sale securities:
Municipal floating rate obligations		$	288		$	-		$	288		$	-
Municipal obligations			18			-			18			-
Total long-term investments		$	306		$	-		$	306		$	-
				Fair Value Measurements at Reporting Date Using
(In millions)	August 3, 2012			Level 1			Level 2			Level 3
Available-for-sale securities:
Money market funds		$	61		$	61		$	-		$	-
Municipal obligations			56			-			56			-
Municipal floating rate obligations			433			-			433			-
Certificates of deposit			2			2			-			-
Other			6			6			-			-
Trading securities:
Mutual funds			28			28			-			-
Total short-term investments		$	586		$	97		$	489		$	-
Available-for-sale securities:
Municipal floating rate obligations		$	394		$	-		$	394		$	-
Municipal obligations			80			-			80			-
Equity securities			11			11			-			-
Total long-term investments		$	485		$	11		$	474		$	-
				Fair Value Measurements at Reporting Date Using
(In millions)	February 1, 2013			Level 1			Level 2			Level 3
Available-for-sale securities:
Money market funds		$	49		$	49		$	-		$	-
Municipal obligations			56			-			56			-
Municipal floating rate obligations			14			-			14			-
Other			6			-			6			-
Total short-term investments		$	125		$	49		$	76		$	-
Available-for-sale securities:
Municipal floating rate obligations		$	230		$	-		$	230		$	-
Municipal obligations			41			-			41			-
Total long-term investments		$	271		$	-		$	271		$	-

Fair value measurements - nonrecurring basis

The following tables present the Company's non-financial assets measured at estimated fair value on a nonrecurring basis and the resulting long-lived asset impairment losses included in earnings, excluding costs to sell for excess properties held-for-sale. Because assets subject to long-lived asset impairment were not measured at fair value on a recurring basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at August 2, 2013, and August 3, 2012.

Fair Value Measurements - Nonrecurring Basis
	Three Months Ended
	August 2, 2013				August 3, 2012
	Fair Value Measurements		Impairment Losses		Fair Value Measurements		Impairment Losses
(In millions)
Assets-held-for-use:
Operating locations	$	-	$	-	$	1	$	(6)
Excess properties		10		(3)		14		(10)
Assets-held-for-sale:
Excess properties		5		-		3		(1)
Total	$	15	$	(3)	$	18	$	(17)
	Six Months Ended
	August 2, 2013				August 3, 2012
	Fair Value Measurements		Impairment Losses		Fair Value Measurements		Impairment Losses
(In millions)
Assets-held-for-use:
Operating locations	$	-	$	-	$	1	$	(6)
Excess properties		11		(3)		31		(15)
Assets-held-for-sale:
Excess properties		6		(2)		3		(1)
Total	$	17	$	(5)	$	35	$	(22)

Fair value of financial instruments

Carrying amounts and the related estimated fair value of the Company's long-term debt, excluding capitalized lease obligations, are as follows:

	August 2, 2013				August 3, 2012
	Carrying		Fair		Carrying		Fair
(In millions)	Amount		Value		Amount		Value
Unsecured notes (Level 1)	$	8,629	$	9,459	$	9,175	$	10,751
Mortgage notes (Level 2)		18		20		19		23
Long-term debt (excluding capitalized lease obligations)	$	8,647	$	9,479	$	9,194	$	10,774