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Fair Value Measurements (Tables)
 3 Months Ended
Apr. 29, 2016
Fair Value Measurements  
Fair value measurements - recurring basis
The following table presents the Company’s financial assets measured at fair value on a recurring basis as of April 29, 2016, May 1, 2015, and January 29, 2016:
 
 
 
Fair Value Measurements at
(In millions)
Measurement Level
 
April 29, 2016
 
May 1, 2015
 
January 29, 2016
Short-term investments:
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
Certificates of deposit
Level 1
 
$
97

 
$
16

 
$
56

Municipal obligations
Level 2
 
34

 
20

 
38

Money market funds
Level 1
 
28

 
59

 
192

Municipal floating rate obligations
Level 2
 
15

 
—

 
21

Total short-term investments
 
 
$
174

 
$
95

 
$
307

Other current assets:
 
 
 
 
 
 
 
Foreign exchange options 1
Level 2
 
$
263

 
$
—

 
$
—

Long-term investments:
 
 
 
 
 
 
 
Available-for-sale securities
 
 
 
 
 
 
 
Municipal floating rate obligations
Level 2
 
$
392

 
$
377

 
$
212

Certificates of deposit
Level 1
 
4

 
5

 
5

Municipal obligations
Level 2
 
4

 
2

 
5

Total long-term investments
 
 
$
400

 
$
384

 
$
222

1 
See Note 11 to the consolidated financial statements included herein for additional information regarding derivative instruments.

There were no transfers between Levels 1, 2 or 3 during any of the periods presented.
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:
 
April 29, 2016
 
May 1, 2015
 
January 29, 2016
(In millions)
Carrying Amount

 
Fair Value

 
Carrying Amount 1

 
Fair Value

 
Carrying Amount

 
Fair Value

Unsecured notes (Level 1)
$
14,863

 
$
16,532

 
$
10,852

 
$
12,231

 
$
12,073

 
$
13,292

Mortgage notes (Level 2)
7

 
8

 
16

 
17

 
7

 
8

Long-term debt (excluding capitalized lease obligations)
$
14,870

 
$
16,540

 
$
10,868

 
$
12,248

 
$
12,080

 
$
13,300


1 
Carrying amounts as of May 1, 2015 have been retrospectively adjusted as a result of the Company’s adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, during the fourth quarter of fiscal 2015. The adoption of this accounting standard required reclassification of debt issuance costs from other assets to long-term debt, excluding current maturities.