Fair Value Measurements (Tables)

9 Months Ended

Oct. 28, 2016

Fair value measurements - recurring basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis as of October 28, 2016, October 30, 2015, and January 29, 2016:



		Fair Value Measurements at
(In millions)	Measurement Level	October 28, 2016		October 30, 2015		January 29, 2016
Short-term investments:
Available-for-sale securities
Certificates of deposit	Level 1	$	55	$	96	$	56
Municipal obligations	Level 2	37		1		38
Money market funds	Level 1	28		50		192
Municipal floating rate obligations	Level 2	3		11		21
Total short-term investments		$	123	$	158	$	307
Long-term investments:
Available-for-sale securities
Municipal floating rate obligations	Level 2	$	430	$	372	$	212
Municipal obligations	Level 2	4		5		5
Certificates of deposit	Level 1	2		5		5
Total long-term investments		$	436	$	382	$	222

There were no transfers between Levels 1, 2, or 3 during any of the periods presented.

Fair value measurements - nonrecurring basis

The following table presents the Company’s non-financial assets measured at estimated fair value on a nonrecurring basis and the resulting impairment losses included in earnings. Because these assets are 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basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at October 28, 2016 and October 30, 2015.



	Fair Value Measurements		Impairment Losses
(In millions)	October 28, 2016		Three Months Ended October 28, 2016			Nine Months Ended October 28, 2016
Assets-held-for-use:
Operating locations	$	3	$	(31	)	$	(34	)
Goodwill	—		(46		)	(46		)
Other assets:
Cost method investments	103		(290		)	(290		)
Total	$	106	$	(367	)	$	(370	)



	Fair Value Measurements		Impairment Losses
(In millions)	October 30, 2015		Three Months Ended October 30, 2015		Nine Months Ended October 30, 2015
Assets-held-for-use:
Operating locations	$	4	$	—	$	(8	)
Total	$	4	$	—	$	(8	)

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:



	October 28, 2016				October 30, 2015				January 29, 2016
(In millions)	Carrying Amount		Fair Value		Carrying Amount ¹		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	14,318	$	15,948	$	12,071	$	13,245	$	12,073	$	13,292
Mortgage notes (Level 2)	10		10		7		8		7		8
Long-term debt (excluding capitalized lease obligations)	$	14,328	$	15,958	$	12,078	$	13,253	$	12,080	$	13,300


¹	Carrying amounts as of October 30, 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.