Fair Value Measurements (Tables)

12 Months Ended

Feb. 03, 2017

Fair value measurements - recurring basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis. The fair values of these instruments approximated amortized costs.



		Fair Value Measurements at
(In millions)	Measurement Level	February 3, 2017		January 29, 2016
Available-for-sale securities:
Money market funds	Level 1	$	81	$	192
Certificates of deposit	Level 1	15		56
Municipal obligations	Level 2	4		38
Municipal floating rate obligations	Level 2	—		21
Total short-term investments		$	100	$	307
Available-for-sale securities:
Municipal floating rate obligations	Level 2	$	359	$	212
Municipal obligations	Level 2	5		5
Certificates of deposit	Level 1	2		5
Total long-term investments		$	366	$	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 assets measured at estimated fair value on a nonrecurring basis and the resulting impairment losses included in earnings, excluding costs to sell for excess properties held-for-sale. Because these assets subject to 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basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at February 3, 2017 and January 29, 2016.

Fair Value Measurements - Nonrecurring Basis



	February 3, 2017					January 29, 2016
(In millions)	Fair Value Measurements		Impairment Losses			Fair Value Measurements		Impairment Losses
Assets-held-for-use:
Operating locations	$	3	$	(34	)	$	4	$	(8	)
Excess properties	18		(9		)	4		(2		)
Goodwill (Note 1)	—		(46		)	—		—
Other assets:
Cost method investments (Note 3)	103		(290		)	—		—
Equity method investments (Note 3)	—		—			393		(530		)
Total	$	124	$	(379	)	$	401	$	(540	)

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:



	February 3, 2017				January 29, 2016
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	14,321	$	15,305	$	12,073	$	13,292
Mortgage notes (Level 2)	7		7		7		8
Long-term debt (excluding capitalized lease obligations)	$	14,328	$	15,312	$	12,080	$	13,300