Fair Value Measurements (Tables)

3 Months Ended

May 01, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements - Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of May 1, 2020, May 3, 2019, and January 31, 2020. The fair values of these instruments approximated amortized costs.

		Fair Value Measurements at
(In millions)	Measurement Level	May 1, 2020		May 3, 2019		January 31, 2020
Assets:
Short-term investments:
Available-for-sale debt securities
U.S. Treasury securities	Level 1	$	133	$	—	$	13
Money market funds	Level 1	33		156		105
Corporate debt securities	Level 2	28		12		23
Agency securities	Level 2	7		22		19
Total short-term investments		$	201	$	190	$	160
Long-term investments:
Available-for-sale debt securities
U.S. Treasury securities	Level 1	$	214	$	26	$	280
Corporate debt securities	Level 2	56		181		62
Agency securities	Level 2	30		28		30
Total long-term investments		$	300	$	235	$	372
Liabilities:
Other current liabilities:
Derivative instruments
Forward interest rate swaps	Level 2	$	15	$	—	$	11
Total other current liabilities		$	15	$	—	$	11
Other liabilities:
Derivative instruments
Forward interest rate swaps	Level 2	$	17	$	—	$	—
Total other liabilities		$	17	$	—	$	—

Fair Value of Financial Instruments

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

	May 1, 2020				May 3, 2019				January 31, 2020
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	20,106	$	23,209	$	17,090	$	17,261	$	16,648	$	18,808
Mortgage notes (Level 2)	5		5		6		6		5		6
Long-term debt (excluding finance lease obligations)	$	20,111	$	23,214	$	17,096	$	17,267	$	16,653	$	18,814