Fair Value Measurements (Tables)

12 Months Ended

Jan. 28, 2012

Carrying Value And Fair Value Of Long Term Debt, Disclosure

The following table provides a summary of the carrying value and fair value of long-term debt as of January 28, 2012 and January 29, 2011:

	January 28, 2012		January 29, 2011
	(in millions)
Carrying Value	$	3,538	$	2,507
Fair Value (a)	3,849		2,638

________________

(a) The estimated fair value of the Company’s publicly traded debt is based on quoted market prices. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.

Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table provides a summary of assets and liabilities measured in the consolidated financial statements at fair value on a recurring basis as of January 28, 2012 and January 29, 2011:

	Level 1		Level 2		Level 3		Total
	(in millions)
As of January 28, 2012
Assets:
Cash and Cash Equivalents	$	935	$	—	$	—	$	935
Interest Rate Designated Fair Value Hedges	—		14		—		14
Liabilities:
Cross-currency Cash Flow Hedges	—		60		—		60
Lease Guarantees	—		—		4		4
As of January 29, 2011
Assets:
Cash and Cash Equivalents	$	1,130	$	—	$	—	$	1,130
Interest Rate Designated Fair Value Hedges	—		3		—		3
Liabilities:
Cross-currency Cash Flow Hedges	—		57		—		57
Lease Guarantees	—		—		6		6

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table provides a reconciliation of the Company’s lease guarantees measured at fair value on a recurring basis using unobservable inputs (Level 3) for 2011 and 2010:

	2011			2010
	(in millions)
Beginning Balance	$	6		$	9
Change in Estimated Fair Value Reported in Earnings	(2		)	(3		)
Ending Balance	$	4		$	6