Fair Value Measurements (Tables)

3 Months Ended

May 03, 2014

Carrying Value And Fair Value Of Long-Term Debt, Disclosure

The following table provides a summary of the carrying value and estimated fair value of long-term debt as of May 3, 2014, February 1, 2014 and May 4, 2013:



	May 3, 2014		February 1, 2014		May 4, 2013
	(in millions)
Carrying Value	$	4,972	$	4,976	$	4,475
Estimated Fair Value (a)	5,509		5,333		5,071

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(a)	The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC Topic 820, Fair Value Measurements and Disclosure. 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 May 3, 2014, February 1, 2014 and May 4, 2013:



	Level 1		Level 2		Level 3		Total
	(in millions)
As of May 3, 2014
Assets:
Cash and Cash Equivalents	$	912	$	—	$	—	$	912
Interest Rate Designated Fair Value Hedges	—		3		—		3
Liabilities:
Cross-currency Cash Flow Hedges	—		21		—		21
Lease Guarantees	—		—		1		1
As of February 1, 2014
Assets:
Cash and Cash Equivalents	$	1,519	$	—	$	—	$	1,519
Interest Rate Designated Fair Value Hedges	—		5		—		5
Liabilities:
Cross-currency Cash Flow Hedges	—		13		—		13
Lease Guarantees	—		—		1		1
As of May 4, 2013
Assets:
Cash and Cash Equivalents	$	382	$	—	$	—	$	382
Liabilities:
Cross-currency Cash Flow Hedges	—		58		—		58
Lease Guarantees	—		—		2		2

Fair Value, Lease Guarantees On Recurring Basis, Unobservable Input

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 the first quarter 2014 and 2013:



	First Quarter
	2014		2013
	(in millions)
Beginning Balance	$	1	$	2
Change in Estimated Fair Value Reported in Earnings	—		—
Ending Balance	$	1	$	2

- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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