Fair Value Measurements

9 Months Ended

Nov. 02, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair Value Measurements

Fair Value Measurements

The Company's financial assets are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards.

Level 1: Quoted prices in active markets for identical assets

Level 2: Significant observable inputs for the assets

Level 3: Significant unobservable inputs for the assets

The following table shows the estimated fair value of the Company's marketable equity and debt securities:

			Fair Value Measurements
	Total		Level 1		Level 2		Level 3
	(millions)
November 2, 2024	$	41	$	41	$	—	$	—
February 3, 2024	42		42		—		—
October 28, 2023	37		37		—		—

Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain short-term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards.

The following table shows the estimated fair value of the Company's long-term debt, including the current portion of long-term debt:

	Notional Amount		Carrying Amount		Fair Value
	(millions)
November 2, 2024	$	2,785	$	2,779	$	2,492
February 3, 2024	3,007		2,998		2,706
October 28, 2023	3,007		2,997		2,325