Fair Value Measurements (Tables)

12 Months Ended

Jan. 29, 2016

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	January 29, 2016		January 30, 2015
Available-for-sale securities:
Money market funds	Level 1	$	192	$	81
Certificates of deposit	Level 1	56		17
Municipal obligations	Level 2	38		21
Municipal floating rate obligations	Level 2	21		6
Total short-term investments		$	307	$	125
Available-for-sale securities:
Municipal floating rate obligations	Level 2	$	212	$	348
Municipal obligations	Level 2	5		2
Certificates of deposit	Level 1	5		4
Total long-term investments		$	222	$	354

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basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at January 29, 2016 and January 30, 2015.

Fair Value Measurements - Nonrecurring Basis



	January 29, 2016					January 30, 2015
(In millions)	Fair Value Measurements		Impairment Losses			Fair Value Measurements		Impairment Losses
Assets-held-for-use:
Operating locations	$	4	$	(8	)	$	9	$	(26	)
Excess properties	4		(2		)	11		(2		)
Other assets:
Equity method investments	393		(530		)	N/A		N/A
Total	$	401	$	(540	)	$	20	$	(28	)

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:



	January 29, 2016				January 30, 2015
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1) ¹	$	12,073	$	13,292	$	10,850	$	12,739
Mortgage notes (Level 2)	7		8		16		17
Long-term debt (excluding capitalized lease obligations)	$	12,080	$	13,300	$	10,866	$	12,756


¹	Prior period balances have been retrospectively adjusted as a result of the Company’s adoption of ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs. The adoption of the accounting standard required reclassification of debt issuance costs from other assets to long-term debt.