Fair Value Measurements (Tables)

12 Months Ended

Jan. 30, 2026

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial assets and financial liabilities measured at fair value on a recurring basis.

Fair Value Measurements at

(In millions)

Classification

Measurement Level

January 30, 2026

January 31, 2025

Available-for-sale securities:

U.S. Treasury securities

Short-term investments

Level 1

195

199

Money market funds

Short-term investments

Level 1

Corporate debt securities

Short-term investments

Level 2

Certificates of deposit

Short-term investments

Level 1

Foreign government debt securities

Short-term investments

Level 2

Municipal obligations

Short-term investments

Level 2

—

Commercial paper

Short-term investments

Level 2

—

U.S. Treasury securities

Long-term investments

Level 1

211

150

Corporate debt securities

Long-term investments

Level 2

Foreign government debt securities

Long-term investments

Level 2

Municipal obligations

Long-term investments

Level 2

—

Derivative instruments:

Fixed-to-floating interest rate swaps

Other current liabilities

Level 2

Fixed-to-floating interest rate swaps

Other liabilities

Level 2

—

Schedule of Assets Measured on Recurring Basis Rollforward

The rollforward of the fair value of contingent consideration is as follows:


	Years Ended
(In millions)	January 30, 2026		January 31, 2025
Beginning balance	$	—	$	—

Change in fair value	—		177
Proceeds received	—		(177)
Ending balance	$	—	$	—

Schedule of Carrying and Fair Value Amount of Long-Term Debt

Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations and the 2025 Term Loan, are as follows:


	January 30, 2026				January 31, 2025
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	37,530	$	34,907	$	35,011	$	31,557

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

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