Fair Value Measurements (Tables)

12 Months Ended

Jan. 31, 2026

The fair value of these investments is as follows:


(Amounts in millions)	Fair Value as of January 31, 2026		Fair Value as of January 31, 2025
Equity investments measured using Level 1 inputs	$	1,037	$	959
Equity investments measured using Level 2 inputs	3,462		2,082
Debt investments measured using Level 3 inputs	1,176		1,181
Total	$	5,675	$	4,222

As of January 31, 2026 and January 31, 2025, the notional amounts and fair values of these derivatives were as follows:


	January 31, 2026					January 31, 2025
(Amounts in millions)	Notional Amount		Fair Value			Notional Amount		Fair Value
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges	$	4,771	$	(411)	(1)	$	4,771	$	(611)	(1)

Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges	6,020		(920)		(1)	5,452		(1,388)		(1)
Total	$	10,791	$	(1,331)		$	10,223	$	(1,999)

(1)Primarily classified in deferred income taxes and other within the Company's Consolidated Balance Sheets.

The carrying value and fair value of the Company's long-term debt as of January 31, 2026 and 2025, are as follows:


	January 31, 2026				January 31, 2025
(Amounts in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including amounts due within one year	$	38,166	$	36,777	$	35,999	$	33,790