v3.25.2
Debt
 6 Months Ended
Jul. 27, 2025
Debt Disclosure [Abstract]  
Debt Debt
Long-Term Debt
Expected
Remaining Term (years)		Effective
Interest Rate		Carrying Value at
Jul 27, 2025Jan 26, 2025
(In millions)
3.20% Notes Due 2026
1.13.31%$1,000 $1,000 
1.55% Notes Due 2028
2.91.64%1,250 1,250 
2.85% Notes Due 2030
4.72.93%1,500 1,500 
2.00% Notes Due 2031
5.92.09%1,250 1,250 
3.50% Notes Due 2040
14.73.54%1,000 1,000 
3.50% Notes Due 2050
24.73.54%2,000 2,000 
3.70% Notes Due 2060
34.73.73%500 500 
Unamortized debt discount and issuance costs(34)(37)
Net long-term carrying amount
$8,466 $8,463 
As of July 27, 2025 and January 26, 2025, the estimated fair value of debt was $7.4 billion and $7.2 billion, respectively. The estimated fair values are based on Level 2 inputs.
Our notes are unsecured senior obligations. Existing and future liabilities of our subsidiaries will be effectively senior to the notes. Our notes pay interest semi-annually. We may redeem each of our notes prior to maturity, subject to a make-whole premium. The maturity of the notes is calendar year.
As of July 27, 2025, we complied with the required covenants, which are non-financial in nature, under the outstanding notes.
Commercial Paper
We have a $575 million commercial paper program to support general corporate purposes. As of July 27, 2025 and January 26, 2025, we had no commercial paper outstanding.