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Fair Value Measurements
 6 Months Ended
Aug. 04, 2019
Fair Value Disclosures [Abstract]  
Fair value measurements
FAIR VALUE MEASUREMENTS
The fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, rather than the amount that would be paid to settle the liability with the
creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Assets and liabilities that are measured at fair value on a recurring basis follow.

Fair Value at August 4, 2019 Using
 
Fair Value at February 3, 2019 Using
in millions 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant
Observable Inputs
(Level 2)
 
Significant
Unobservable Inputs
(Level 3)
Derivative agreements – assets
$
—

 
$
190

 
$
—

 
$
—

 
$
138

 
$
—

Derivative agreements – liabilities
—

 
(1
)
 
—

 
—

 
(11
)
 
—

Total
$
—

 
$
189

 
$
—

 
$
—

 
$
127

 
$
—


We use derivative financial instruments from time to time in the management of our interest rate exposure on long-term debt and our exposure on foreign currency fluctuations. The fair value of our derivative financial instruments was measured using observable market information (level 2).
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The carrying amounts of cash and cash equivalents, receivables, short-term debt, and accounts payable approximate fair value due to the short-term maturities of these financial instruments.
Long-lived assets and other intangible assets are subject to nonrecurring fair value measurement for the assessment of impairment or as the result of business acquisitions. We did not have any material assets or liabilities subject to nonrecurring fair value measurements as of August 4, 2019 or February 3, 2019, respectively.
The aggregate fair values and carrying values of our senior notes follow.
 
August 4,
2019
 
February 3,
2019
in millions 
Fair Value
(Level 1)
 
Carrying
Value
 
Fair Value
(Level 1)
 
Carrying
Value
Senior notes
$
30,910

 
$
27,293

 
$
28,348

 
$
26,814