XML 26 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Fair Value Measurements
 9 Months Ended
Oct. 31, 2021
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
The following table presents the assets and liabilities that are measured at fair value on a recurring basis:
Fair Value at October 31, 2021 UsingFair Value at January 31, 2021 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$— $106 $— $— $172 $— 
Derivative agreements – liabilities— (178)— — (71)— 
Total$— $(72)$— $— $101 $— 
The fair values of our derivative instruments are determined using an income approach and Level 2 inputs, which include the respective interest rate or foreign currency forward curves and discount rates.
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Long-lived assets, goodwill, and other intangible assets are subject to nonrecurring fair value measurement for the assessment of impairment.
During the third quarter of fiscal 2021, we completed our annual assessment of the recoverability of goodwill for our U.S., Canada and Mexico reporting units based on qualitative factors. We performed a qualitative assessment to determine if there were any indicators of impairment and concluded that while there have been events and circumstances in the macro-environment that have impacted us, we have not experienced any entity-specific indicators that would indicate that it is more likely than not that the fair value of any of our reporting units were less than their carrying amounts. Additionally, during the third quarter of fiscal 2021, we completed our annual assessment of the recoverability of our indefinite-lived intangibles based on quantitative factors and concluded no impairment losses should be recognized.
We did not have any material assets or liabilities that were measured at fair value on a nonrecurring basis during the three and nine months ended October 31, 2021 or November 1, 2020.
Other Fair Value Disclosures
The carrying amounts of cash and cash equivalents, receivables and accounts payable approximate fair value due to their short-term nature.
The following table presents the aggregate fair values and carrying values of our senior notes:
October 31,
2021		January 31,
2021
in millions Fair Value
(Level 1)		Carrying
Value		Fair Value
(Level 1)		Carrying
Value
Senior notes$41,411 $35,927 $41,289 $34,472