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Fair Value Measurements | 6 Months Ended
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Jul. 30, 2022
Fair Value Measurements [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). Recurring Fair Value Measurements Financial assets accounted for at fair value were as follows ($ in millions):
|  |  |  |  |  |  |  | Fair Value at
|  | Balance Sheet Location(1) | Fair Value Hierarchy |  | July 30, 2022 |  | January 29, 2022 |  | July 31, 2021
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(2) |  | Cash and cash equivalents | Level 1 |  |  | $ | 1 |  |  | $ | 548 |  |  | $ | 1,113 |
Time deposits(3) |  | Cash and cash equivalents | Level 2 |  |  |  | 26 |  |  |  | 278 |  |  |  | 625 |
Money market funds(2) |  | Other current assets |  |  | Level 1 |  |  |  | 125 |  |  |  | - |  |  |  | - |
Time deposits(3) |  | Other current assets |  |  | Level 2 |  |  |  | - |  |  |  | - |  |  |  | 65 |
Marketable securities that fund deferred compensation(4) |  | Other assets |  |  | Level 1 |  |  |  | 48 |  |  |  | 54 |  |  |  | 54 |
Interest rate swap derivative instruments(5) | Other assets |  |  | Level 2 |  |  |  | 19 |  |  |  | 50 |  |  |  | 79 |
(1)Balance sheet location is determined by length to maturity at date of purchase. (2)Valued at quoted market prices in active markets at period end. (3)Valued at face value plus accrued interest at period end, which approximates fair value. (4)Valued using the performance of mutual funds that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis. (5)Valued using readily observable market inputs. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market. See Note 5, Derivative Instruments, for additional information. Fair Value of Financial Instruments The fair values of cash, restricted cash, receivables, accounts payable, short-term debt and other payables approximated their carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Fair values for other instruments held at cost are not readily available, but we estimate that the carrying values for these investments approximate their fair values. Long-term debt is presented at carrying value on our Condensed Consolidated Balance Sheets. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. Long-term debt balances were as follows ($ in millions):
|  |  |  |  | July 30, 2022 |  | January 29, 2022 |  | July 31, 2021
|  |  |  |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value
Long-term debt(1) | $ | 1,069 |  |  | $ | 1,169 |  |  | $ | 1,205 |  |  | $ | 1,200 |  |  | $ | 1,306 |  |  | $ | 1,229 |
(1)Excluded debt discounts, issuance costs and finance lease obligations.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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