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Fair Value Measurements | 3 Months Ended
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Apr. 30, 2016
Fair Value Measurements [Abstract] |
Fair Value Measurements | Fair Value Measurements The following table provides a summary of the principal value and estimated fair value of long-term debt as of April 30, 2016, January 30, 2016 and May 2, 2015:
| April 30, 2016 |  | January 30, 2016 |  | May 2, 2015
| (in millions)
Principal Value | $ | 5,750 |  |  | $ | 5,750 |  |  | $ | 4,750 |
Fair Value (a) | 6,372 |  |  | 6,209 |  |  | 5,371 |
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(a) | The estimated fair value of the Company’s publicly traded debt is based on reported transaction prices which are considered Level 2 inputs in accordance with ASC Topic 820, Fair Value Measurements and Disclosure. The estimates presented are not necessarily indicative of the amounts that the Company could realize in a current market exchange.
The authoritative guidance included in ASC Topic 820, establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:
• | Level 1 – Quoted market prices in active markets for identical assets or liabilities.
• | Level 2 – Observable inputs other than quoted market prices included in Level 1, such as quoted prices of similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
• | Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
The following table provides a summary of assets and liabilities measured in the consolidated financial statements at fair value on a recurring basis as of April 30, 2016, January 30, 2016 and May 2, 2015:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in millions)
As of April 30, 2016 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 1,267 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,267 |
Marketable Securities | 11 |  |  | — |  |  | — |  |  | 11 |
Interest Rate Designated Fair Value Hedges | — |  |  | 10 |  |  | — |  |  | 10 |
Cross-currency Cash Flow Hedges | — |  |  | 11 |  |  | — |  |  | 11 |
As of January 30, 2016 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 2,548 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,548 |
Marketable Securities | 22 |  |  | — |  |  | — |  |  | 22 |
Interest Rate Designated Fair Value Hedges | — |  |  | 11 |  |  | — |  |  | 11 |
Cross-currency Cash Flow Hedges | — |  |  | 27 |  |  | — |  |  | 27 |
As of May 2, 2015 |  |  |  |  |  |  |
Assets: |  |  |  |  |  |  |
Cash and Cash Equivalents | $ | 649 |  |  | $ | — |  |  | $ | — |  |  | $ | 649 |
Marketable Securities | 50 |  |  | — |  |  | — |  |  | 50 |
Interest Rate Designated Fair Value Hedges | — |  |  | 7 |  |  | — |  |  | 7 |
Cross-currency Cash Flow Hedges | — |  |  | 11 |  |  | — |  |  | 11 |
The Company's Level 1 fair value measurements use unadjusted quoted prices in active markets for identical assets. In the first quarter of 2015, the Company invested $50 million in U.S. Treasury Bills which were classified as available-for-sale. These securities were sold in the third quarter of 2015. In the third quarter of 2015, the Company invested $10 million in marketable equity securities which were classified as available-for-sale. In the first quarter of 2016, the Company sold a portion of this investment and received cash proceeds of $10 million and recognized a pre-tax gain of $4 million (after-tax gain of $3 million). The gain is included within Other Income on the 2016 Consolidated Statement of Income, and the cash proceeds are included in Proceeds from Sale of Marketable Securities within the Investing Activities section of the 2016 Consolidated Statement of Cash Flows. These securities are classified as Level 1 fair value measurements as they are traded with sufficient frequency and volume to enable the Company to obtain pricing information on an ongoing basis. The Company’s Level 2 fair value measurements use market approach valuation techniques. The primary inputs to these techniques include benchmark interest rates and foreign currency exchange rates, as applicable to the underlying instruments. Management believes that the carrying values of accounts receivable, accounts payable, accrued expenses and current debt approximate fair value because of their short maturity.

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 28 -URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14064-108612 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13537-108611 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13504-108611 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=49121117&loc=d3e13433-108611 + Details
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