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Fair Value Measurements | 6 Months Ended
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Jul. 31, 2021
Fair Value By Fair Value Hierarchy Level Extensible List [Abstract] |
Fair Value Measurements |
7. | Fair Value Measurements
The following table shows the Company's financial assets that are required to be measured at fair value on a recurring basis, by level within the hierarchy as defined by applicable accounting standards: Level 1: Quoted prices in active markets for identical assets Level 2: Significant observable inputs for the assets Level 3: Significant unobservable inputs for the assets
|  | July 31, 2021 |  |  | August 1, 2020 |
|  |  |  |  |  | Fair Value Measurements |  |  |  |  |  |  | Fair Value Measurements |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (millions) |
Marketable equity and debt securities |  | $ | 46 |  |  | $ | 39 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 143 |  |  | $ | 32 |  |  | $ | 111 |  |  | $ | — |
Other financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, receivables, certain short-term investments and other assets, short-term debt, merchandise accounts payable, accounts payable and accrued liabilities and long-term debt. With the exception of long-term debt, the carrying amount of these financial instruments approximates fair value because of the short maturity of these instruments. The fair values of long-term debt, excluding capitalized leases, are generally estimated based on quoted market prices for identical or similar instruments, and are classified as Level 2 measurements within the hierarchy as defined by applicable accounting standards. The following table shows the estimated fair value of the Company's long-term debt:
|  | July 31, 2021 |  |  | August 1, 2020 |
|  | Notional Amount |  |  | Carrying Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Carrying Amount |  |  | Fair Value |
|  | (millions) |
Long-term debt |  | $ | 3,296 |  |  | $ | 3,295 |  |  | $ | 3,298 |  |  | $ | 4,903 |  |  | $ | 4,851 |  |  | $ | 4,050 |
Nonfinancial Assets The Company reviews the carrying amount of goodwill and intangible assets with indefinite lives for impairment annually and whenever events or changes in circumstances indicate that it is more likely than not that the carrying amount may not be recoverable. For the Company's annual impairment assessment as of the end of fiscal May 2021, the Company elected to perform a qualitative impairment test on its goodwill and intangible assets with indefinite lives and concluded that it is more likely than not that the fair values exceeded the carrying values and therefore goodwill and intangible assets with indefinite lives were not impaired.

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- References No definition available. + Details
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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -URI http://asc.fasb.org/topic&trid=2155941 + Details
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