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Fair Value Measurements and Concentrations of Credit Risk | 12 Months Ended
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Jan. 29, 2022
Fair Value By Fair Value Hierarchy Level Extensible List [Abstract] |
Fair Value Measurements and Concentrations of Credit Risk |
| 12. | Fair Value Measurements and Concentrations of Credit Risk
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:
|  | January 29, 2022 |  |  | January 30, 2021 |
|  |  |  |  |  | Fair Value Measurements |  |  |  |  |  |  | Fair Value Measurements |
|  |  |  |  |  | Quoted Prices |  |  |  |  |  |  |  |  |  |  |  |  |  |  | Quoted Prices |  |  |  |  |  |  |  |  |
|  | Total |  |  | in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |  |  | Total |  |  | in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
|  | (millions) |
Marketable equity and debt securities |  | $ | 39 |  |  | $ | 39 |  |  | $ | — |  |  | $ | — |  |  | $ | 100 |  |  | $ | 37 |  |  | $ | 63 |  |  | $ | — |
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 approximates fair value because of the short maturity of these instruments. The fair values of long-term debt 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, excluding other obligations:
|  | January 29, 2022 |  |  | January 30, 2021 |
|  | Notional Amount |  |  | Carrying Amount |  |  | Fair Value |  |  | Notional Amount |  |  | Carrying Amount |  |  | Fair Value |
|  | (millions) |
Long-term debt |  | $ | 3,295 |  |  | $ | 3,295 |  |  | $ | 3,254 |  |  | $ | 4,454 |  |  | $ | 4,407 |  |  | $ | 4,320 |
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The Company places its temporary cash investments in what it believes to be high credit quality financial instruments.

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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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