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Fair Value Measurements | 3 Months Ended
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May 04, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company's financial assets 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 The following table shows the estimated fair value of the Company's marketable equity and debt securities:
|  |  | Fair Value Measurements |
| Total |  | Level 1 |  | Level 2 |  | Level 3 |
| (millions)
May 4, 2024 | $ | 36 |  |  | $ | 36 |  |  | $ | — |  |  | $ | — |  |
February 3, 2024 | 42 |  |  | 42 |  |  | — |  |  | — |  |
April 29, 2023 | 36 |  |  | 36 |  |  | — |  |  | — |  |
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:
| Notional Amount |  | Carrying Amount |  | Fair Value |
| (millions)
May 4, 2024 | $ | 3,007 |  |  | $ | 2,998 |  |  | $ | 2,766 |  |
February 3, 2024 | 3,007 |  |  | 2,998 |  |  | 2,706 |  |
April 29, 2023 | 3,007 |  |  | 2,996 |  |  | 2,468 |  |

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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 -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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