Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.1
Fair Value Measurements
3 Months Ended
May 01, 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

 

 

 

May 1, 2021

 

 

May 2, 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

 

$

82

 

 

$

38

 

 

$

44

 

 

$

 

 

$

102

 

 

$

28

 

 

$

74

 

 

$

 

 

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:

 

 

 

May 1, 2021

 

 

May 2, 2020

 

 

 

Notional

Amount

 

 

Carrying

Amount

 

 

Fair

Value

 

 

Notional

Amount

 

 

Carrying

Amount

 

 

Fair

Value

 

 

 

(millions)

 

Long-term debt

 

$

4,610

 

 

$

4,558

 

 

$

4,643

 

 

$

4,903

 

 

$

4,918

 

 

$

3,698