Fair Value Measurements (Tables)

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of May 1, 2026, May 2, 2025, and January 30, 2026:


			Fair Value Measurements at
(In millions)	Classification	Measurement Level	May 1, 2026		May 2, 2025		January 30, 2026
Available-for-sale debt securities:
U.S. Treasury securities	Short-term investments	Level 1	$	185	$	205	$	195
Money market funds	Short-term investments	Level 1	90		79		81
Corporate debt securities	Short-term investments	Level 2	84		9		32
Certificates of deposit	Short-term investments	Level 1	53		10		31
Foreign government debt securities	Short-term investments	Level 2	34		4		21
Municipal obligations	Short-term investments	Level 2	9		2		10
Commercial paper	Short-term investments	Level 2	3		59		—

U.S. Treasury securities	Long-term investments	Level 1	199		140		211
Corporate debt securities	Long-term investments	Level 2	44		115		92
Foreign government debt securities	Long-term investments	Level 2	4		38		16
Municipal obligations	Long-term investments	Level 2	—		7		—



Derivative instruments:




Fixed-to-floating interest rate swaps	Other current liabilities	Level 2	$	16	$	6	$	15
Fixed-to-floating interest rate swaps	Other liabilities	Level 2	—		33		—

Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations and the 2025 Term Loan, are as follows:


	May 1, 2026				May 2, 2025				January 30, 2026
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	35,186	$	32,070	$	34,275	$	30,563	$	37,530	$	34,907