Fair Value Measurements (Tables)

6 Months Ended

Aug. 01, 2026

Schedule of Financial Instruments Measured on a Recurring Basis

Fair value measurements are reported in one of three levels reflecting the significant inputs used to determine fair value.


Financial Instruments Measured On a Recurring Basis			Fair Value
(millions)	Classification	Measurement Level	August 1, 2026		January 31, 2026		August 2, 2025
Assets
Short-term investments	Cash and Cash Equivalents	Level 1	$	4,337	$	4,611	$	3,348
Prepaid forward contracts	Other Current Assets	Level 1	25		18		17


Interest rate swaps	Other Noncurrent Assets	Level 2	—		—		1
Liabilities
Interest rate swaps	Other Current Liabilities	Level 2	—		1		3
Interest rate swaps	Other Noncurrent Liabilities	Level 2	106		54		60

Schedule of Significant Financial Instruments Not Measured at Fair Value


Significant Financial Instruments Not Measured at Fair Value (a) (millions)	August 1, 2026				January 31, 2026				August 2, 2025
	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-term debt, including current portion (b)	$	13,404	$	12,355	$	14,398	$	13,732	$	14,393	$	13,643

(a)The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature.

(b)The fair value of long-term debt is estimated using Level 2 inputs based on quoted prices for the instruments. Where quoted prices are not available, fair value is estimated using discounted cash flows and market-based expectations for interest rates. These amounts exclude commercial paper, fair value hedge adjustments, and lease liabilities.