The following table presents our financial assets and liabilities, excluding pension assets, that are measured at fair value on a recurring basis as of January 31, 2016, and August 2, 2015, consistent with the fair value hierarchy: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value
as of
January 31,
2016 | | Fair Value Measurements at
January 31, 2016 Using
Fair Value Hierarchy | | Fair Value
as of
August 2,
2015 | | Fair Value Measurements at
August 2, 2015 Using
Fair Value Hierarchy | | Level 1 | | Level 2 | | Level 3 | | Level 1 | | Level 2 | | Level 3 | Assets | | | | | | | | | | | | | | | | Foreign exchange forward contracts(1) | $ | 11 |
| | $ | — |
| | $ | 11 |
| | $ | — |
| | $ | 12 |
| | $ | — |
| | $ | 12 |
| | $ | — |
| Commodity derivative contracts(2) | 1 |
| | 1 |
| | — |
| | — |
| | 1 |
| | 1 |
| | — |
| | — |
| Cross-currency swap contracts(3) | 52 |
| | — |
| | 52 |
| | — |
| | 40 |
| | — |
| | 40 |
| | — |
| Deferred compensation derivative contracts(4) | 2 |
| | — |
| | 2 |
| | — |
| | 1 |
| | — |
| | 1 |
| | — |
| Total assets at fair value | $ | 66 |
| | $ | 1 |
| | $ | 65 |
| | $ | — |
| | $ | 54 |
| | $ | 1 |
| | $ | 53 |
| | $ | — |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value
as of
January 31,
2016 | | Fair Value Measurements at
January 31, 2016 Using
Fair Value Hierarchy | | Fair Value
as of
August 2,
2015 | | Fair Value Measurements at
August 2, 2015 Using
Fair Value Hierarchy | | Level 1 | | Level 2 | | Level 3 | | Level 1 | | Level 2 | | Level 3 | Liabilities | | | | | | | | | | | | | | | | Forward starting interest rate swaps(5) | $ | 26 |
| | $ | — |
| | $ | 26 |
| | $ | — |
| | $ | 8 |
| | $ | — |
| | $ | 8 |
| | $ | — |
| Foreign exchange forward contracts(1) | 2 |
| | — |
| | 2 |
| | — |
| | 2 |
| | — |
| | 2 |
| | — |
| Commodity derivative contracts(2) | 10 |
| | 9 |
| | 1 |
| | — |
| | 10 |
| | 10 |
| | — |
| | — |
| Deferred compensation derivative contracts(4) | 1 |
| | — |
| | 1 |
| | — |
| | — |
| | — |
| | — |
| | — |
| Deferred compensation obligation(6) | 127 |
| | 127 |
| | — |
| | — |
| | 120 |
| | 120 |
| | — |
| | — |
| Total liabilities at fair value | $ | 166 |
| | $ | 136 |
| | $ | 30 |
| | $ | — |
| | $ | 140 |
| | $ | 130 |
| | $ | 10 |
| | $ | — |
|
___________________________________ | | (1) | Based on observable market transactions of spot currency rates and forward rates. |
| | (2) | Based on quoted futures exchanges and on observable prices of futures and options transactions in the marketplace. |
| | (3) | Based on observable local benchmarks for currency and interest rates. |
| | (4) | Based on LIBOR and equity index swap rates. |
| | (5) | Based on LIBOR swap rates. |
| | (6) | Based on the fair value of the participants’ investments. |
|