Fair Value Disclosures
 12 Months Ended
Jan. 31, 2015
Fair Value Disclosures [Abstract]  
Fair Value Disclosures
Fair Value Disclosures 
In determining fair value, the accounting standards establish a three level hierarchy for inputs used in measuring fair value, as follows:

•
Level 1 — Quoted prices in active markets for identical assets or liabilities.
•
Level 2 — Significant observable inputs other than quoted prices in active markets for similar assets and liabilities, such as quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
•
Level 3 — Significant unobservable inputs reflecting our own assumptions, consistent with reasonably available assumptions made by other market participants.
 
Other Non-Financial Assets Measured on a non-Recurring Basis
The following table presents fair values for those assets measured at fair values and gains or losses during 2014 and 2013 on a non-recurring basis, and remaining on our Consolidated Balance Sheet:
 
 
 
 
Fair Value Measurements at Reporting Date Using
 
 
($ in millions) 
 
Carrying Value
 
Quoted Prices in Active Markets of Identical Assets (Level 1)
 
Significant Other Observable Inputs (Level 2)
 
Significant Unobservable Inputs (Level 3)
 
Total Gains (Losses)
As of January 31, 2015
 
 
 
 
 
 
 
 
 
 
Store assets
 
$
2

 
$
—

 
$
—

 
$
2

 
$
(30
)
Total
 
$
2

 
$
—

 
$
—

 
$
2

 
$
(30
)
As of February 1, 2014
 
 
 
 
 
 
 
 
 
 
Store assets
 
$
2

 
$
—

 
$
—

 
$
2

 
$
(18
)
Intangible asset (Note 5)
 
5

 
—

 
—

 
5

 
(9
)
Total
 
$
7

 
$
—

 
$
—

 
$
7

 
$
(27
)


In 2014, assets of 19 underperforming department stores that continued to operate with carrying values of $32 million were written down to their estimated fair values of $2 million resulting in impairment charges of $30 million. Store impairment charges are recorded in the line item Real estate and other, net in the Consolidated Statements of Operations. Key assumptions used to determine fair values were future cash flows including, among other things, expected future operating performance and changes in economic conditions as well as other market information obtained from brokers.  

In 2013, assets of 25 underpeforming department stores that continued to operate with carrying values of $20 million were written down to their estimated fair values of $2 million resulting in impairment charges of $18 million.

During the fourth quarter of 2013, as a result of sales performance below our expectations, we decided to reduce our future product offerings under the monet trade name, indicating a possible impairment. We tested our indefinite-lived intangible asset monet utilizing the relief from royalty method to determine the estimated fair value. The relief from royalty method estimates our theoretical royalty savings from ownership of the intangible asset. Key assumptions in determining relief from royalty include, among other things, discount rates, royalty rates, growth rates, sales projections and terminal value rates. In 2013, our ownership of the U.S. and Puerto Rico rights of the monet trade name, with a carrying amount of $14 million, was written down to its estimated fair value of $5 million, resulting in an impairment charge of $9 million recorded in the line item Real estate and other, net in the Consolidated Statements of Operations.

Other Financial Instruments
Carrying values and fair values of financial instruments that are not carried at fair value in the Consolidated Balance Sheets are as follows:
 
 
As of January 31, 2015
 
As of February 1, 2014
($ in millions)
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Long-term debt, including current maturities
 
$
5,350

 
$
4,834

 
$
4,862

 
$
4,209


 
The fair value of long-term debt is estimated by obtaining quotes from brokers or is based on current rates offered for similar debt. As of January 31, 2015 and February 1, 2014, the fair values of cash and cash equivalents, accounts payable and short-term borrowings approximate their carrying values due to the short-term nature of these instruments. In addition, the fair values of the capital lease commitments and the note payable approximate their carrying values. These items have been excluded from the table above.
 
Concentrations of Credit Risk 
We have no significant concentrations of credit risk.