Fair Value Disclosures
 12 Months Ended
Feb. 01, 2020
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.
 
Cash Flow Hedges Measured on a Recurring Basis
The fair value of our cash flow hedges are valued in the market using discounted cash flow techniques which use quoted market interest rates in discounted cash flow calculations which consider the instrument's term, notional amount, discount rate and credit risk. Significant inputs to the derivative valuation for interest rate swaps are observable in the active markets and are classified as Level 2 in the fair value measurement hierarchy.

Other Non-Financial Assets Measured on a non-Recurring Basis
In connection with the Company announcing its plan to close underperforming stores in 2019, long-lived assets held and used
with a carrying value of $22 million were written down to their fair value of $8 million, resulting in asset impairment charges
of $14 million in the first quarter of 2019. Additionally, in connection with the adoption of the new lease accounting standard,
right-of-use assets of $58 million were written down to their fair value of $19 million. The fair value was determined based on
comparable market values of similar properties or on a rental income approach and the significant inputs related to valuing the
store related assets are classified as Level 2 in the fair value measurement hierarchy.

In connection with the Company's decision to close underperforming stores in 2020, long-lived assets held and used
with a carrying value of $6 million were written down to their fair value of $1 million, resulting in asset impairment charges
of $5 million in the second half of 2019.

In connection with the Company's decision to sell its three airplanes in 2018, long-lived assets held and used with a carrying value of $72 million were written down to their fair value of $20 million, resulting in asset impairment charges of $52 million. The fair value was determined based on dealer quotes using a market approach and the significant inputs related to valuing the airplanes are classified as Level 2 in the fair value measurement hierarchy.

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 February 1, 2020
 
As of February 2, 2019
($ in millions)
 
Carrying Amount
 
Fair Value
 
Carrying Amount
 
Fair Value
Total debt, excluding unamortized debt issuance costs, finance leases, financing obligation and notes payable
 
$
3,758

 
$
2,464

 
$
3,856

 
$
2,579


 
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 February 1, 2020 and February 2, 2019, 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.
 
Concentrations of Credit Risk 
We have no significant concentrations of credit risk.