Fair Value Disclosures
 6 Months Ended
Jul. 30, 2011
Fair Value Disclosures  
Fair Value Disclosures

Note 5 – Fair Value Disclosures

 

REIT Assets Measured on a Recurring Basis

We determined the fair value of our real estate investment trusts (REITs) using quoted market prices.  Primarily, the market value of our investments in public REITs are accounted for as available-for-sale securities.  As of July 30, 2011, July 31, 2010 and January 29, 2011, the cost basis of these investments was $80 million.  Our REIT assets measured at fair value on a recurring basis were as follows:

 

 

($ in millions) 

 

REIT Assets at Fair Value

 

 

 

 

Quoted Prices in Active Markets of Identical Assets

(Level 1)

 

Significant Other Observable Inputs

(Level 2)

 

Significant Unobservable Inputs

(Level 3)

 

 

July 30, 2011

 

$

300

 

$

-

 

$

-

 

 

July 31, 2010

 

 

224

 

 

-

 

 

-

 

 

January 29, 2011

 

 

253

 

 

-

 

 

-

 

 

 

 

 

Other Financial Instruments

Our financial instruments include cash and cash equivalents and long-term debt.  The carrying amount of our cash and cash equivalents approximates fair value because of the short maturity of these instruments.  The fair value of long-term debt is estimated by obtaining quotes from brokers or is based on current rates offered for similar debt.  At July 30, 2011 and January 29, 2011, long-term debt had a carrying value and fair value of $3.1 billion.