Note 6 – 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 October 29, 2011, October 30, 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)
October 29, 2011		$	316		$	-		$	-
October 30, 2010			242			-			-
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, including current maturities, is estimated by obtaining quotes from brokers or is based on current rates offered for similar debt.  As of October 29, 2011, October 30, 2010 and January 29, 2011, long-term debt, including current maturities, had a carrying value of $3.1 billion.  As of October 29, 2011, October 30, 2010 and January 29, 2011, long-term debt, including current maturities, had a fair value of $3.0 billion, $3.1 billion and $3.1 billion, respectively.