Fair Value Measurements
 3 Months Ended
Apr. 30, 2019
Fair Value Disclosures [Abstract]  
Fair value measurements
Fair Value Measurements
Assets and liabilities recorded at fair value are measured using the fair value hierarchy, which prioritizes the inputs used in measuring fair value. The levels of the fair value hierarchy are:
•
Level 1: observable inputs such as quoted prices in active markets;
•
Level 2: inputs other than quoted prices in active markets that are either directly or indirectly observable; and
•
Level 3: unobservable inputs for which little or no market data exists, therefore requiring the Company to develop its own assumptions.
The Company has equity investments, primarily its investment in JD.com, Inc. ("JD"), measured at fair value on a recurring basis included in other long-term assets in the accompanying Condensed Consolidated Balance Sheet as follows:
•
The purchased portion of the investment in JD measured using Level 1 inputs, and
•
The portion of the investment in JD received in exchange for selling certain assets related to Yihaodian, the Company's former eCommerce operations in China, measured using Level 2 inputs. Fair value is determined primarily using quoted prices in active markets for similar assets.
Information for the fair value of the Company's investment in JD is as follows:
(Amounts in millions)
 
Fair Value as of April 30, 2019
 
Fair Value as of January 31, 2019
Investment in JD measured using Level 1 inputs
 
$
2,181

 
$
1,791

Investment in JD measured using Level 2 inputs
 
2,185

 
1,792

Total
 
$
4,366

 
$
3,583

The changes in fair value for the Company's investment in JD is included in other gains and losses in the Company's Condensed Consolidated Statements of Income.
The Company also holds derivative instruments. Derivative fair values are the estimated amounts the Company would receive or pay upon termination of the related derivative agreements as of the reporting dates. The fair values have been measured using the income approach and Level 2 inputs, which include the relevant interest yield and foreign currency forward curves. As of April 30, 2019 and January 31, 2019, the notional amounts and fair values of these derivatives were as follows:
 
April 30, 2019
 
January 31, 2019
(Amounts in millions)
Notional Amount
 
Fair Value
 
Notional Amount
 
Fair Value
Receive fixed-rate, pay variable-rate interest rate swaps designated as fair value hedges
$
4,000

 
$
(42
)
 
$
4,000

 
$
(78
)
Receive fixed-rate, pay fixed-rate cross-currency swaps designated as net investment hedges
2,250

 
392

 
2,250

 
334

Receive fixed-rate, pay fixed-rate cross-currency swaps designated as cash flow hedges
4,090

 
(408
)
 
4,173

 
(272
)
Total
$
10,340

 
$
(58
)
 
$
10,423

 
$
(16
)

Nonrecurring Fair Value Measurements
In addition to assets and liabilities that are recorded at fair value on a recurring basis, the Company's assets and liabilities are also subject to nonrecurring fair value measurements. Generally, fair value measurements on a nonrecurring basis are required as a result of impairment charges or business acquisitions. The Company did not have any material assets or liabilities subject to nonrecurring fair value measurements as of April 30, 2019 or January 31, 2019, respectively.
Other Fair Value Disclosures
The Company records cash and cash equivalents, restricted cash, and short-term borrowings at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities.
The Company's long-term debt is also recorded at cost. The fair value is estimated using Level 2 inputs based on the Company's current incremental borrowing rate for similar types of borrowing arrangements. The carrying value and fair value of the Company's long-term debt as of April 30, 2019 and January 31, 2019, are as follows: 
 
 
April 30, 2019
 
January 31, 2019
(Amounts in millions)
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Long-term debt, including amounts due within one year
 
$
48,889

 
$
53,707

 
$
45,396

 
$
49,570