Remaining authorized repurchase amount

[Table of](#i12c15483455e42ed90c996cc5e839e92_10) [Contents](#i12c15483455e42ed90c996cc5e839e92_10)Share RepurchasesIn May 2021, our Board of Directors approved a $20.0 billion share repurchase authorization, of which $5.8 billion remained available as of July 31, 2022. In August 2022, our Board of Directors approved a $15.0 billion share repurchase authorization that replaced the May 2021 authorization and does not have a prescribed expiration date.The following table presents information about our repurchases of common stock, all of which were completed through open market purchases:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| in millions | Three Months Ended |  | Six Months Ended |
| July 31,2022 |  | August 1,2021 |  | July 31,2022 |  | August 1,2021 |
| Total number of shares repurchased | 5  |  |  | 10  |  |  | 12  |  |  | 23  |  |
| Total cost of shares repurchased | $ | 1,520  |  |  | $ | 3,000  |  |  | $ | 3,770  |  |  | $ | 7,000  |  |

These amounts may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to unsettled share repurchases at the end of a period. 6.FAIR VALUE MEASUREMENTSThe fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, rather than the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier 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 for identical assets or liabilities;•Level 2: inputs other than quoted prices in active markets in Level 1 that are either directly or indirectly observable; and•Level 3: unobservable inputs for which little or no market data exists, therefore requiring management judgment to develop the Company’s own models with estimates and assumptions.Assets and Liabilities Measured at Fair Value on a Recurring BasisThe following table presents the assets and liabilities that are measured at fair value on a recurring basis:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | July 31, 2022 |  | January 30, 2022 |
| in millions  | Level 1 |  | Level 2 |  | Level 3 |  | Level 1 |  | Level 2 |  | Level 3 |
| Derivative agreements – assets | $ | —  |  |  | $ | 13  |  |  | $ | —  |  |  | $ | —  |  |  | $ | 58  |  |  | $ | —  |  |
| Derivative agreements – liabilities | —  |  |  | (529) |  |  | —  |  |  | —  |  |  | (249) |  |  | —  |  |
| Total | $ | —  |  |  | $ | (516) |  |  | $ | —  |  |  | $ | —  |  |  | $ | (191) |  |  | $ | —  |  |

The fair values of our derivative instruments are determined using an income approach and Level 2 inputs, which include the respective interest rate or foreign currency forward curves and discount rates. Our derivative instruments are discussed further in [Note](#i12c15483455e42ed90c996cc5e839e92_55) [4](#i12c15483455e42ed90c996cc5e839e92_55).Assets and Liabilities Measured at Fair Value on a Nonrecurring BasisLong-lived assets, goodwill, and other intangible assets are subject to nonrecurring fair value measurement for the assessment of impairment. We did not have any material assets or liabilities that were measured at fair value on a nonrecurring basis during the three and six months ended July 31, 2022 or August 1, 2021.Other Fair Value DisclosuresThe carrying amounts of cash and cash equivalents, receivables, accounts payable, and short-term debt approximate fair value due to their short-term nature.The following table presents the aggregate fair values and carrying values of our senior notes:

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | July 31, 2022 |  | January 30, 2022 |
| in millions  | Fair Value(Level 1) |  | CarryingValue |  | Fair Value(Level 1) |  | CarryingValue |
| Senior notes | $ | 36,858  |  |  | $ | 37,188  |  |  | $ | 39,397  |  |  | $ | 35,815  |  |

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