HOME DEPOT INC - FORM 10-Q - XML - IDEA: XBRL DOCUMENT - November 29, 2011

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EX-32.2 - EXHIBIT 32.2 - HOME DEPOT INChd_exhibit322x10302011.htm
EX-15.1 - EXHIBIT 15.1 - HOME DEPOT INChd_exhibit151x10302011.htm
EX-31.1 - EXHIBIT 31.1 - HOME DEPOT INChd_exhibit311x10302011.htm
EX-31.2 - EXHIBIT 31.2 - HOME DEPOT INChd_exhibit312x10302011.htm
EX-12.1 - EXHIBIT 12.1 - HOME DEPOT INChd_exhibit121x10302011.htm
EX-32.1 - EXHIBIT 32.1 - HOME DEPOT INChd_exhibit321x10302011.htm
10-Q - FORM 10-Q - HOME DEPOT INChd_10qx10302011.htm
v2.3.0.15
Fair Value Measurements
9 Months Ended
Oct. 30, 2011
Fair Value Disclosures [Abstract] 
Fair Value Disclosures [Text Block]
FAIR VALUE MEASUREMENTS
The 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. These tiers include:
Level 1 –
Observable inputs that reflect quoted prices in active markets
Level 2 –
Inputs other than quoted prices in active markets that are either directly or indirectly observable
Level 3 –
Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions
Assets and Liabilities Measured at Fair Value on a Recurring Basis
The assets and liabilities of the Company that are measured at fair value on a recurring basis as of October 30, 2011 and January 30, 2011 were as follows (amounts in millions):
 
 
Fair Value at October 30, 2011 Using
 
Fair Value at January 30, 2011 Using
 
Level 1    
 
Level 2    
 
Level 3    
 
Level 1    
 
Level 2    
 
Level 3    
Derivative agreements - assets
$
—

 
$
98

 
$
—

 
$
—

 
$
47

 
$
—

Derivative agreements - liabilities
—

 
(38
)
 
—

 
—

 
(40
)
 
—

Total
$
—

 
$
60

 
$
—

 
$
—

 
$
7

 
$
—


The Company uses derivative financial instruments from time to time in the management of its interest rate exposure on long-term debt and its exposure on foreign currency fluctuations. The fair value of the Company’s derivative financial instruments was measured using level 2 inputs.
 
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
The assets and liabilities of the Company that were measured at fair value on a nonrecurring basis during the nine months ended October 30, 2011 and October 31, 2010 were as follows (amounts in millions):
 
 
Fair Value Measured During
 
 
 
the Nine Months Ended
 
Gains
 
October 30, 2011 - Level 3
 
(Losses)
Lease obligation costs, net
$
(145
)
 
$
(7
)
Total for the first nine months of fiscal 2011
 
 
$
(7
)
 
 
Fair Value Measured During
 
 
 
the Nine Months Ended
 
Gains
 
October 31, 2010 - Level 3
 
(Losses)
Lease obligation costs, net
$
(169
)
 
$
(10
)
Guarantee of HD Supply loan
$
(67
)
 
(51
)
Total for the first nine months of fiscal 2010
 
 
$
(61
)

Lease obligation costs were related to certain store closings and the exit of certain businesses in fiscal 2009 and 2008. These charges were measured on a nonrecurring basis using fair value measurements with unobservable inputs (level 3).
The guarantee of the HD Supply loan was measured on a nonrecurring basis using fair value measurements with unobservable inputs (level 3), as further discussed in Note 4.
Long-lived assets were analyzed for impairment on a nonrecurring basis using fair value measurements with unobservable inputs (level 3). Impairment charges related to long-lived assets in the first nine months of fiscal 2011 and 2010 were not material.
The Company completed assessments on the recoverability of Goodwill and indefinite-lived intangible assets in the first nine months of fiscal 2011. The fair values of the Company's reporting units and indefinite-lived intangible assets were estimated using the present value of expected future discounted cash flows through unobservable inputs or, for one reporting unit subsequently sold, the estimated selling price of the unit. Impairment charges related to Goodwill and indefinite-lived intangible assets were not material.
The aggregate fair value of the Company’s Senior Notes, based on quoted market prices, was $11.7 billion and $9.8 billion at October 30, 2011 and January 30, 2011, respectively, compared to a carrying value of $10.3 billion and $9.3 billion at October 30, 2011 and January 30, 2011, respectively.

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