This allows international investors to trade in Indian markets without having to register or set up their entities with the Indian authorities. ;and implants and disposablesUSFDAU.S.Food and Drug Administration;a federal agency within the US Department of Health and Human Services,which is the primary regulating body for food and drug substancesUpstream industriesIndustries related to raw material inputs/pre-manufacturing requirementsDownstream industriesIndustries related to post-manufacturing activities such as retail,wholesale and services;deals with distributing the product to the final customerSource:Food and Drug Administration;Organisation for Economic Co-operation and Development;various LS-related websites;CBRE Research,Q1 202330 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentANNEXURE IIIAbbreviationDefinitionsABBREVIATIONTERMFULL FORMDEFINITIONkVABESCOMDGTRKLDMBRNBCHVACMERVASHRAESTPOWCkNExpansionNew entrantsRelocation Consolidation&expansion Relocation&expansionKilovolt-ampereBangalore Electricity Supply Company LimitedDiesel GeneratorTon of refrigerationKilo litres per dayMembrane BioreactorNational Building CodeHeating,Ventilation,and Air ConditioningMinimum Efficiency Reporting ValueAmerican Society of Heating,Refrigerating and Air-conditioning EngineersSewerage Treatment PlantOrganic Waste ConverterKilonewtonAdditional space taken up within the same building or within the same citySpace taken up for the first time in a new cityMoving from one building to another within a micro-market or a cityExiting from multiple buildings and taking up one space&increasing spaceMoving to another building and increasing space take-up31 CBRE RESEARCH2023 CBRE,INC.Life Sciences in India The Sector of TomorrowIntelligent InvestmentContactsResearchAbhinav JoshiHead of Research-India,Middle East&North Africaabhinav.joshicbre.co.inSachi GoelHead of South Operations,Indiasachi.goelcbre.co.inPradeep NairSenior General MKarthiga RavindranDeputy General MMadhura Taskar MApoorva PARam ChandnaniManaging Director,Advisory and Transaction Services,Indiaram.chandnanicbre.co.inRajesh PrasadSenior Executive Director-Advisory&Transaction-Office Servicesrajesh.prasadcbre.co.inBusiness LineFollow UsResearchCBRE Research Copyright 2023.All rights reserved.This report has been prepared in good faith,based on CBREs current anecdotal and evidence based views of the commercial real estate market.Although CBRE believes its views reflect market conditions on the date of this presentation,they are subject to significant uncertainties and contingencies,many of which are beyond CBREs control.In addition,many of CBREs views are opinion and/or projections based on CBREs subjective analyses of current market circumstances.Other firms may have different opinions,projections and analyses,and actual market conditions in the future may cause CBREs current views to later be incorrect.CBRE has no obligation to update its views herein if its opinions,projections,analyses or market circumstances later change.Nothing in this report should be construed as an indicator of the future performance of CBREs securities or of the performance of any other companys securities.You should not purchase or sell securitiesof CBRE or any other companybased on the views herein.CBRE disclaims all liability for securities purchased or sold based on information herein,and by viewing this report,you waive all claims against CBRE as well as against CBREs affiliates,officers,directors,employees,agents,advisers and representatives arising out of the accuracy,completeness,adequacy or your use of the information herein.CIN-U74140DL1999PTC100244Business Line ContactsAdvisory&Transactions Ram Chandnani Managing Director,Advisory&Transaction Services,India ram.chandnanicbre.co.in Capital MarketsGaurav KumarManaging Director&Co-Head,Capital Markets,India gaurav.kumarcbre.co.inGlobal Workplace SolutionsRajesh PanditManaging Director,Global Workplace Solutions,India&Property Management,India,SE Asia,Middle East&North Africa rajesh.panditcbre.co.inOperationsRajat GuptaManaging Director,Operations,India Consulting&ValuationRami Kaushal Managing Director,Consulting&Valuations,India,Middle East&Africa rami.kaushalcbre.co.in Capital MarketsNikhil BhatiaManaging Director&Co-Head,Capital Markets,India nikhil.bhatiacbre.co.inProject ManagementGurjot BhatiaManaging Director,Project Management,India,SE Asia,Middle East&Africa gurjot.bhatiacbre.co.in. The contract size for SGX Nifty Futures iscalculated using the following formula: Contract Size = US$2 * Current Price of Nifty Index futures price, The minimum price movement of the SGX Nifty futures contracts is US$1 so the price change on SGX Nifty happens in the multiple of 0.50. Exchange has published Member Help Guide and new FAQs for Access to Markets. )We have identified eight emerging technologies(beyond solar and wind)that,with the help of marketshaping,can get us to net zero:electric vehicles,clean steel,green cement,sustainable aviation fuel,direct air capture,low-carbon hydrogen,long-duration energy storage,and advanced nuclear small-modular reactors. SGX INDIA SINGLE STOCK FUTURES (choose your top 3)1.Quality control/fact-checking support in newsrooms2.International press freedom3.Overwhelming news cycle/too many stories to cover4.Lack of students/new job seekers interested in journalismDisinformation50%Lack of funding50%Trust in journalism/media40%Lack of independence in news media32%Politicization and polarization of journalism32%The decline of local news29%Quality control.123%International press.217%Too many stories.317%Pay-for-play content16%Too few journalists14%Other(please specify)11filiate marketing7%Lack of students.46%Journalist safety30creasing readership31%News and media literacy31%Competing for audience attention/against too many other stories30%Lack of time to cover stories thoughtfully33%Total sample size:1964 answersThe third most cited concern is trust in journalism,and the least cited is a lack of new students and job seekers in the industry.Nearly 80%of journalists say trust in the their area of coverage has increased or stayed the same Do you feel that your audiences trust in coverage of your area of journalism has increased or decreased in the past year?IncreasedDecreasedIts the same0 03!F%Total sample size:1964 answersMost journalists get their news from online newspapers,followed by TwitterIn general,where do you go first for your news?Online newspapers or magazinesTwitterPrint newspapers or magazinesOnline newslettersOtherTV/cable newsFacebookRadioPodcastsOther social mediaLinkedIn59%5%4%4%3%3%2%2%2%1%0 %Total sample size:1916 answersWhile the ranking stayed the same,the number of journalists who turn to Twitter for their news decreased by 4%compared to last year.Almost half of journalists believe short-form video will grow in popularity in 2023What medium do you think will grow in popularity in 2023?Short-form video(e.g.Tiktok)PodcastsNewslettersLong-form video(e.g.YouTube)Other(please specify)43%7%0 0%Total sample size:1964 answersVirtual events may be falling out of favorHow likely are you to cover a virtual event in 2022?Compared to last year,journalists who say they aremore likely to cover virtual eventdropped by 8%while those less likely to cover them rose by 7%.45&(%An event going virtual does not affect their likelihood of covering itAre less likely to cover a virtual eventSay theyre more likely to cover a virtual eventTotal sample size:2037 answersIn-person events are seeing a comebackCompared to 2022,do you plan on attendingmore or fewer in-person events in 2023?The number of journalists who plan to attend more in-person events in 2023 rose by 13%compared to last year.More 66wer 7%The same 27%Total sample size:2037 answersTop 10 events journalists plan to cover in 2023Total sample size:2037 answersUN Climate Change Conference(COP28)World Conference on Climate Change and SustainabilityWorld Economic ForumGovernment Social Media ConferenceComic-Con San Diego1.2.3.4.5.6.7.8.9.10.TEDSXSWNational Civil Rights Conference New York International AutoShowE3Social media usage and habits2The number of journalists tracking their stories on social media is growingTotal sample size:1916 answersDo you track how many times your stories are shared on social media?No 34%Yes 66%This number has grown about 4%since our 2021 State of Journalism survey.Twitter is the most valued social network,followed by Facebook and LinkedInWhat social network is most valuable to you as a journalist?Twitter7842$%9%4%1cebookLinkedInInstagramYouTubeRedditTikTokSignalSnapchat0 0%While the rankings are the same as last year,a shakeup may be happening.LinkedIns popularity grew by 8%this year and TikTok jumped up 5%.Meanwhile,Facebook fell by 5%.Total sample size:1916 answersJournalists plan to spend more time on LinkedIn and YouTube,less time on FacebookDo you expect to spend more or less time on the following social networks this year?0 0%Twitter33(2cebook36%LinkedIn28%Instagram16%8%Reddit80%YouTube8%TikTok10%2%SnapchatMoreLessLinkedIn and YouTube will likely be winning a lot of journalists attention this year.They have the biggest difference between those who will spend more time there vs.less.Snapchat and Facebook are the only platforms where it looks like more journalists are stepping back.Total sample size:1916 answersMost journalists consult a companys social media in their reportingWhen reporting on a company,I consult the companys social mediaStrongly disagree 6%Disagree 7%Strongly agree 15%Neither agree nor disagree 26%Agree 44%Total sample size:1916 answersNearly all journalists use TwitterTotal sample size:1916 answersDo you use Twitter?Yes 90%No 10%Journalists are split over leaving TwitterHave you considered leaving Twitter in the last year?YesNoIm not sure0 0PD%7%Total sample size:1707 answersFollowing news,promoting their work and finding sources are the top 3 ways journalists use TwitterHow do you use Twitter professionally?Follow the newsPromote my workFind sourcesConnect with other journalistsShare my opinion/point of viewConnect with my audience/readersDiscover new voices0 0 xigaHC%Total sample size:1710 answersMedia relations and pitches preferences3Some journalists are more receptive to pitches this year vs.last yearCompared to a year ago,I am:More likely to respond to pitchesLess likely to respond to pitchesJust as likely to respond to pitches0 0)S%Total sample size:1800 answersThis year 29%of journalists are more likely to respond to pitches,which is a 6%increase compared to last years report.Many journalists lament the lack of relevant pitchesWhy do you immediately reject otherwise relevant pitches?Lack of personalizationBad timingOther(please specify)Confusing subject lineToo lengthyLarge attachments0 0$!%3%Year after year,journalists say the same thing:pitches get rejected if they arent personalized or come at a bad time.However,about a quarter of allotherresponses say the pitches they receive are unrelated to their beats.Total sample size:1800 answersMost journalists get up to 5 pitches per dayHow many pitches do you receive on an average business day?And about 60 people said their email is clogged with at least 255 pitches every week.Total sample size:1800 answers015610112021303140415051 00 0PpP %9%4%2%1%3%Many journalists put out 24 stories per weekAbout how many stories do you publish in an average week?But another 47%create more than 5 stories a week.Total sample size:1800 answers01245781011 00 %51%9%Only about one in four journalists say none of their stories come from pitchesAbout what portion of storiesyou publish originate from pitches?About the same amount say half or more of their stories come from pitches,while the majority get about a quarter of their stories that way.Total sample size:1800 answers0One in fourTwo in fourThree in fourAll00 U%6%2ademic experts reign supreme as the most credible sourcesDo you consider the following to be credible sources for your reporting?Academic subject matter expertsCEOsCompany PR professionalsAgency PR professionalsSocial media personalities/influencersCelebrity spokespeopleBloggersSelf-appointed subject matter expertsNone of the above0 0bI5%7%They may hold the second spot,but CEOs have fallen out of favor after dropping 12%in two years,while social media personalities gained 7%during that same time period.Meanwhile,PR pros held steady year-over-year with about half of journalists finding them a good source.Total sample size:1800 answersLocalization was less important for shareabilityWhat makes a story shareable?Subject connected to a trending storyContains an image or infographicExclusive and/or surprising dataEasily localized/made relevant to your target audiennceContains a videoBrevityInvolves a relevant social media influencerQuotes from a company spokesperson0 0icTG$ %Last year,54%of journalists said stories were more shareable when they are easily localized.This year,only 47%say the same thing.Total sample size:1916 answersBeats,mediums and audiences 4What industries do you cover? in the month of November, trading can happen in November Contracts as well as December contracts. NSE became the first exchange to launch trading in options on individual securities. Trading Parameters. Find everything about the leading stock exchange of India, Browse a comprehensive and innovative product and service offerings by NSE. NSE commenced trading in futures on individual securities on November 9, 2001. It's imperative to understand that not all the Nifty companies' stocks have been traded at SGX. 2 nearest serial months and the following 4 quarterly months. The underlying symbol denotes the underlying security in the Capital Market (equities) segment of the Exchange, Expiry date identifies the date of expiry of the contract, Strike Price: Strike price for the contract. For day traders PCR (Put Call Ratio)trends and Nifty SpotPrice are considered extremely reliable indicators. All MSCI equity index derivative contracts. It is crucial to understand that not all of the stocks that Nifty encompasses are traded in SGX. /B2-20190120. CME Group The Futures contracts settlement is based on the NIFTY settlement price in the Indian stock exchange NSE. In all, 38 of the Nifty50 stocks closed in the red. WebGet Official Stock Quotes, Share Prices, Market Data & Many Other Investment Tools & Information From Singapore Exchange Ltd SGX Nifty and Indian Nifty Index are highly correlated. The trade timings for both these contracts are also different. SGX Nifty, also known as a Singapore Nifty, involves taking position in the Singapore Exchange on Futures contracts . Similarly, Asian market affects the SGX Nifty in the early morning trades. You can use weekly or monthly charts to get a detailed idea about the trends of SGX Nifty. SGX Stock Exchange also allows the investors to take the positions in different products including China A50 index, FTSE, MSCI Asia, MSCI Singapore, MSCI Hongkong, MSCI Taiwan, Nikkei 225, etc. Chinas economic recovery gained momentum in July as business activities resumed despite pandemic-related disruptions. SGX Nifty represents Singapore Exchange Nifty. SGX Nifty down 35 points: Asian stocks, dollar movement, crude WebSGX Options chart. (See Exhibit 2. 2023 Boston Consulting Group1To keep up with the rapidly evolving cloud industry,BCG will be publishing the Cloud Cover series:regular snapshots of this dynamic area.Our goal is to share the latest cloud data,insights,and news,with a particular focus on three major cloud service providers(CSPs):Amazon Web Services(AWS),Microsos Azure,and Googles Cloud Platform.With well over half of the industrys market share byrevenue,these three CSPs significantly influence cloud trends in terms of services,sustainabilitycommitments,global coverage,and growth and penetration.Cloud Cover:Introducing a StandardizedPricing IndexMARCH 30,2023 By Jordan Galhardo-Burnett,Michael Engelhardt,Sukand Ramachandran,Prasanna Santhanam,and Filippo ScognamiglioREADING TIME:8 MIN 2023 Boston Consulting Group2In this inaugural snapshot,we will share our findings in these key areas of activity and also introducethe Nimbus Pricing Index(NPI),a rigorously standardized index designed to help executives answersome essential and vexing questions,including:What is the average list price per head for a basiccloud package?How do costs vary by region?What is the highest-priced location to operate in?What isthe lowest priced?The NPI will finally allow companies to make real price comparisons over time andacross geographies.More on the NPIThe NPI is a packaged index,indicating the global average price of a standard cloud setup across thecloud vendors referenced above.The NPI provides a deep dive into cost variation over time and acrosslocations,driven by factors such as tax rates,regulation,and costs of labor and infrastructure.Theindex pricing is based on a workload with the following characteristics,which have been selected dueto their common usage across firms and industries:A few caveats:the pricing is indicative of the cost of a basic workload per head;it does not includeadditional or specialist services that would be compiled and charged at the enterprise level,nor does itreflect discounts built into overall contracts.Also,the index does not attempt to normalize fordifferences between vendor offerings outside of the factors specified above.For this reason,we avoiddrawing conclusions between CSPs.1Usage of Intel processors,four cores,and 16 GB of RAM,with a price term length of one year,noupfront payment,and shared tenancy,running on a Linux operating system1 TB of standard non-archived storage,frequently accessed(at intervals of fewer than 30 days)50 GB of data egress each month out of the CSPs network to the Internet,and 50 GB of dataegress to other regions using interregional ISP data exchanges 2023 Boston Consulting Group3The NPI has already revealed some surprising,even counterintuitive,pricing insights that couldinfluence cloud strategies.For example,in regions where all three vendors have a presence,the mostaffordable region is Virginia,which has a price point ranging from$1,328 to$1,588 a year. Close. If the last Thursday is a trading holiday, the contracts expire on the previous trading day. )But in Washington and Arizona,where only Azure has offerings,a cheaper option of$1,291 a year isavailable.Thats because Azures headquarters are in Washington,and Arizona offers exceptionallycheap storage.Meanwhile,the most expensive region where all three vendors have an offering is SoPaulo,Brazil,where the price ranges from$2,156 to$2,332 a year.But an even pricier offering isavailable in Rio de Janeiro,where only Azure has an offering,at$2,745 a year.2023 Boston Consulting Group4We also identified the five lowest-priced regions for each vendor. (select all that apply)0 0%Executiveteam53%Marketing44%Entirecompany27%Social media25%Corporatecomms24%We dontshare w/otherdepartments16%Sales12%Other7P%What are the biggest priorities and challenges for measuring success?373%prioritize digital on behalf of their clientPR pros prioritize digital the most.Under Other,some respondents said they prioritize a variety of mediums or that it depends on the client.What media type is your client/companys top priority?Digital0 0s%PrintBroadcast/TVOther12%8%5P%Podcasts1%Newsletters1p%Connecting PR metrics to business outcomes is the most common challengeProving the value of metrics(59%)and measuring results accurately(41%)were also common challenges.What do you find most challenging about measuring PR results? A position in the Singapore exchange future contract will be taken by SGX Nifty. The new contracts are introduced for a three-month duration. (1)8Table of ContentsThe third tranche consisted of$1.0 billion of 4.95%senior notes due September 15,2052 at a discount of$14 million.Interest on thesenotes is due semi-annually on March 15 and September 15 of each year,beginning March 15,2023.Issuance costs totaled$15 million.March 2022 Issuance.In March 2022,we issued four tranches of senior notes.The first tranche consisted of$500 million of 2.70%senior notes due April 15,2025 at a discount of$1 million.Interest on these notes isdue semi-annually on April 15 and October 15 of each year,beginning October 15,2022.The second tranche consisted of$750 million of 2.875%senior notes due April 15,2027 at a discount of$4 million.Interest on thesenotes is due semi-annually on April 15 and October 15 of each year,beginning October 15,2022.The third tranche consisted of$1.25 billion of 3.25%senior notes due April 15,2032 at a discount of$6 million.Interest on these notes isdue semi-annually on April 15 and October 15 of each year,beginning October 15,2022.The fourth tranche consisted of$1.5 billion of 3.625%senior notes due April 15,2052 at a discount of$32 million.Interest on thesenotes is due semi-annually on April 15 and October 15 of each year,beginning October 15,2022.Issuance costs totaled$22 million.Each of these senior notes may be redeemed by us at any time,in whole or in part,at the redemption price plus accrued interest up to theredemption date.Prior to the Par Call Date,as defined in the notes,the redemption price is equal to the greater of(1)100%of the principalamount of the notes to be redeemed or(2)the sum of the present values of the remaining scheduled payments of principal and interest to thePar Call Date.On or after the Par Call Date,the redemption price is equal to 100%of the principal amount of the notes.Additionally,if a Changein Control Triggering Event occurs,as defined in the notes,holders of all such notes have the right to require us to redeem those notes at 101%of the aggregate principal amount of the notes plus accrued interest up to the redemption date.The indenture governing the notes does not generally limit our ability to incur additional indebtedness or require us to maintain financial ratios orspecified levels of net worth or liquidity.The indenture governing the notes contains various customary covenants;however,none are expectedto impact our liquidity or capital resources.Repayments.In March 2022,we repaid our$700 million 3.25%senior notes and$300 million floating rate senior notes at maturity.In May 2022,we repaid our$1.25 billion 2.625%senior notes,which had a maturity date of June 2022,at the Par Call Date for the notes.Derivative Instruments and Hedging ActivitiesWe had outstanding interest rate swap agreements with combined notional amounts of$5.4 billion at both October 30,2022 and January 30,2022.These agreements are accounted for as fair value hedges that swap fixed for variable rate interest to hedge changes in the fair values ofcertain senior notes.At October 30,2022,the fair values of these agreements totaled$1.0 billion,all of which is recognized within other long-term liabilities on the consolidated balance sheet.At January 30,2022,the fair values of these agreements totaled$191 million,with$249 millionrecognized in other long-term liabilities and$58 million recognized in other assets on the consolidated balance sheet.All of our interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under GAAP.Accordingly,thechanges in the fair values of these agreements offset the changes in the fair value of the hedged long-term debt.There were no material changes to the other hedging arrangements disclosed in our 2021 Form 10-K,and all related activity was immaterial forthe periods presented within this document.Collateral.We generally enter into master netting arrangements,which are designed to reduce credit risk by permitting net settlement oftransactions with the same counterparty.To further limit our credit risk,we enter into collateral security arrangements that provide for collateral tobe received or posted when the net fair value of certain derivative instruments exceeds or falls below contractually established thresholds.Thecash collateral posted by the Company related to derivative instruments under our collateral security arrangements was$883 million as ofOctober 30,2022,which was recorded in other current assets on the consolidated balance sheet.We did not hold any cash collateral as ofOctober 30,2022,and cash collateral both held and posted was immaterial as of January 30,2022.9Table of Contents5.STOCKHOLDERS EQUITYStock RollforwardThe following table presents a reconciliation of the number of shares of our common stock outstanding and cash dividends per share:shares in millionsThree Months EndedNine Months EndedOctober 30,2022October 31,2021October 30,2022October 31,2021Common stock:Balance at beginning of period1,793 1,791 1,792 1,789 Shares issued under employee stock plans 1 2 Balance at end of period1,793 1,791 1,793 1,791 Treasury stock:Balance at beginning of period(769)(735)(757)(712)Repurchases of common stock(4)(10)(16)(33)Balance at end of period(773)(745)(773)(745)Shares outstanding at end of period1,020 1,046 1,020 1,046 Cash dividends per share$1.90$1.65$5.70$4.95 Share RepurchasesIn August 2022,our Board of Directors approved a$15.0 billion share repurchase authorization that replaced the previous authorization of$20.0 billion,which was approved in May 2021.This new authorization does not have a prescribed expiration date.As of October 30,2022,$14.0 billion of the$15.0 billion share repurchase authorization remained available.The following table presents information about our repurchases of common stock,all of which were completed through open market purchases:in millionsThree Months EndedNine Months EndedOctober 30,2022October 31,2021October 30,2022October 31,2021Total number of shares repurchased4 10 16 33 Total cost of shares repurchased$1,224$3,500$4,994$10,500 These amounts may differ from the repurchases of common stock amounts in the consolidated statements of cash flows due to unsettled sharerepurchases 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 unrelatedknowledgeable and willing parties.A liabilitys 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 athree-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;andLevel 3:unobservable inputs for which little or no market data exists,therefore requiring management judgment to develop theCompanys own models with estimates and assumptions.10Table of ContentsAssets 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:October 30,2022January 30,2022in millions Level 1Level 2Level 3Level 1Level 2Level 3Derivative agreements assets$58$Derivative agreements liabilities(977)(249)Total$(977)$(191)$The fair values of our derivative instruments are determined using an income approach and Level 2 inputs,which include the respective interestrate or foreign currency forward curves and discount rates.Our derivative instruments are discussed further in Note 4.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.During the third quarter of fiscal 2022,we completed our annual assessment of the recoverability of goodwill for our U.S.,Canada and Mexicoreporting units based on qualitative factors.We performed a qualitative assessment to determine if there were any indicators of impairment andconcluded that while there have been events and circumstances in the macro-environment that have impacted us,we have not experienced anyentity-specific indicators that would indicate that it is more likely than not that the fair value of any of our reporting units were less than theircarrying amounts.Additionally,during the third quarter of fiscal 2022,we completed our annual assessment of the recoverability of our indefinite-lived intangibles based on quantitative factors and concluded no impairment losses should be recognized.We did not have any material assets or liabilities that were measured at fair value on a nonrecurring basis during the three and nine monthsended October 30,2022 or October 31,2021.Other Fair Value DisclosuresThe carrying amounts of cash and cash equivalents,receivables,accounts payable,and short-term debt approximate fair value due to theirshort-term nature.The following table presents the aggregate fair values and carrying values of our senior notes:October 30,2022January 30,2022in millions Fair Value(Level 1)CarryingValueFair Value(Level 1)CarryingValueSenior notes$35,453$39,702$39,397$35,815 7.WEIGHTED AVERAGE COMMON SHARESThe following table presents the reconciliation of our basic to diluted weighted average common shares:in millionsThree Months EndedNine Months EndedOctober 30,2022October 31,2021October 30,2022October 31,2021Basic weighted average common shares1,020 1,049 1,024 1,059 Effect of potentially dilutive securities 3 4 4 4 Diluted weighted average common shares1,023 1,053 1,028 1,063 Anti-dilutive securities excluded from diluted weighted average commonshares1 1 (1)Represents the dilutive impact of stock-based awards.8.CONTINGENCIESWe are involved in litigation arising in the normal course of business.In managements opinion,any such litigation is not expected to have amaterial adverse effect on our consolidated financial condition,results of operations or cash flows.