DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

12 Months Ended

Jan. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Interest Rate Derivatives [Table Text Block]

The following table presents our outstanding interest rate contracts as of January 31, 2015 and February 1, 2014:



			January 31, 2015	February 1, 2014
(In millions)	Effective Date	Maturity Date	Notional Amount	Notional Amount
Interest Rate Swaps
3 Month USD LIBOR Fixed to Float Interest Rate Swap (1)	September 2010	September 2016	—	350
6 Month JPY TIBOR Float to Fixed Interest Rate Swap (2)	January 2011	January 2016	42	65
Interest Rate Caps
1 Month USD LIBOR Interest Rate Cap (2)	January 2011	April 2015	500	500
1 Month USD LIBOR Interest Rate Cap	January 2011	April 2015	500	500
1 Month USD LIBOR Interest Rate Cap (3)	January 2012	April 2015	500	500
1 Month USD LIBOR Interest Rate Cap	January 2012	April 2015	500	500
3 Month EURIBOR Interest Rate Cap (2)	January 2013	January 2016	34	71
3 Month EURIBOR Interest Rate Cap (2)	February 2013	February 2018	53	64
1 Month USD LIBOR Interest Rate Cap	January 2014	April 2015	311	311


(1)	On November 26, 2014, we terminated this interest rate swap. As a result, we received cash proceeds of $10 million, which included $1 million of accrued interest receivable as described above.


(2)	As of January 31, 2015, these derivatives were designated for hedge accounting.


(3)	The Company de-designated a portion of this interest rate cap in fiscal 2010. As of January 31, 2015 and February 1, 2014, 40% of the $500 million interest rate cap is designated as a cash flow hedge.

Schedule of Foreign Exchange Contracts, Statement of Financial Position [Table Text Block]

The following table presents our outstanding foreign exchange contracts as of January 31, 2015 and February 1, 2014:

January 31,
2015

February 1,
2014

(In millions)

Effective Date

Maturity Date

Notional

Amount

Notional

Amount

Foreign-Exchange Forwards

Short-term cross-currency intercompany loans

Varies

104

Merchandise purchases

Varies

—

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

The following table sets forth the net impact of the effective portion of derivatives designated as cash flow hedges on Accumulated other comprehensive (loss) income on our Consolidated Statements of Stockholders’ (Deficit) Equity for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013:



	Fiscal Years Ended
(In millions)	January 31, 2015			February 1, 2014			February 2, 2013
Derivatives designated as cash flow hedges:
Beginning balance	$	(1	)	$	(2	)	$	(2	)
Change in fair value recognized in Accumulated other comprehensive (loss) income - Interest Rate Contracts	—			—			—
Reclassifications from Accumulated other comprehensive (loss) income - Interest Rate Contracts	1			1			—
	1			1			—
Ending balance	$	—		$	(1	)	$	(2	)

Derivative Instruments, Gain (Loss) [Table Text Block]

The following table sets forth the impact of derivatives on Interest expense on our Consolidated Statements of Operations for the fiscal years ended January 31, 2015, February 1, 2014 and February 2, 2013:



	Fiscal Years Ended
(In millions)	January 31, 2015			February 1, 2014			February 2, 2013
Derivatives not designated for hedge accounting:
(Loss) gain on the change in fair value - Interest Rate Contracts	$	(2	)	$	—		$	7
Loss on the change in fair value - Intercompany Loan Foreign Exchange Contracts (1)	(9		)	(1		)	(2		)
Gain (loss) on the change in fair value - Merchandise Purchases Program Foreign Exchange Contracts	9			2			(1		)
	(2		)	1			4
Derivatives designated as cash flow hedges:
Loss reclassified from Accumulated other comprehensive (loss) income (effective portion) - Interest Rate Contracts	—			—			(1		)
Gain amortized from terminated cash flow hedges - Interest Rate Contracts	—			—			1
Amortization of hedged caps	(2		)	(1		)	—
	(2		)	(1		)	—
Derivative designated as a fair value hedge:
Amortization of swap basis adjustment - Interest Rate Contract	—			(1		)	(1		)
Loss on the change in fair value - Interest Rate Contract	(2		)	(5		)	—
Gain recognized in Interest expense on hedged item	2			5			5
	—			(1		)	4
Total Interest expense	$	(4	)	$	(1	)	$	8

(1)

Gains and losses related to our short-term, intercompany loan foreign exchange contracts are recorded in Interest expense, in addition to the corresponding foreign exchange gains and losses related to our short-term, cross-currency intercompany loans. For further details related to gains and losses resulting from foreign currency transactions, refer to Note 1 entitled “SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.”

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

The following table contains the notional amounts and related fair values of our derivatives included within our Consolidated Balance Sheets as of January 31, 2015 and February 1, 2014:



	January 31, 2015					February 1, 2014
(In millions)	Notional Amount		Fair Value Assets/ (Liabilities)			Notional Amount		Fair Value Assets/ (Liabilities)
Interest Rate Contracts designated as cash flow hedges:
Prepaid expenses and other current assets (1)	$	734	$	—		$	—	$	—
Other assets	53		—			835		—
Accrued expenses and other current liabilities (1)	42		—			—		—
Other non-current liabilities	—		—			65		(1		)
Interest Rate Contract designated as a fair value hedge:
Other assets	—		—			350		13
Interest Rate Contracts not designated for hedge accounting:
Prepaid expenses and other current assets (1)	1,611		—			—		—
Other assets	—		—			1,611		—
Foreign Currency Contracts not designated for hedge accounting:
Prepaid expenses and other current assets	8		—			26		—
Accrued expenses and other current liabilities	$	90	$	(2	)	$	78	$	—
Total derivative contracts outstanding:
Prepaid expenses and other current assets	$	2,353	$	—		$	26	$	—
Other assets	53		—			2,796		13
Total derivative assets (2)	$	2,406	$	—		$	2,822	$	13

Accrued expenses and other current liabilities	$	132	$	(2	)	$	78	$	—
Other non-current liabilities	—		—			65		(1		)
Total derivative liabilities (2)	$	132	$	(2	)	$	143	$	(1	)


(1)	Amounts as of January 31, 2015 includes reclassifications of contracts scheduled to mature within the next 12 months, which were previously included within Other assets or Other non-current liabilities as of February 1, 2014.


(2)	Refer to Note 4 entitled “FAIR VALUE MEASUREMENTS” for the fair value of our derivative instruments classified within the fair value hierarchy.