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Derivative Instruments Designated as Cash Flow Hedges
 12 Months Ended
Jan. 29, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Designated as Cash Flow Hedges Derivative Instruments Designated as Cash Flow Hedges:
The Company’s derivative instruments designated as cash flow hedges consist of:
Liability Fair Value(1) at
Notional Amount at January 29, 2021Pay Fixed RateReceive Variable RateSettlement and TerminationJanuary 29,
2021		January 31,
2020
(in millions)(in millions)
Interest rate swaps #1$229 2.78 %1-month LIBORMonthly through July 30, 2021$(3)$(6)
Interest rate swaps #2500 3.07 %1-month LIBORMonthly through October 31, 2025(81)(62)
Interest rate swaps #3563 2.49 %1-month LIBORMonthly through October 31, 2023(33)(24)
Total$1,292 $(117)$(92)
 
(1)The fair value of the fixed interest rate swaps liability is included in other accrued liabilities on the consolidated balance sheets.
The Company is party to fixed interest rate swap instruments that are designated and accounted for as cash flow hedges to manage risks associated with interest rate fluctuations on a portion of the Company’s floating rate debt. The counterparties to all swap agreements are financial institutions. See Note 13 for the unrealized change in fair values on cash flow hedges recognized in other comprehensive (loss) income and the amounts reclassified from accumulated other comprehensive (loss) income into earnings for the current and comparative periods presented. The Company estimates that it will reclassify $35 million of unrealized losses from accumulated other comprehensive loss into earnings in the twelve months following January 29, 2021.
On October 31, 2018, the Company exited one of its interest rate swaps and discontinued hedge accounting. The Company received cash proceeds of $6 million upon the early settlement. The $6 million of deferred gains in accumulated other comprehensive loss were reclassified into interest expense over the original contractual term of the interest rate swaps, which had a maturity date of May 7, 2020. For the years ended January 29, 2021, January 31, 2020 and February 1, 2019, the Company reclassified $1 million, $4 million and $1 million, respectively.