DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Aug. 02, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Instruments

The following table presents the notional amounts of outstanding derivative instruments as of the dates indicated:

	August 2, 2024		February 2, 2024
	(in millions)
Foreign exchange contracts:
Designated as cash flow hedging instruments	$	7,345	$	6,339
Non-designated as hedging instruments	5,982		5,844
Total	$	13,327	$	12,183
Interest rate contracts:
Non-designated as hedging instruments	$	6,564	$	6,551

Schedule of Derivative Instruments Designated as Cash Flow Hedging Instruments

The following table presents the effect of derivative instruments designated as cash flow hedging instruments on the Condensed Consolidated Statements of Financial Position and the Condensed Consolidated Statements of Income for the periods indicated:

Derivatives in Cash Flow Hedging Relationships	Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on Derivatives		Location of Gain (Loss) Reclassified from Accumulated OCI into Income	Gain (Loss) Reclassified from Accumulated OCI into Income
	(in millions)			(in millions)
For the three months ended August 2, 2024:
			Total net revenue	$	14
Foreign exchange contracts	$	(20)	Total cost of net revenue	4
Total	$	(20)	Total	$	18
For the three months ended August 4, 2023:
			Total net revenue	$	(63)
Foreign exchange contracts	$	49	Total cost of net revenue	(5)
Total	$	49	Total	$	(68)
For the six months ended August 2, 2024:
			Total net revenue	$	32
Foreign exchange contracts	$	67	Total cost of net revenue	5
Total	$	67	Total	$	37
For the six months ended August 4, 2023:
			Total net revenue	$	(151)
Foreign exchange contracts	$	59	Total cost of net revenue	(8)
Total	$	59	Total	$	(159)

Schedule of Derivative Instruments Not Designated as Hedging Instruments

The following table presents the effect of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Income for the periods indicated:

	Three Months Ended				Six Months Ended
	August 2, 2024		August 4, 2023		August 2, 2024		August 4, 2023		Location of Gain (Loss) Recognized
	(in millions)
Foreign exchange contracts	$	(26)	$	(40)	$	(45)	$	17	Interest and other, net
Interest rate contracts	28		24		(11)		3		Interest and other, net
Total	$	2	$	(16)	$	(56)	$	20

Schedule of Fair Value of Derivative Instruments

The following tables present the fair value of those derivative instruments presented on a gross basis as of the dates indicated:

	August 2, 2024
	Other Current Assets		Other Non-Current Assets		Other Current Liabilities		Other Non-Current Liabilities		Total Fair Value
	(in millions)
Derivatives designated as hedging instruments:
Foreign exchange contracts in an asset position	$	78	$	—	$	15	$	—	$	93
Foreign exchange contracts in a liability position	(14)		—		(14)		—		(28)
Net asset (liability)	64		—		1		—		65
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	156		—		42		—		198
Foreign exchange contracts in a liability position	(91)		—		(60)		—		(151)
Interest rate contracts in an asset position	1		29		—		—		30
Interest rate contracts in a liability position	—		—		(1)		(53)		(54)
Net asset (liability)	66		29		(19)		(53)		23
Total derivatives at fair value	$	130	$	29	$	(18)	$	(53)	$	88
	February 2, 2024
	Other Current Assets		Other Non-Current Assets		Other Current Liabilities		Other Non-Current Liabilities		Total Fair Value
	(in millions)
Derivatives designated as hedging instruments:
Foreign exchange contracts in an asset position	$	44	$	—	$	19	$	—	$	63
Foreign exchange contracts in a liability position	(5)		—		(15)		—		(20)
Net asset (liability)	39		—		4		—		43
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	90		—		71		—		161
Foreign exchange contracts in a liability position	(68)		—		(121)		—		(189)
Interest rate contracts in an asset position	3		40		—		—		43
Interest rate contracts in a liability position	—		—		(10)		(28)		(38)
Net asset (liability)	25		40		(60)		(28)		(23)
Total derivatives at fair value	$	64	$	40	$	(56)	$	(28)	$	20

Schedule of Gross Amounts of the Company’s Derivative Instruments

The following tables present the gross amounts of the Company’s derivative instruments, amounts offset due to master netting agreements with the Company’s counterparties, and the net amounts recognized in the Condensed Consolidated Statements of Financial Position as of the dates indicated:

	August 2, 2024
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	321	$	(162)	$	159	$	—	$	(45)	$	114
Financial liabilities	(233)		162		(71)		—		4		(67)
Total derivative instruments	$	88	$	—	$	88	$	—	$	(41)	$	47
	February 2, 2024
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	267	$	(163)	$	104	$	—	$	(24)	$	80
Financial liabilities	(247)		163		(84)		—		9		(75)
Total derivative instruments	$	20	$	—	$	20	$	—	$	(15)	$	5

Schedule of Amounts Offset Due to Master Netting Agreements

The following tables present the gross amounts of the Company’s derivative instruments, amounts offset due to master netting agreements with the Company’s counterparties, and the net amounts recognized in the Condensed Consolidated Statements of Financial Position as of the dates indicated:

	August 2, 2024
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	321	$	(162)	$	159	$	—	$	(45)	$	114
Financial liabilities	(233)		162		(71)		—		4		(67)
Total derivative instruments	$	88	$	—	$	88	$	—	$	(41)	$	47
	February 2, 2024
	Gross Amounts of Recognized Assets/ (Liabilities)		Gross Amounts Offset in the Statement of Financial Position		Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position		Gross Amounts not Offset in the Statement of Financial Position				Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position
							Financial Instruments		Cash Collateral Received or Pledged
	(in millions)
Derivative instruments:
Financial assets	$	267	$	(163)	$	104	$	—	$	(24)	$	80
Financial liabilities	(247)		163		(84)		—		9		(75)
Total derivative instruments	$	20	$	—	$	20	$	—	$	(15)	$	5