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Derivative Financial Instruments
 6 Months Ended
Aug. 03, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments Derivative Financial Instruments
 
Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 3 provides the fair value and classification of these instruments.
 
In March 2019, we entered into interest rate swaps with a total notional amount of $1,000 million, and in June 2019, interest rate swaps with a total notional amount of $1,000 million matured. As of August 3, 2019, we were party to interest rate swaps with notional amounts totaling $1,500 million, compared with $1,250 million as of August 4, 2018. We pay a variable rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were perfectly effective during the three and six months ended August 3, 2019, and August 4, 2018.

Effect of Hedges on Debt
(millions)
 
August 3,
2019

 
February 2,
2019

 
August 4,
2018

Current portion of long-term debt and other borrowings
 
 
 
 
 
 
Carrying amount of hedged debt
 
$
—

 
$
996

 
$
992

Cumulative hedging adjustments, included in carrying amount
 
—

 
(3
)
 
(7
)
Long-term debt and other borrowings
 
 
 
 
 
 
Carrying amount of hedged debt
 
1,600

 
508

 
247

Cumulative hedging adjustments, included in carrying amount
 
108

 
10

 
(2
)

Effect of Hedges on Net Interest Expense
Three Months Ended
 
Six Months Ended
(millions)
August 3,
2019

 
August 4,
2018

 
August 3,
2019

 
August 4,
2018

Gain (loss) on fair value hedges recognized in Net Interest Expense
 
 
 
 
 
 
 
Interest rate swap designated as fair value hedges
$
86

 
$
1

 
$
101

 
$
(3
)
Hedged debt
(86
)
 
(1
)
 
(101
)
 
3

Total
$
—

 
$
—

 
$
—

 
$
—