Derivative Financial Instruments (Tables)

12 Months Ended

Jan. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts Outstanding

As of January 30, 2021 and February 1, 2020, we had foreign exchange forward contracts outstanding in the following notional amounts:

($ in millions)	January 30, 2021		February 1, 2020
Derivatives designated as cash flow hedges	$	508	$	501
Derivatives not designated as hedging instruments	811		689
Total	$	1,319	$	1,190

Fair Values of Asset and Liability Derivative Financial Instruments

The fair values of foreign exchange forward contracts are as follows:

($ in millions)	January 30, 2021		February 1, 2020
Derivatives designated as cash flow hedges:
Other current assets	$	—	$	6
Accrued expenses and other current liabilities	12		2
Derivatives not designated as hedging instruments:
Other current assets	5		4
Accrued expenses and other current liabilities	9		8
Total derivatives in an asset position	$	5	$	10
Total derivatives in a liability position	$	21	$	10

Effects of Derivative Financial Instruments on OCI and Consolidated Statements of Income

The pre-tax amounts recognized in income related to derivative instruments are as follows:

	Location and Amount of (Gain) Loss Recognized in Income (loss)
	Fiscal Year 2020				Fiscal Year 2019				Fiscal Year 2018
($ in millions)	Cost of goods sold and occupancy expenses		Operating expenses		Cost of goods sold and occupancy expenses		Operating expenses		Cost of goods sold and occupancy expenses		Operating expenses
Total amount of expense line items presented on the Consolidated Statements of Operations in which the effects of derivatives are recorded	$	9,095	$	5,567	$	10,250	$	5,559	$	10,258	$	4,960
(Gain) loss recognized in income (loss):
Derivatives designated as cash flow hedges	$	(13)	$	—	$	(29)	$	—	$	(13)	$	(1)
Derivatives not designated as hedging instruments	—		15		—		(4)		—		(33)
Total (gain) loss recognized in income (loss)	$	(13)	$	15	$	(29)	$	(4)	$	(13)	$	(34)