Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts Outstanding

We had foreign exchange forward contracts outstanding in the following notional amounts:

($ in millions)	July 31, 2021		January 30, 2021		August 1, 2020
Derivatives designated as cash flow hedges	$	673	$	508	$	214
Derivatives not designated as hedging instruments	733		811		727
Total	$	1,406	$	1,319	$	941

Fair Values of Asset and Liability Derivative Financial Instruments

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

($ in millions)	July 31, 2021		January 30, 2021		August 1, 2020
Derivatives designated as cash flow hedges:
Other current assets	$	3	$	—	$	3
Accrued expenses and other current liabilities	10		12		1
Other long-term liabilities	1		—		—
Derivatives not designated as hedging instruments:
Other current assets	6		5		3
Accrued expenses and other current liabilities	5		9		18
Total derivatives in an asset position	$	9	$	5	$	6
Total derivatives in a liability position	$	16	$	21	$	19

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

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

	Location and Amount of (Gain) Loss Recognized in Net Income (Loss)
	13 Weeks Ended July 31, 2021				13 Weeks Ended August 1, 2020
($ in millions)	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 in the Condensed Consolidated Statements of Operations in which the effects of derivatives are recorded	$	2,388	$	1,414	$	2,126	$	1,076
(Gain) loss recognized in net income (loss)
Derivatives designated as cash flow hedges	6		—		(7)		—
Derivatives not designated as hedging instruments	—		(6)		—		32
Total (gain) loss recognized in net income (loss)	$	6	$	(6)	$	(7)	$	32

	Location and Amount of (Gain) Loss Recognized in Net Income (Loss)
	26 Weeks Ended July 31, 2021				26 Weeks Ended August 1, 2020
($ in millions)	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 in the Condensed Consolidated Statements of Operations in which the effects of derivatives are recorded	$	4,749	$	2,804	$	3,965	$	2,588
(Gain) loss recognized in net income (loss)
Derivatives designated as cash flow hedges	9		—		(11)		—
Derivatives not designated as hedging instruments	—		5		—		(11)
Total (gain) loss recognized in net income (loss)	$	9	$	5	$	(11)	$	(11)