Derivative Financial Instruments (Tables)

12 Months Ended

Jan. 31, 2026

As of January 31, 2026 and February 1, 2025, we had foreign exchange forward contracts outstanding in the following notional amounts:


($ in millions)	January 31, 2026		February 1, 2025
Derivatives designated as cash flow hedges	$	426	$	363

Derivatives not designated as hedging instruments	414		419
Total	$	840	$	782

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


($ in millions)	January 31, 2026		February 1, 2025
Derivatives designated as cash flow hedges:
Other current assets	$	7	$	20

Accrued expenses and other current liabilities	2		—








Derivatives not designated as hedging instruments:
Other current assets	1		13

Accrued expenses and other current liabilities	7		—


Total derivatives in an asset position	$	8	$	33
Total derivatives in a liability position	$	9	$	—

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


	Location and Amount of (Gain) Loss Recognized in Net Income
	Fiscal Year 2025				Fiscal Year 2024				Fiscal Year 2023
($ 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	$	9,098	$	5,153	$	8,859	$	5,115	$	9,114	$	5,215

(Gain) Loss recognized in net income:
Derivatives designated as cash flow hedges	$	(9)	$	—	$	(15)	$	—	$	(18)	$	—
Derivatives not designated as hedging instruments	—		18		—		(35)		—		(11)
Total (gain) loss recognized in net income	$	(9)	$	18	$	(15)	$	(35)	$	(18)	$	(11)