Derivative Instruments

12 Months Ended

Jan. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments

Derivative Instruments

We manage our economic and transaction exposure to certain risks by using foreign exchange forward contracts to hedge against the effect of Canadian dollar exchange rate fluctuations on a portion of our net investment in our Canadian operations and by using interest rate swaps to mitigate interest rate risk on our $500 million of principal amount of notes due October 1, 2028. In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies.

Our derivative instruments designated as net investment hedges and fair value hedges are recorded on our Consolidated Balance Sheets at fair value. See Note 4, Fair Value Measurements, for gross fair values of our outstanding derivative instruments and corresponding fair value classifications.

Notional amounts of our derivative instruments were as follows ($ in millions):

Contract Type	January 31, 2026		February 1, 2025
Derivatives designated as net investment hedges	$	119	$	119
Derivatives designated as fair value hedges (interest rate swaps)	500		500
No hedging designation (foreign exchange contracts)	34		42
Total	$	653	$	661

Effects of our fair value hedges on our Consolidated Statements of Earnings were as follows ($ in millions):

		Gain (Loss) Recognized
	Statement of Earnings Location	2026		2025		2024
Interest rate swaps	Interest expense	$	13	$	(3)	$	(4)
Adjustments to carrying value of long-term debt	Interest expense	(13)		3		4
Total		$	-	$	-	$	-