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Derivative Financial Instruments
 12 Months Ended
Jan. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Derivative Financial Instruments

Our derivative instruments primarily consist of interest rate swaps, which are used to mitigate interest rate risk. As a result of our use of derivative instruments, we have counterparty credit exposure to large global financial institutions. We monitor this concentration of counterparty credit risk on an ongoing basis. See Note 10 for a description of the fair value measurement of our derivative instruments and their classification on the Consolidated Statements of Financial Position.
As of January 30, 2016 and January 31, 2015, three interest rate swaps with notional amounts totaling $1,250 million were designated as fair value hedges. No ineffectiveness was recognized in 2015 or 2014.

Outstanding Interest Rate Swap Summary
January 30, 2016
 
Designated

 
De-Designated
(dollars in millions)
Pay Floating

 
Pay Floating

 
Pay Fixed

Weighted average rate:
 
 
 
 
 
Pay
(a) 

 
1-month LIBOR

 
3.8
%
Receive
1.7
%
 
5.7
%
 
1-month LIBOR

Weighted average maturity
3.1 years

 
0.5 years

 
0.5 years

Notional
$
1,250

 
$
500

 
$
500


(a) 
There are three designated swaps at January 30, 2016. Two swaps have floating pay rates equal to 3-month LIBOR and one swap has a floating pay rate equal to 1-month LIBOR.

Classification and Fair Value
(millions)
Assets
 
Liabilities
Classification
Jan 30,
2016

Jan 31,
2015

 
Classification
Jan 30,
2016

Jan 31,
2015

Designated:
Other noncurrent assets
$
27

$
27

 
N/A
$
—

$
—

De-designated:
Other current assets
12

—

 
Other current liabilities
8

—

 
Other noncurrent assets
—

38

 
Other noncurrent liabilities
—

24

Total
 
$
39

$
65

 
 
$
8

$
24



Periodic payments, valuation adjustments, and amortization of gains or losses on our derivative contracts had the following effect on our Consolidated Statements of Operations:

Derivative Contracts – Effect on Results of Operations
(millions)
Type of Contract
Classification of (Income)/Expense
2015

2014

2013

Interest rate swaps
Net interest expense
$
(36
)
$
(32
)
$
(29
)


The amount remaining on unamortized hedged debt valuation gains from terminated or de-designated interest rate swaps that will be amortized into earnings over the remaining lives of the underlying debt totaled $15 million, $34 million, and $52 million, at the end of 2015, 2014, and 2013, respectively.