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Derivative Financial Instruments | 3 Months Ended
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May 03, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | Derivative Financial Instruments Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 4 to the Consolidated Financial Statements provides the fair value and classification of these instruments. We were party to interest rate swaps with notional amounts totaling $2.20 billion as of May 3, 2025, and February 1, 2025, and $2.45 billion as of May 4, 2024. We pay a floating rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were considered to be perfectly effective under the shortcut method during the three months ended May 3, 2025, and May 4, 2024.
Effect of Hedges on Debt (millions) |  | May 3, 2025 |  | February 1, 2025 |  | May 4, 2024
Long-term debt and other borrowings |  |  |  |  |  |
Carrying amount of hedged debt |  | $ | 2,126 |  |  | $ | 2,069 |  |  | $ | 2,285 |
Cumulative hedging adjustments, included in carrying amount |  | (68) |  |  | (125) |  |  | (157) |
Effect of Hedges on Net Interest Expense | Three Months Ended |  |
(millions) | May 3, 2025 |  | May 4, 2024 |  |  |  |
Gain (loss) on fair value hedges recognized in Net Interest Expense |  |  |  |  |  |  |
Interest rate swaps designated as fair value hedges | $ | 57 |  |  | $ | (31) |  |  |  |  |
Hedged debt | (57) |  |  | 31 |  |  |  |  |
Gain on cash flow hedges recognized in Net Interest Expense | 6 |  |  | 6 |  |  |  |  |
Total | $ | 6 |  |  | $ | 6 |  |  |  |  |

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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-5C Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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