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Derivative Financial Instruments | 9 Months Ended
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Nov. 01, 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 5 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 November 1, 2025, February 1, 2025, and November 2, 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 and nine months ended November 1, 2025, and November 2, 2024.
Effect of Hedges on Debt (millions) |  | November 1, 2025 |  | February 1, 2025 |  | November 2, 2024
Long-term debt and other borrowings |  |  |  |  |  |
Carrying amount of hedged debt |  | $ | 2,148 |  |  | $ | 2,069 |  |  | $ | 2,088 |
Cumulative hedging adjustments, included in carrying amount |  | (46) |  |  | (125) |  |  | (105) |
Effect of Hedges on Net Interest Expense | Three Months Ended |  | Nine Months Ended
(millions) | November 1, 2025 |  | November 2, 2024 |  | November 1, 2025 |  | November 2, 2024
Gain (loss) on fair value hedges recognized in Net Interest Expense |  |  |  |  |  |  |
Interest rate swaps designated as fair value hedges | $ | 16 |  |  | $ | (26) |  |  | $ | 78 |  |  | $ | 21 |
Hedged debt | (16) |  |  | 26 |  |  | (78) |  |  | (21) |
Gain on cash flow hedges recognized in Net Interest Expense | 6 |  |  | 6 |  |  | 18 |  |  | 18 |
Total | $ | 6 |  |  | $ | 6 |  |  | $ | 18 |  |  | $ | 18 |

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