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Derivative Instruments | 3 Months Ended
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May 02, 2020
Derivative Instruments [Abstract] |
Derivative Instruments | 6. 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 interest rate swaps to mitigate the effect of interest rate fluctuations on our $650 million principal amount of notes due March 15, 2021, and our $500 million principal amount of notes due October 1, 2028. In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies. Our derivative instruments designated as net investment hedges and interest rate swaps are recorded on our Condensed Consolidated Balance Sheets at fair value. See Note 2, Fair Value Measurements, for gross fair values of our outstanding derivative instruments and corresponding fair value classifications. Notional amounts of our derivative instruments were as follows ($ in millions):
Contract Type |  |  | May 2, 2020 |  | February 1, 2020 |  | May 4, 2019
Derivatives designated as net investment hedges |  |  | $ | 126 |  |  | $ | 129 |  |  | $ | 15 |
Derivatives designated as interest rate swaps |  |  |  | 1,150 |  |  |  | 1,150 |  |  |  | 1,150 |
No hedge designation (foreign exchange contracts) |  |  |  | 21 |  |  |  | 31 |  |  |  | 44 |
Total |  |  | $ | 1,297 |  |  | $ | 1,310 |  |  | $ | 1,209 |
Effects of our derivatives on our Condensed Consolidated Statements of Earnings were as follows ($ in millions):
|  |  | Gain (Loss) Recognized
|  |  |  |  | Three Months Ended
Contract Type | Statement of Earnings Location | May 2, 2020 |  | May 4, 2019
Interest rate swap contracts | Interest expense | $ | 29 |  |  | $ | (2) |
Adjustments to carrying value of long-term debt | Interest expense |  | (29) |  |  |  | 2 |
Total |  |  |  |  | $ | - |  |  | $ | - |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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