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Derivative Instruments | 12 Months Ended
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Jan. 30, 2021
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 2021 Notes prior to their retirement in December 2020 and on our 2028 Notes. 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. In fiscal 2021 we entered into Treasury Rate Lock (“T-Lock”) contracts to hedge the base interest rate variability on a portion of our then-expected refinancing of our maturing 2021 Notes. The T-Lock contracts were cash settled upon issuance of our 2030 Notes. The fair value of the T-Lock contracts upon settlement was released from Accumulated other comprehensive income on our Consolidated Balance Sheets and recorded in Interest expense on our Consolidated Statements of Earnings as interest is accrued over the life of the 2030 Notes. Our derivative instruments designated as net investment hedges and interest rate swaps are recorded on our Consolidated Balance Sheets at fair value. See Note 5, 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):
| Notional Amount
Contract Type | January 30, 2021 |  | February 1, 2020
Derivatives designated as net investment hedges | $ | 153 |  |  | $ | 129 |
Derivatives designated as interest rate swap contracts |  | 500 |  |  |  | 1,150 |
No hedging designation (foreign exchange forward contracts) |  | 51 |  |  |  | 31 |
Total | $ | 704 |  |  | $ | 1,310 |
Effects of our derivative instruments on our Consolidated Statements of Earnings were as follows ($ in millions):
|  | Gain (Loss) Recognized
Contract Type | Statement of Earnings Location | 2021 |  | 2020
Interest rate swap contracts | Interest expense | $ | 2 |  |  | $ | 64 |
Adjustments to carrying value of long-term debt | Interest expense |  | (2) |  |  |  | (64) |
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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