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Derivative Instruments | 9 Months Ended
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Oct. 28, 2023
Derivative Instruments [Abstract] |
Derivative Instruments | 5. 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 by using interest rate swaps to mitigate the effect of interest rate fluctuations on our $500 million of principal amount of notes due October 1, 2028. In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies. Our derivative instruments designated as net investment hedges and interest rate swaps are recorded on our Condensed Consolidated Balance Sheets at fair value. When significant, the gross fair values of our outstanding derivative instruments and corresponding fair value classifications are included in Note 4, Fair Value Measurements. Notional amounts of our derivative instruments were as follows ($ in millions):
Contract Type |  |  | October 28, 2023 |  | January 28, 2023 |  | October 29, 2022
Derivatives designated as net investment hedges |  |  | $ | 102 |  |  | $ | 114 |  |  | $ | 118 |
Derivatives designated as interest rate swap contracts |  |  |  | 500 |  |  |  | 500 |  |  |  | 500 |
No hedge designation (foreign exchange contracts) |  |  |  | 93 |  |  |  | 56 |  |  |  | 112 |
Total |  |  | $ | 695 |  |  | $ | 670 |  |  | $ | 730 |
Effects of our derivative instruments on our Condensed Consolidated Statements of Earnings were as follows ($ in millions):
|  |  |  |  | Gain (Loss) Recognized
|  | Three Months Ended |  | Nine Months Ended
| Statement of Earnings Location | October 28, 2023 |  | October 29, 2022 |  | October 28, 2023 |  | October 29, 2022
Interest rate swap contracts | Interest expense | $ | (15) |  |  | $ | (45) |  |  | $ | (29) |  |  | $ | (76) |
Adjustments to carrying value of long-term debt | Interest expense |  | 15 |  |  |  | 45 |  |  |  | 29 |  |  |  | 76 |
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://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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