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Derivative Instruments | 12 Months Ended
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Feb. 01, 2025
Derivative Instruments [Abstract] |
Derivative Instruments | 5. Derivative Instruments We manage our economic and transaction exposure to certain risks by using foreign currency 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 risk 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. Our derivative instruments designated as net investment hedges and fair value hedges are recorded on our Consolidated Balance Sheets at fair value. See Note 4, 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 | February 1, 2025 |  | February 3, 2024
Derivatives designated as net investment hedges | $ | 119 |  |  | $ | 100 |
Derivatives designated as fair value hedges (interest rate swaps) |  | 500 |  |  |  | 500 |
No hedging designation (foreign exchange contracts) |  | 42 |  |  |  | 66 |
Total | $ | 661 |  |  | $ | 666 |
Effects of our fair value hedges on our Consolidated Statements of Earnings were as follows ($ in millions):
|  | Gain (Loss) Recognized
Contract Type | Statement of Earnings Location | 2025 |  | 2024 |  | 2023
Interest rate swaps | Interest expense | $ | (3) |  |  | $ | (4) |  |  | $ | (57) |
Adjustments to carrying value of long-term debt | Interest expense |  | 3 |  |  |  | 4 |  |  |  | 57 |
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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