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Derivative Financial Instruments (Tables)
 12 Months Ended
Feb. 02, 2013
Derivative [Line Items]  
Foreign Exchange Forward Contracts Outstanding
As of February 2, 2013 and January 28, 2012, we had foreign exchange forward contracts outstanding in the following notional amounts:
(notional amounts in millions)
February 2,
2013
 
January 28,
2012
U.S. dollars (1)
$
988

 
$
873

British pounds
£
31

 
£
31

Japanese yen
¥
—

 
¥
2,564

Euro
€
25

 
€
16

__________
(1)
The principal currencies hedged against changes in the U.S. dollar were British pounds, Canadian dollars, Euro, and Japanese yen.
Fair Values of Asset and Liability Derivative Financial Instruments
The fair values of foreign exchange forward contracts are as follows:
($ in millions)
February 2,
2013
 
January 28,
2012
Derivatives designated as cash flow hedges:
 
 
 
Other current assets
$
41

 
$
9

Other long-term assets
$
2

 
$
1

Accrued expenses and other current liabilities
$
10

 
$
10

Lease incentives and other long-term liabilities
$
—

 
$
—

 
 
 
 
Derivatives designated as net investment hedges:
 
 
 
Other current assets
$
—

 
$
—

Other long-term assets
$
—

 
$
—

Accrued expenses and other current liabilities
$
1

 
$
—

Lease incentives and other long-term liabilities
$
—

 
$
—

 
 
 
 
Derivatives not designated as hedging instruments:
 
 
 
Other current assets
$
8

 
$
3

Other long-term assets
$
—

 
$
—

Accrued expenses and other current liabilities
$
3

 
$
4

Lease incentives and other long-term liabilities
$
—

 
$
—

 
 
 
 
Total derivatives in an asset position
$
51

 
$
13

Total derivatives in a liability position
$
14

 
$
14
Effects of Derivative Financial Instruments on OCI and Consolidated Statements of Income
The effective portion of gains and losses on foreign exchange forward contracts in cash flow hedging and net investment hedging relationships recorded in OCI and the Consolidated Statements of Income, on a pre-tax basis, are as follows:
 
Fiscal Year
($ in millions)
2012
 
2011
 
2010
Derivatives in cash flow hedging relationships:
 
 
 
 
 
Gain (loss) recognized in other comprehensive income
$
46

 
$
(20
)
 
$
(50
)
Gain (loss) reclassified into cost of goods sold and occupancy expenses
$
5

 
$
(46
)
 
$
(33
)
Gain (loss) reclassified into operating expenses
$
4

 
$
(5
)
 
$
(5
)
 
 
 
 
 
 
Derivatives in net investment hedging relationships:
 
 
 
 
 
Loss recognized in other comprehensive income
$
—

 
$
(1
)
 
$
(5
)
Not Designated as Hedging Instrument [Member]
  
Derivative [Line Items]  
Effects of Derivative Financial Instruments on OCI and Consolidated Statements of Income
Gains and losses on foreign exchange forward contracts not designated as hedging instruments recorded in the Consolidated Statements of Income, on a pre-tax basis are as follows:
 
Fiscal Year
($ in millions)
2012
 
2011
 
2010
Gain recognized in operating expenses
$
5

 
$
7

 
$
8