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Derivative Financial Instruments (Tables)

9 Months Ended

Nov. 02, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Foreign Exchange Forward Contracts Outstanding

We had foreign exchange forward contracts outstanding in the following notional amounts:

($ in millions)	November 2, 2019				February 2, 2019				November 3, 2018
Derivatives designated as cash flow hedges	$	640			$	774			$	815
Derivatives not designated as hedging instruments	706				660				717
Total	$	1,346			$	1,434			$	1,532

Fair Values of Asset and Liability Derivative Financial Instruments

The fair values of foreign exchange forward contracts are as follows:

($ in millions)	November 2, 2019				February 2, 2019				November 3, 2018
Derivatives designated as cash flow hedges:
Other current assets	$	7			$	15			$	21
Other long-term assets	1				—				5
Accrued expenses and other current liabilities	2				3				1
Derivatives not designated as hedging instruments:
Other current assets	4				5				20
Accrued expenses and other current liabilities	8				8				—
Total derivatives in an asset position	$	12			$	20			$	46
Total derivatives in a liability position	$	10			$	11			$	1

Effects of Derivative Financial Instruments on OCI and Condensed Consolidated Statements of Income

The effective portion of gains and losses on foreign exchange forward contracts designated in a cash flow hedging relationship recorded in other comprehensive income, on a pre-tax basis, are as follows:

	13 Weeks Ended								39 Weeks Ended
($ in millions)	November 2, 2019				November 3, 2018				November 2, 2019				November 3, 2018
Gain recognized in other comprehensive income	$	—			$	12			$	15			$	55

The pre-tax amounts recognized in income related to derivative instruments are as follows:

	Location and Amount of (Gain) Loss Recognized in Income
	13 Weeks Ended November 2, 2019								13 Weeks Ended November 3, 2018
($ in millions)	Cost of goods sold and occupancy expenses				Operating expenses				Cost of goods sold and occupancy expenses				Operating expenses
Total amount of expense line items presented in the Condensed Consolidated Statements of Income in which the effects of derivatives are recorded	$	2,439			$	1,338			$	2,466			$	1,260
(Gain) loss recognized in income
Derivatives designated as cash flow hedges	$	(9	)		$	—			$	(8	)		$	—
Derivatives not designated as hedging instruments	—				8				—				(14		)
Total (gain) loss recognized in income	$	(9	)		$	8			$	(8	)		$	(14	)

	Location and Amount of (Gain) Loss Recognized in Income
	39 Weeks Ended November 2, 2019								39 Weeks Ended November 3, 2018
($ in millions)	Cost of goods sold and occupancy expenses				Operating expenses				Cost of goods sold and occupancy expenses				Operating expenses
Total amount of expense line items presented in the Condensed Consolidated Statements of Income in which the effects of derivatives are recorded	$	7,250			$	3,640			$	7,280			$	3,687
(Gain) recognized in income
Derivatives designated as cash flow hedges	$	(21	)		$	—			$	(5	)		$	—
Derivatives not designated as hedging instruments	—				(4		)		—				(38		)
Total (gain) recognized in income	$	(21	)		$	(4	)		$	(5	)		$	(38	)

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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4E
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624181-113959

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 4C
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
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Tabular disclosure of the notional amounts of outstanding derivative positions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959

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