Derivative Financial Instruments (Tables)

3 Months Ended

May 03, 2025

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


($ in millions)	May 3, 2025		February 1, 2025		May 4, 2024
Derivatives designated as cash flow hedges	$	400	$	363	$	323
Derivatives not designated as hedging instruments	434		419		408
Total	$	834	$	782	$	731

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


($ in millions)	May 3, 2025		February 1, 2025		May 4, 2024
Derivatives designated as cash flow hedges:
Other current assets	$	4	$	20	$	9

Accrued expenses and other current liabilities	3		—		—








Derivatives not designated as hedging instruments:
Other current assets	1		13		5
Accrued expenses and other current liabilities	11		—		—

Total derivatives in an asset position	$	5	$	33	$	14
Total derivatives in a liability position	$	14	$	—	$	—

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


	Location and Amount of (Gain) Loss Recognized in Net Income
	13 Weeks Ended May 3, 2025				13 Weeks Ended May 4, 2024
($ 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 Operations in which the effects of derivatives are recorded	$	2,015	$	1,188	$	1,991	$	1,192

(Gain) loss recognized in net income
Derivatives designated as cash flow hedges	(5)		—		(2)		—

Derivatives not designated as hedging instruments	—		21		—		(7)
Total (gain) loss recognized in net income	$	(5)	$	21	$	(2)	$	(7)