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Derivative Instruments
 3 Months Ended
May 04, 2013
Summary of Derivative Instruments [Abstract]  
Derivative Instruments
Derivative Instruments
Foreign Exchange Risk
In January 2007, the Company entered into a series of cross-currency swaps related to approximately CAD$470 million of Canadian dollar denominated intercompany loans. These cross-currency swaps mitigate the exposure to fluctuations in the U.S. dollar-Canadian dollar exchange rate related to the Company’s Canadian operations. The cross-currency swaps require the periodic exchange of fixed rate Canadian dollar interest payments for fixed rate U.S. dollar interest payments as well as exchange of Canadian dollar and U.S. dollar principal payments upon maturity. The cross-currency swaps mature between 2015 and 2018 at the same time as the related loans and are designated as cash flow hedges of foreign currency exchange risk. Changes in the U.S. dollar-Canadian dollar exchange rate and the related swap settlements result in reclassification of amounts from accumulated other comprehensive income to earnings to completely offset foreign currency transaction gains and losses recognized on the intercompany loans.
The following table provides a summary of the fair value and balance sheet classification of the derivative financial instruments designated as foreign exchange cash flow hedges as of May 4, 2013, February 2, 2013 and April 28, 2012:
 
May 4,
2013
 
February 2,
2013
 
April 28,
2012
 
(in millions)
Other Long-term Liabilities
$
58

 
$
59

 
$
63



The following table provides a summary of the pre-tax financial statement effect of the gains and losses on the Company’s derivative instruments designated as foreign exchange cash flow hedges for the first quarter 2013 and 2012:
 
 
 
First Quarter
 
Location
 
2013
 
2012
 
 
 
(in millions)
Gain (Loss) Recognized in Other Comprehensive Income (Loss)
Other Comprehensive Income (Loss)
 
$
1

 
$
(3
)
(Gain) Loss Reclassified from Accumulated Other Comprehensive Income into Other Income (a)
Other Income (Loss)
 
(6
)
 
12

 ________________
(a)
Represents reclassification of amounts from accumulated other comprehensive income to earnings to completely offset foreign currency transaction gains and losses recognized on the intercompany loans. No ineffectiveness was associated with these foreign exchange cash flow hedges.
Interest Rate Risk
Interest Rate Designated Fair Value Hedges
In the past, the Company has entered into interest rate swap arrangements that effectively converted the fixed interest rate on the related debt to a variable interest rate. These swap arrangements were designated as fair value hedges. The changes in the fair value of the interest rate swaps had an equal and offsetting impact to the carrying value of the debt on the balance sheet.
In June 2012, the Company terminated the last remaining interest rate designated fair value hedges. The carrying value of the 2014 and 2017 Notes include unamortized hedge settlements which are amortized as a reduction to interest expense through the respective maturity date of the Notes.

The following table provides a summary of the fair value and balance sheet classification of the derivative financial instruments designated as interest rate fair value hedges as of May 4, 2013, February 2, 2013 and April 28, 2012:
 
 
May 4,
2013
 
February 2,
2013
 
April 28,
2012
 
(in millions)
Other Assets
$
—

 
$
—

 
$
13