Derivatives

In connection with various derivative agreements, including master netting arrangements, the Company held cash collateral from counterparties of $220 million and $279 million as of January 31, 2019 and January 31, 2018, respectively. Furthermore, as part of the master netting arrangements with each of these counterparties, the Company is also required to post collateral with a counterparty if the Company's net derivative liability position exceeds $150 million with such counterparties. The Company did not have any cash collateral posted with counterparties as of January 31, 2019 and January 31, 2018, respectively.

As of January 31, 2019 and January 31, 2018, the Company had ¥180 billion of outstanding long-term debt designated as a hedge of its net investment in Japan, as well as outstanding long-term debt of £1.7 billion as of January 31, 2019 and January 31, 2018 that was designated as a hedge of its net investment in the United Kingdom. These nonderivative net investment hedges will mature on dates ranging from July 2020 to January 2039.

The Company's derivatives, as well as its nonderivative debt instruments designated and qualifying as net investment hedges, were classified as follows as of January 31, 2019 and 2018 in the Company's Consolidated Balance Sheets:



	January 31, 2019						January 31, 2018
(Amounts in millions)	Fair Value Hedges		Net Investment Hedges		Cash Flow Hedges		Fair Value Hedges		Net Investment Hedges		Cash Flow Hedges
Derivatives
Derivative assets:
Other long-term assets	$	—	$	334	$	78	$	—	$	208	$	300

Derivative liabilities:
Deferred income taxes and other	78		—		350		91		—		95

Nonderivative hedging instruments
Long-term debt	—		3,863		—		—		4,041		—

Amounts related to the Company's derivatives expected to be reclassified from accumulated other comprehensive loss to net income during the next 12 months are not significant.