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Derivative Instruments Designated as Cash Flow Hedges
 12 Months Ended
Feb. 01, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Designated as Cash Flow Hedges
Derivative Instruments Designated as Cash Flow Hedges:
The Company’s derivative instruments designated as cash flow hedges consist of:
 
 
 
 
 
 
 
 
 
Asset (Liability) Fair Value(1) at
 
Notional Amount at February 1, 2019

 
Pay Fixed Rate

 
Receive Variable Rate
 
Settlement and Termination
 
February 1,
2019

 
February 2,
2018

 
(in millions)
 
 
 
 
 
 
 
(in millions)
Interest rate swaps #1
$
—

 
1.41
%
 
1-month LIBOR
 
Monthly through September 26, 2018
 
$
—

 
$
1

Interest rate swaps #2(2)
—

 
1.88
%
 
3-month LIBOR(3)
 
Quarterly through May 7, 2020 (2)
 
—

 
4

Interest rate swaps #3(4)
353

 
2.78
%
 
1-month LIBOR
 
Monthly through July 30, 2021
 
(2
)
 
—

Interest rate swaps #4(5)
500

 
3.07
%
 
1-month LIBOR
 
Monthly through October 31, 2025
 
(21
)
 
—

Interest rate swaps #5(6)
500

 
2.49
%
 
1-month LIBOR
 
Monthly through October 31, 2023
 
(1
)
 
—

Total
$
1,353

 
 
 
 
 
 
 
$
(24
)
 
$
5

 
(1) 
The fair value of the fixed interest rate swaps asset is included in other assets on the consolidated balance sheets. The fair value of the fixed interest rate swaps liability is included in other accrued liabilities on the consolidated balance sheets.
(2) 
On October 31, 2018, the Company exited its Term loan interest rate swaps #2 and discontinued hedge accounting. The Company received cash proceeds of $6 million upon the early settlement. The $6 million of deferred gains in accumulated other comprehensive loss will be reclassified into interest expense over the original contractual term of the interest rate swaps, which has a maturity date of May 7, 2020.
(3) 
Subject to a 0.75% floor.
(4) 
On June 12, 2018, the Company executed forward-starting fixed interest rate swaps that hedge the variability in interest payments on an initial aggregate notional amount of $365 million of floating rate debt. The tenor of these swaps began on September 26, 2018. The Company has designated, and will account for, these fixed interest rate swaps as cash flow hedges.
(5) 
On October 31, 2018, the Company executed fixed interest rate swaps that hedge the variability in interest payments on an initial aggregate notional amount of $500 million of floating rate debt. The Company has designated, and will account for, these fixed interest rate swaps as cash flow hedges.
(6) 
On January 14, 2019, the Company executed forward-starting fixed interest rate swaps that hedge the variability in interest payments on an initial aggregate notional amount of $500 million of floating rate debt. The tenor of these swaps began on January 31, 2019. The Company has designated, and will account for, these fixed interest rate swaps as cash flow hedges.
The Company is party to fixed interest rate swap instruments that are designated and accounted for as cash flow hedges to manage risks associated with interest rate fluctuations on a portion of the Company’s floating rate debt. The counterparties to all swap agreements are financial institutions. See Note 12 for the unrealized change in fair values on cash flow hedges recognized in other comprehensive income (loss) and the amounts reclassified from accumulated other comprehensive income (loss) into earnings for the current and comparative periods presented. There was no ineffectiveness during the periods presented prior to the adoption of ASU 2017-12. The Company estimates that the total reclassifications of unrealized losses from accumulated other comprehensive loss into earnings in the twelve months following February 1, 2019 will not be material.