Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 30, 2022

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


($ in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as cash flow hedges	$	373	$	524	$	343
Derivatives not designated as hedging instruments	758		702		683
Total	$	1,131	$	1,226	$	1,026

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


($ in millions)	April 30, 2022		January 29, 2022		May 1, 2021
Derivatives designated as cash flow hedges:
Other current assets	$	16	$	10	$	4

Accrued expenses and other current liabilities	—		—		19








Derivatives not designated as hedging instruments:
Other current assets	28		6		2
Accrued expenses and other current liabilities	1		2		11

Total derivatives in an asset position	$	44	$	16	$	6
Total derivatives in a liability position	$	1	$	2	$	30

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


	Location and Amount of (Gain) Loss Recognized in Income (Loss)
	13 Weeks Ended April 30, 2022				13 Weeks Ended May 1, 2021
($ 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	$	2,381	$	1,293	$	2,361	$	1,390

(Gain) loss recognized in net income (loss)
Derivatives designated as cash flow hedges	(3)		—		3		—

Derivatives not designated as hedging instruments	—		(22)		—		11
Total (gain) loss recognized in net income (loss)	$	(3)	$	(22)	$	3	$	11