Derivative Financial Instruments (Tables)

3 Months Ended

Apr. 29, 2023

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


($ in millions)	April 29, 2023		January 28, 2023		April 30, 2022
Derivatives designated as cash flow hedges	$	330	$	441	$	373
Derivatives not designated as hedging instruments	599		645		758
Total	$	929	$	1,086	$	1,131

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


($ in millions)	April 29, 2023		January 28, 2023		April 30, 2022
Derivatives designated as cash flow hedges:
Other current assets	$	13	$	9	$	16

Accrued expenses and other current liabilities	1		5		—








Derivatives not designated as hedging instruments:
Other current assets	6		2		28
Accrued expenses and other current liabilities	3		15		1

Total derivatives in an asset position	$	19	$	11	$	44
Total derivatives in a liability position	$	4	$	20	$	1

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


	Location and Amount of Gain Recognized in Net Loss
	13 Weeks Ended April 29, 2023				13 Weeks Ended April 30, 2022
($ 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	$	2,062	$	1,224	$	2,381	$	1,293

Gain recognized in net loss
Derivatives designated as cash flow hedges	(2)		—		(3)		—

Derivatives not designated as hedging instruments	—		(8)		—		(22)
Total gain recognized in net loss	$	(2)	$	(8)	$	(3)	$	(22)