Derivative Financial Instruments (Tables)

3 Months Ended

May 04, 2024

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


($ in millions)	May 4, 2024		February 3, 2024		April 29, 2023
Derivatives designated as cash flow hedges	$	323	$	381	$	330
Derivatives not designated as hedging instruments	408		568		599
Total	$	731	$	949	$	929

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


($ in millions)	May 4, 2024		February 3, 2024		April 29, 2023
Derivatives designated as cash flow hedges:
Other current assets	$	9	$	6	$	13

Accrued expenses and other current liabilities	—		2		1








Derivatives not designated as hedging instruments:
Other current assets	5		1		6
Accrued expenses and other current liabilities	—		6		3

Total derivatives in an asset position	$	14	$	7	$	19
Total derivatives in a liability position	$	—	$	8	$	4

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


	Location and Amount of Gain Recognized in Net Income (Loss)
	13 Weeks Ended May 4, 2024				13 Weeks Ended April 29, 2023
($ 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	$	1,991	$	1,192	$	2,062	$	1,224

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

Derivatives not designated as hedging instruments	—		(7)		—		(8)
Total gain recognized in net income (loss)	$	(2)	$	(7)	$	(2)	$	(8)