DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
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3 Months Ended |
May 02, 2025 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Notional Amounts of Outstanding Derivative Instruments |
The following table presents the notional amounts of outstanding derivative instruments as of the dates indicated: | | | | | | | | | | | | | | May 2, 2025 | | January 31, 2025 | | | | | | | (in millions) | | Foreign exchange contracts: | | | | | Designated as cash flow hedging instruments | $ | 7,724 | | | $ | 5,965 | | | Non-designated as hedging instruments | 5,689 | | | 5,683 | | | Total | $ | 13,413 | | | $ | 11,648 | | | Interest rate contracts: | | | | | | | | | Non-designated as hedging instruments | $ | 6,437 | | | $ | 6,353 | | | | | |
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| Schedule of Derivative Instruments Designated as Cash Flow Hedging Instruments |
The following table presents the effect of derivative instruments designated as cash flow hedging instruments on the Condensed Consolidated Statements of Financial Position and the Condensed Consolidated Statements of Income for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | Derivatives in Cash Flow Hedging Relationships | | Gain (Loss) Recognized in Accumulated OCI, Net of Tax, on Derivatives | | Location of Gain (Loss) Reclassified from Accumulated OCI into Income | | Gain (Loss) Reclassified from Accumulated OCI into Income | | | | | | | | | | (in millions) | | | | (in millions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | For the three months ended May 2, 2025: | | | | | Total net revenue | | $ | (8) | | | Foreign exchange contracts | | $ | (257) | | | Total cost of net revenue | | (3) | | | | | | | | | | Total | | $ | (257) | | | Total | | $ | (11) | | | | | | | | | | For the three months ended May 3, 2024: | | | | | Total net revenue | | $ | 18 | | | Foreign exchange contracts | | $ | 87 | | | Total cost of net revenue | | 1 | | | | | | | | | | Total | | $ | 87 | | | Total | | $ | 19 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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| Schedule of Derivative Instruments Not Designated as Hedging Instruments |
The following table presents the effect of derivative instruments not designated as hedging instruments on the Condensed Consolidated Statements of Income for the periods indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | | | | May 2, 2025 | | May 3, 2024 | | | | Location of Gain (Loss) Recognized | | | | | | | | | | | | | | | | | | (in millions) | | | | Foreign exchange contracts | | | | | $ | 298 | | | $ | (71) | | | | | Interest and other, net | | Interest rate contracts | | | | | (14) | | | 17 | | | | | Interest and other, net | | | | | | | | | | | | | | Total | | | | | $ | 284 | | | $ | (54) | | | | | |
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| Schedule of Fair Value of Derivative Instruments |
The following tables present the fair value of those derivative instruments presented on a gross basis as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | May 2, 2025 | | | Other Current Assets | | Other Non-Current Assets | | Other Current Liabilities | | Other Non-Current Liabilities | | Total Fair Value | | | | | | | | | | | | | (in millions) | | Derivatives designated as hedging instruments: | | Foreign exchange contracts in an asset position | $ | 36 | | | $ | — | | | $ | 16 | | | $ | — | | | $ | 52 | | | Foreign exchange contracts in a liability position | (61) | | | — | | | (76) | | | — | | | (137) | | | | | | | | | | | | | | | | | | | | | | | Net asset (liability) | (25) | | | — | | | (60) | | | — | | | (85) | | | Derivatives not designated as hedging instruments: | | | | | | | | | | | Foreign exchange contracts in an asset position | 516 | | | — | | | 48 | | | — | | | 564 | | | Foreign exchange contracts in a liability position | (193) | | | — | | | (172) | | | — | | | (365) | | | Interest rate contracts in an asset position | 1 | | | 58 | | | — | | | — | | | 59 | | | Interest rate contracts in a liability position | — | | | — | | | — | | | (51) | | | (51) | | | Net asset (liability) | 324 | | | 58 | | | (124) | | | (51) | | | 207 | | | Total derivatives at fair value | $ | 299 | | | $ | 58 | | | $ | (184) | | | $ | (51) | | | $ | 122 | | | | | | | | | | | | | | January 31, 2025 | | | Other Current Assets | | Other Non-Current Assets | | Other Current Liabilities | | Other Non-Current Liabilities | | Total Fair Value | | | | | | | | | | | | | (in millions) | | Derivatives designated as hedging instruments: | | Foreign exchange contracts in an asset position | $ | 136 | | | $ | — | | | $ | 9 | | | $ | — | | | $ | 145 | | | Foreign exchange contracts in a liability position | (7) | | | — | | | (3) | | | — | | | (10) | | | | | | | | | | | | | | | | | | | | | | | Net asset (liability) | 129 | | | — | | | 6 | | | — | | | 135 | | | Derivatives not designated as hedging instruments: | | | | | | | | | | | Foreign exchange contracts in an asset position | 430 | | | — | | | 53 | | | — | | | 483 | | | Foreign exchange contracts in a liability position | (297) | | | — | | | (90) | | | — | | | (387) | | | Interest rate contracts in an asset position | — | | | 40 | | | — | | | — | | | 40 | | | Interest rate contracts in a liability position | — | | | — | | | (1) | | | (43) | | | (44) | | | Net asset (liability) | 133 | | | 40 | | | (38) | | | (43) | | | 92 | | | Total derivatives at fair value | $ | 262 | | | $ | 40 | | | $ | (32) | | | $ | (43) | | | $ | 227 | |
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| Schedule of Gross Amounts of the Company’s Derivative Instruments |
The following tables present the gross amounts of the Company’s derivative instruments, amounts offset due to master netting agreements with the Company’s counterparties, and the net amounts recognized in the Condensed Consolidated Statements of Financial Position as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | May 2, 2025 | | Gross Amounts of Recognized Assets/(Liabilities) | | Gross Amounts Offset in the Statement of Financial Position | | Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | | Gross Amounts not Offset in the Statement of Financial Position | | Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position | | Financial Instruments | | Cash Collateral Received or Pledged | | | | | | | | | | | | | | | (in millions) | | Derivative instruments: | | | | | | | | | | | | | Financial assets | $ | 675 | | | $ | (318) | | | $ | 357 | | | $ | — | | | $ | (74) | | | $ | 283 | | | Financial liabilities | (553) | | | 318 | | | (235) | | | — | | | 3 | | | (232) | | | Total derivative instruments | $ | 122 | | | $ | — | | | $ | 122 | | | $ | — | | | $ | (71) | | | $ | 51 | | | | | | | | | | | | | | | January 31, 2025 | | Gross Amounts of Recognized Assets/(Liabilities) | | Gross Amounts Offset in the Statement of Financial Position | | Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | | Gross Amounts not Offset in the Statement of Financial Position | | Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position | | Financial Instruments | | Cash Collateral Received or Pledged | | | | | | | | | | | | | | | (in millions) | | Derivative instruments: | | | | | | | | | | | | | Financial assets | $ | 668 | | | $ | (366) | | | $ | 302 | | | $ | — | | | $ | (36) | | | $ | 266 | | | Financial liabilities | (441) | | | 366 | | | (75) | | | — | | | 8 | | | (67) | | | Total derivative instruments | $ | 227 | | | $ | — | | | $ | 227 | | | $ | — | | | $ | (28) | | | $ | 199 | |
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| Schedule of Amounts Offset Due to Master Netting Agreements |
The following tables present the gross amounts of the Company’s derivative instruments, amounts offset due to master netting agreements with the Company’s counterparties, and the net amounts recognized in the Condensed Consolidated Statements of Financial Position as of the dates indicated: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | May 2, 2025 | | Gross Amounts of Recognized Assets/(Liabilities) | | Gross Amounts Offset in the Statement of Financial Position | | Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | | Gross Amounts not Offset in the Statement of Financial Position | | Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position | | Financial Instruments | | Cash Collateral Received or Pledged | | | | | | | | | | | | | | | (in millions) | | Derivative instruments: | | | | | | | | | | | | | Financial assets | $ | 675 | | | $ | (318) | | | $ | 357 | | | $ | — | | | $ | (74) | | | $ | 283 | | | Financial liabilities | (553) | | | 318 | | | (235) | | | — | | | 3 | | | (232) | | | Total derivative instruments | $ | 122 | | | $ | — | | | $ | 122 | | | $ | — | | | $ | (71) | | | $ | 51 | | | | | | | | | | | | | | | January 31, 2025 | | Gross Amounts of Recognized Assets/(Liabilities) | | Gross Amounts Offset in the Statement of Financial Position | | Net Amounts of Assets/(Liabilities) Presented in the Statement of Financial Position | | Gross Amounts not Offset in the Statement of Financial Position | | Net Amount of Assets/ (Liabilities) Recognized in the Statement of Financial Position | | Financial Instruments | | Cash Collateral Received or Pledged | | | | | | | | | | | | | | | (in millions) | | Derivative instruments: | | | | | | | | | | | | | Financial assets | $ | 668 | | | $ | (366) | | | $ | 302 | | | $ | — | | | $ | (36) | | | $ | 266 | | | Financial liabilities | (441) | | | 366 | | | (75) | | | — | | | 8 | | | (67) | | | Total derivative instruments | $ | 227 | | | $ | — | | | $ | 227 | | | $ | — | | | $ | (28) | | | $ | 199 | |
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