Derivative Financial Instruments (Tables)

3 Months Ended

May 02, 2026

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


($ in millions)	May 2, 2026		January 31, 2026		May 3, 2025
Derivatives designated as cash flow hedges	$	515	$	426	$	400
Derivatives not designated as hedging instruments	433		414		434
Total	$	948	$	840	$	834

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


($ in millions)	May 2, 2026		January 31, 2026		May 3, 2025
Derivatives designated as cash flow hedges:
Other current assets	$	6	$	7	$	4

Accrued expenses and other current liabilities	2		2		3
Other long-term liabilities	1		—		—







Derivatives not designated as hedging instruments:
Other current assets	1		1		1
Accrued expenses and other current liabilities	3		7		11

Total derivatives in an asset position	$	7	$	8	$	5
Total derivatives in a liability position	$	6	$	9	$	14

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


	Location and Amount of (Gain) Loss Recognized in Net Income
	13 Weeks Ended May 2, 2026				13 Weeks Ended May 3, 2025
($ in millions)	Cost of goods sold and occupancy expenses		Operating expenses		Cost of goods sold and occupancy expenses		Operating expenses
Total amounts presented in the Condensed Consolidated Statements of Operations in which the effects of derivatives are recorded	$	2,080	$	972	$	2,015	$	1,188

(Gain) loss recognized in net income
Derivatives designated as cash flow hedges	(3)		—		(5)		—

Derivatives not designated as hedging instruments	—		(2)		—		21
Total (gain) loss recognized in net income	$	(3)	$	(2)	$	(5)	$	21