DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

6 Months Ended

Jul. 31, 2026

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Instruments

The following table presents the notional amounts of outstanding derivative instruments as of the dates indicated:


	July 31, 2026		January 30, 2026

	(in millions)
Foreign exchange contracts:
Designated as cash flow hedging instruments	$	9,146	$	7,491
Non-designated as hedging instruments	6,191		5,887
Total	$	15,337	$	13,378
Interest rate contracts:

Non-designated as hedging instruments	$	7,599	$	7,048

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 July 31, 2026
			Total net revenue	$	57
Foreign exchange contracts	$	78	Total cost of net revenue	(2)

Total	$	78	Total	$	55

For the three months ended August 1, 2025:
			Total net revenue	$	(159)
Foreign exchange contracts	$	(4)	Total cost of net revenue	(3)

Total	$	(4)	Total	$	(162)

For the six months ended July 31, 2026:
			Total net revenue	$	53
Foreign exchange contracts	$	153	Total cost of net revenue	(6)

Total	$	153	Total	$	47

For the six months ended August 1, 2025:
			Total net revenue	$	(167)
Foreign exchange contracts	$	(261)	Total cost of net revenue	(6)

Total	$	(261)	Total	$	(173)

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:


	July 31, 2026
	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	$	58	$	—	$	33	$	—	$	91
Foreign exchange contracts in a liability position	(13)		—		(37)		—		(50)


Net asset (liability)	45		—		(4)		—		41
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	126		—		137		—		263
Foreign exchange contracts in a liability position	(81)		—		(212)		—		(293)
Interest rate contracts in an asset position	1		42		—		—		43
Interest rate contracts in a liability position	—		—		—		(13)		(13)
Net asset (liability)	46		42		(75)		(13)		—
Total derivatives at fair value	$	91	$	42	$	(79)	$	(13)	$	41

	January 30, 2026
	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	$	26	$	—	$	13	$	—	$	39
Foreign exchange contracts in a liability position	(54)		—		(59)		—		(113)


Net asset (liability)	(28)		—		(46)		—		(74)
Derivatives not designated as hedging instruments:
Foreign exchange contracts in an asset position	291		1		119		—		411
Foreign exchange contracts in a liability position	(146)		—		(169)		—		(315)
Interest rate contracts in an asset position	5		37		—		—		42
Interest rate contracts in a liability position	—		—		—		(30)		(30)
Net asset (liability)	150		38		(50)		(30)		108
Total derivatives at fair value	$	122	$	38	$	(96)	$	(30)	$	34

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:


	July 31, 2026
	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)

Financial assets	$	397	$	(264)	$	133	$	—	$	(32)	$	101
Financial liabilities	(356)		264		(92)		—		1		(91)
Total derivative instruments	$	41	$	—	$	41	$	—	$	(31)	$	10

	January 30, 2026
	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)

Financial assets	$	492	$	(332)	$	160	$	—	$	(46)	$	114
Financial liabilities	(458)		332		(126)		—		1		(125)
Total derivative instruments	$	34	$	—	$	34	$	—	$	(45)	$	(11)

Schedule of Amounts Offset Due to Master Netting Agreements


	July 31, 2026
	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)

Financial assets	$	397	$	(264)	$	133	$	—	$	(32)	$	101
Financial liabilities	(356)		264		(92)		—		1		(91)
Total derivative instruments	$	41	$	—	$	41	$	—	$	(31)	$	10

	January 30, 2026
	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)

Financial assets	$	492	$	(332)	$	160	$	—	$	(46)	$	114
Financial liabilities	(458)		332		(126)		—		1		(125)
Total derivative instruments	$	34	$	—	$	34	$	—	$	(45)	$	(11)

- Definition

Tabular disclosure of derivative and other financial assets that are subject to offsetting, including master netting arrangements.

+ References + Details

- Definition

Tabular disclosure of derivative and other financial liabilities that are subject to offsetting, including master netting arrangements.

+ References + Details