The Gap, Inc. (GAP) 10-Q 27 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 31, 2021	Aug. 20, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	1-7562
Entity Registrant Name	GAP, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-1697231
Entity Address, Address Line One	Two Folsom Street
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94105
City Area Code	415
Local Phone Number	427-0100
Title of 12(b) Security	Common Stock, $0.05 par value
Trading Symbol	GPS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		376,105,065
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000039911
Current Fiscal Year End Date	--01-29
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) shares in Thousands, $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 2,375	$ 1,988	$ 2,188
Available-for-sale Securities, Current	337	410	25
Merchandise inventory	2,281	2,451	2,242
Other current assets	1,201	1,159	882
Total current assets	6,194	6,008	5,337
Property and equipment, net of accumulated depreciation	2,897	2,841	2,895
Operating Lease, Right-of-Use Asset	3,975	4,217	4,689
Other long-term assets	693	703	795
Total assets	13,759	13,769	13,716
Current liabilities:
Accounts payable	1,583	1,743	1,629
Accrued expenses and other current liabilities	1,252	1,276	1,124
Operating Lease, Liability, Current	789	831	856
Income taxes payable	27	34	40
Total current liabilities	3,651	3,884	3,649
Long-term liabilities:
Total long-term debt	2,220	2,216	2,212
Operating Lease, Liability, Noncurrent	4,348	4,617	5,179
Lease incentives and other long-term liabilities	520	438	423
Total long-term liabilities	7,088	7,271	7,814
Commitments and contingencies (see Note 9)
Common stock, shares outstanding (in shares)	376,000	374,000	374,000
Stockholders' equity:
Authorized 2,300 shares for all periods presented	$ 19	$ 19	$ 19
Additional Paid in Capital	114	85	39
Retained earnings	2,879	2,501	2,173
Amounts reclassified from accumulated other comprehensive income	8	9	22
Total stockholders' equity	3,020	2,614	2,253
Total liabilities and stockholders' equity	13,759	13,769	13,716
Property and equipment, accumulated depreciation	$ 5,603	$ 5,608	$ 5,933
Common stock, shares issued (in shares)	376,000	374,000	374,000
Common stock, shares authorized (in shares)	2,300,000	2,300,000	2,300,000
Common stock, par value (in dollars per share)	$ 50,000	$ 50,000	$ 50,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Property and equipment, accumulated depreciation	$ 5,603	$ 5,608	$ 5,933
Common stock, par value (in dollars per share)	$ 50,000	$ 50,000	$ 50,000
Common stock, shares authorized (in shares)	2,300,000	2,300,000	2,300,000
Common stock, shares issued (in shares)	376,000	374,000	374,000
Common stock, shares outstanding (in shares)	376,000	374,000	374,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Net Sales	$ 4,211	$ 3,275	$ 8,202	$ 5,382
Cost of goods sold and occupancy expenses	2,388	2,126	4,749	3,965
Gross profit	1,823	1,149	3,453	1,417
Operating Expenses	1,414	1,076	2,804	2,588
Operating income (loss)	409	73	649	(1,171)
Gain (Loss) on Extinguishment of Debt	0	58	0	58
Interest Expense	51	58	105	77
Interest income	(1)	(2)	(2)	(6)
Income (loss) before income taxes	359	(41)	546	(1,300)
Income taxes	101	21	122	(306)
Net income (loss)	$ 258	$ (62)	$ 424	$ (994)
Weighted-average number of shares - basic (in shares)	378	374	377	373
Weighted-average number of shares - diluted (in shares)	386	374	385	373
Earnings (loss) per share - basic (in dollars per share)	$ 0.68	$ (0.17)	$ 1.12	$ (2.66)
Earnings (loss) per share - diluted (in dollars per share)	$ 0.67	$ (0.17)	$ 1.10	$ (2.66)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Net income (loss)	$ 258	$ (62)	$ 424	$ (994)
Other comprehensive income (loss), net of tax:
Foreign currency translation	1	(10)	(2)	(19)
Change in fair value of derivative financial instruments, net of tax (tax benefit)	0	(8)	(7)	11
Reclassification adjustment for losses (gains) on derivative financial instruments, net of (tax) tax benefit	5	(6)	8	(10)
Other comprehensive income (loss), net of tax	6	(24)	(1)	(18)
Comprehensive income (loss)	264	(86)	423	(1,012)
Change in fair value of derivative financial instruments, net of tax (tax benefit)	0	(1)	0	1
Reclassification adjustment for (gains) losses on derivative financial instruments, net of (tax) tax benefit	$ 1	$ (1)	$ 1	$ (1)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Stock optionsCommon Stock [Member]	Stock Units [Member]Common Stock [Member]
Common stock, shares issued (in shares)		371
Stockholders' Equity Attributable to Parent	$ 3,316	$ 19	$ 0	$ 3,257	$ 40
Net income (loss)	(994)			(994)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	(10)				(10)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(19)				(19)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	11				11
Stock Issued During Period, Shares, Other						1	2
Stock Issued During Period, Value, Other	12	0	12
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(8)	$ 0	(8)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 35		35
Common Stock, Dividends, Per Share, Declared	$ 0.2425
Dividends, Cash	$ (90)			(90)
Common stock, shares issued (in shares)		373
Stockholders' Equity Attributable to Parent	2,317	$ 19	17	2,235	46
Net income (loss)	(62)			(62)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	(6)				(6)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(10)				(10)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(8)				(8)
Stock Issued During Period, Shares, Other						0	1
Stock Issued During Period, Value, Other	6	0	6
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(1)	$ 0	(1)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	17		17
Dividends, Cash	$ 0			0
Common stock, shares issued (in shares)	374	374
Stockholders' Equity Attributable to Parent	$ 2,253	$ 19	39	2,173	22
Common stock, shares issued (in shares)	374	374
Stockholders' Equity Attributable to Parent	$ 2,614	$ 19	85	2,501	9
Net income (loss)	$ 424			424
Stock Repurchased and Retired During Period, Shares	(2)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	$ 8				8
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(2)				(2)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	(7)				(7)
Stock Repurchased and Retired During Period, Value	55	0	55
Stock Issued During Period, Shares, Other						2	2
Stock Issued During Period, Value, Other	41	0	41
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(32)	$ 0	(32)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 75		75
Common Stock, Dividends, Per Share, Declared	$ 0.12
Dividends, Cash	$ (46)			(46)
Common stock, shares issued (in shares)		377
Stockholders' Equity Attributable to Parent	2,806	$ 19	118	2,667	2
Net income (loss)	$ 258			258
Stock Repurchased and Retired During Period, Shares	(2)
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	$ 5				5
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	1				1
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	0				0
Stock Repurchased and Retired During Period, Value	55	0	55
Stock Issued During Period, Shares, Other						1	0
Stock Issued During Period, Value, Other	16	0	16
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	0	$ 0	0
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 35		35
Common Stock, Dividends, Per Share, Declared	$ 0.12
Dividends, Cash	$ (46)			(46)
Common stock, shares issued (in shares)	376	376
Stockholders' Equity Attributable to Parent	$ 3,020	$ 19	$ 114	$ 2,879	$ 8

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Cash flows from operating activities:
Net income (loss)	$ 424	$ (994)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	244	256
Share-based compensation	72	35
Operating Lease, Impairment Loss	6	361
Other Asset Impairment Charges	1	127
Gain (Loss) on Extinguishment of Debt	0	58
Amortization of Debt Issuance Costs	8	4
Non-cash and other items	14	0
Gain (Loss) on Disposition of Business	59	0
Deferred income taxes	28	(125)
Changes in operating assets and liabilities:
Merchandise inventory	156	(91)
Other current assets and other long-term assets	(98)	134
Accounts payable	(168)	467
Accrued expenses and other current liabilities	83	(40)
Income taxes payable, net of receivables and other tax-related items	(55)	(232)
Lease incentives and other long-term liabilities	57	1
Operating lease assets and liabilities, net	(39)	(48)
Net cash provided by (used for) operating activities	792	(87)
Cash flows from investing activities:
Payments to Acquire Businesses, Net of Cash Acquired	(21)	0
Purchases of property and equipment	(269)	(208)
Payments to Acquire Short-term Investments	(427)	(59)
Proceeds from Sale, Maturity and Collection of Short-term Investments	500	325
Other	0	2
Net cash provided by (used for) investing activities	(217)	60
Cash flows from financing activities:
Proceeds from Lines of Credit	0	500
Proceeds from issuances under share-based compensation plans	41	12
Withholding tax payments related to vesting of stock units	(32)	(8)
Repurchases of common stock	(55)	0
Cash dividends paid	(137)	0
Proceeds from issuance of long-term debt	0	2,250
Repayments of Long-term Debt	0	(1,307)
Payments of Debt Issuance Costs	0	(61)
Repayments of Lines of Credit	0	(500)
Net cash provided by (used for) financing activities	(183)	886
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	(1)	1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	391	860
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents beginning of period	2,016	1,381
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents end of period	2,407	2,241
Supplemental disclosure of cash flow information:
Interest Paid, Excluding Capitalized Interest, Operating Activities	102	39
Cash paid for income taxes during the period, net of refunds	$ 147	$ 53

Accounting Policies

Accounting Policies	6 Months Ended
	Jul. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Accounting Policies [Text Block]	Note 1. Accounting Policies Basis of Presentation In the opinion of The Gap, Inc. (the “Company,” “we,” and “our”) management, the accompanying unaudited Condensed Consolidated Financial Statements contain all normal and recurring adjustments (except as otherwise disclosed) considered necessary to present fairly our financial position, results of operations, comprehensive income (loss), stockholders' equity, and cash flows as of July 31, 2021 and August 1, 2020 and for all periods presented. The Condensed Consolidated Balance Sheet as of January 30, 2021 has been derived from our audited financial statements. The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Accordingly, certain information and disclosures normally included in the notes to the annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been omitted from these interim financial statements, although the Company believes that the disclosures made are adequate to make the information not misleading. We suggest that you read these Condensed Consolidated Financial Statements in conjunction with the Consolidated Financial Statements and notes thereto included in our Annual Report on Form 10-K for the fiscal year ended January 30, 2021. The results of operations for the thirteen and twenty-six weeks ended July 31, 2021 are not necessarily indicative of the operating results that may be expected for the 52-week period ending January 29, 2022. COVID-19 In March 2020, the World Health Organization declared the coronavirus disease ("COVID-19") a global pandemic and recommended containment and mitigation measures worldwide. Fiscal 2020 results were significantly impacted as we temporarily closed a large number of our stores globally. During the first half of fiscal 2021, there continued to be residual impacts from store closures in international markets and in our supply chain as a result of COVID-19. We continue to consider the impact of COVID-19 on the assumptions and estimates used when preparing these quarterly financial statements. Restricted Cash As of July 31, 2021, restricted cash primarily included consideration that serves as collateral for our insurance obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our Condensed Consolidated Balance Sheets to the total shown on our Condensed Consolidated Statements of Cash Flows: ($ in millions) July 31, January 30, August 1, Cash and cash equivalents, per Condensed Consolidated Balance Sheets $ 2,375 $ 1,988 $ 2,188 Restricted cash included in other current assets — 4 33 Restricted cash included in other long-term assets 32 24 20 Total cash, cash equivalents, and restricted cash, per Condensed Consolidated Statements of Cash Flows $ 2,407 $ 2,016 $ 2,241 Accounting Pronouncements Recently Adopted In April 2020, the Financial Accounting Standards Board ("FASB") provided guidance on accounting for rent concessions resulting from the COVID-19 pandemic. We considered the FASB's guidance regarding lease modifications as a result of the effects of COVID-19 and elected to apply the temporary practical expedient to account for lease changes as variable rent unless an amendment results in a substantial change in the Company's lease obligations. The impact of applying the temporary practical expedient was not material to our Condensed Consolidated Financial Statements for the thirteen and twenty-six weeks ended July 31, 2021 or August 1, 2020. ASU No. 2019-12, Simplifying the Accounting for Income Taxes In December 2019, the FASB issued accounting standards update ("ASU") No. 2019-12, Simplifying the Accounting for Income Taxes. The ASU is intended to enhance and simplify aspects of the income tax accounting guidance in Accounting Standards Codification Topic 740 as part of the FASB's simplification initiative. This guidance is effective for fiscal years and interim periods within those years beginning after December 15, 2020 with early adoption permitted. The Company adopted this ASU on January 31, 2021 on a prospective basis and the adoption of this standard did not have a material impact on our Condensed Consolidated Financial Statements. Accounting Pronouncements Not Yet Adopted The Company has considered all recent accounting pronouncements and concluded that there are no recent accounting pronouncements that may have a material impact on our Condensed Consolidated Financial Statements, based on current information.

Revenue

Revenue $ in Millions	6 Months Ended
	Jul. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
Liabilities, Other than Long-term Debt, Noncurrent	$ 50
Revenue from Contract with Customer [Text Block]	Revenue Disaggregation of Net Sales We disaggregate our net sales between stores and online and also by brand and region. Net sales by region are allocated based on the location of the store where the customer paid for and received the merchandise or the distribution center or store from which the products were shipped. Net sales disaggregated for stores and online sales are as follows: 13 Weeks Ended 26 Weeks Ended ($ in millions) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Store sales (1) $ 2,828 $ 1,642 $ 5,212 $ 2,750 Online sales (2) 1,383 1,633 2,990 2,632 Total net sales $ 4,211 $ 3,275 $ 8,202 $ 5,382 __________ (1) Store sales primarily include sales made at our Company-operated stores and franchise sales. (2) Online sales primarily include sales originating from our online channel including those that are picked up or shipped from stores. Net sales disaggregated by brand and region are as follows: ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 13 Weeks Ended July 31, 2021 U.S. (1) $ 2,177 $ 615 $ 428 $ 340 $ 11 $ 3,571 Canada 191 79 43 — — 313 Europe — 116 1 1 — 118 Asia — 135 19 — — 154 Other regions 22 29 4 — — 55 Total $ 2,390 $ 974 $ 495 $ 341 $ 11 $ 4,211 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 13 Weeks Ended August 1, 2020 U.S. (1) $ 1,726 $ 473 $ 236 $ 267 $ 61 $ 2,763 Canada 145 63 27 — — 235 Europe — 70 2 — — 72 Asia 2 158 14 — — 174 Other regions 8 19 4 — — 31 Total $ 1,881 $ 783 $ 283 $ 267 $ 61 $ 3,275 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 26 Weeks Ended July 31, 2021 U.S. (1) $ 4,276 $ 1,171 $ 761 $ 687 $ 100 $ 6,995 Canada 350 147 77 — — 574 Europe — 185 4 1 — 190 Asia 1 298 35 — — 334 Other regions 43 59 7 — — 109 Total $ 4,670 $ 1,860 $ 884 $ 688 $ 100 $ 8,202 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 26 Weeks Ended August 1, 2020 U.S. (1) $ 2,675 $ 784 $ 481 $ 472 $ 112 $ 4,524 Canada 222 97 51 — — 370 Europe — 124 5 — — 129 Asia 3 266 26 — — 295 Other regions 19 36 9 — — 64 Total $ 2,919 $ 1,307 $ 572 $ 472 $ 112 $ 5,382 __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Previously, net sales for the Athleta brand were grouped within the "Other" column. Beginning in fiscal 2021, we have made a change for all periods presented to break out Athleta net sales into its own column. (3) The "Other" column primarily consists of net sales for the Intermix and Janie and Jack brands, as well as sales from the business-to-business program. The sale of Janie and Jack was completed on April 8, 2021. The sale of Intermix was completed on May 21, 2021. Net sales for the thirteen and twenty-six weeks ended August 1, 2020 also included net sales for the Hill City brand, which was closed in January 2021. Deferred Revenue We defer revenue when cash payments are received in advance of performance for unsatisfied obligations related to our gift cards, credit vouchers, licensing agreements, outstanding loyalty points, and reimbursements of loyalty program discounts associated with our credit card agreement. For the thirteen weeks ended July 31, 2021, the opening balance of deferred revenue for these obligations was $222 million, of which $81 million was recognized as revenue during the period. For the twenty-six weeks ended July 31, 2021, the opening balance of deferred revenue for these obligations was $231 million, of which $125 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $239 million as of July 31, 2021. We expect that the majority of our revenue deferrals as of the quarter ended July 31, 2021, will be recognized as revenue in the next twelve months as our performance obligations are satisfied. For the thirteen weeks ended August 1, 2020, the opening balance of deferred revenue for these obligations was $198 million, of which $63 million was recognized as revenue during the period. For the twenty-six weeks ended August 1, 2020, the opening balance of deferred revenue for these obligations was $226 million, of which $118 million was recognized as revenue during the period. The closing balance of deferred revenue for these obligations was $189 million as of August 1, 2020.

Debt and Credit Facilities

Debt and Credit Facilities	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Debt and Credit Facilities	Debt and Credit Facilities Long-term debt recorded on the Condensed Consolidated Balance Sheets consists of the following: ($ in millions) July 31, January 30, August 1, 2023 Notes 500 500 500 2025 Notes 750 750 750 2027 Notes 1,000 1,000 1,000 Less: Unamortized debt issuance costs (30) (34) (38) Total long-term debt $ 2,220 $ 2,216 $ 2,212 The scheduled maturity of the Notes is as follows: Scheduled Maturity ($ in millions) Principal Interest Rate Interest Payments Senior Secured Notes (1) May 15, 2023 $ 500 8.375 % Semi-Annual May 15, 2025 750 8.625 % Semi-Annual May 15, 2027 1,000 8.875 % Semi-Annual Total issuance $ 2,250 __________ (1) Includes an option to call the Notes in whole or in part at any time, subject to a make-whole premium. As of July 31, 2021, the aggregate estimated fair value of the notes due 2023 ("2023 Notes"), 2025 (“2025 Notes”), and 2027 (“2027 Notes”) (collectively, the “Notes”) was $2.53 billion and was based on the quoted market price for each of the Notes (level 1 inputs) as of the last business day of the fiscal quarter. The aggregate principal amount of the Notes is recorded in long-term debt on the Condensed Consolidated Balance Sheet, net of the unamortized debt issuance cost. In May 2020, we entered into the senior secured asset-based revolving credit agreement (the "ABL Facility"), which has a $1.8675 billion borrowing capacity and bears interest at a base rate (typically LIBOR) plus a margin depending on borrowing base availability. The ABL Facility is scheduled to expire in May 2023. We also have the ability to issue letters of credit on our ABL Facility. As of July 31, 2021, we had $52 million in standby letters of credit issued under the ABL Facility. There were no borrowings under the ABL Facility as of July 31, 2021. As of July 31, 2021, we were in compliance with the applicable financial covenants and expect to maintain compliance for the next twelve months. We also maintain multiple agreements with third parties that make unsecured revolving credit facilities available for our operations in foreign locations (the “Foreign Facilities”). The Foreign Facilities are uncommitted and had a total capacity of $49 million as of July 31, 2021. As of July 31, 2021, there were no borrowings under the Foreign Facilities. There were $10 million in bank guarantees issued and outstanding primarily related to store leases under the Foreign Facilities as of July 31, 2021. We have bilateral unsecured standby letter of credit agreements that are uncommitted and do not have expiration dates. There were no material standby letters of credit issued under these agreements as of July 31, 2021. On June 6, 2020, we redeemed our $1.25 billion aggregate principal amount of 5.95 percent notes due April 2021 ("2021 Notes"). We incurred a loss on extinguishment of debt of $58 million, primarily related to the make-whole premium, which was recorded on the Condensed Consolidated Statement of Operations. Following the redemption, our obligations under the 2021 Notes were discharged.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis, including derivatives and available-for-sale debt securities. The Company categorizes financial assets and liabilities recorded at fair value based upon a three-level hierarchy that considers the related valuation techniques. There were no material purchases, sales, issuances, or settlements related to recurring level 3 measurements during the thirteen and twenty-six weeks ended July 31, 2021 or August 1, 2020. There were no transfers of financial assets or liabilities into or out of level 1, level 2, and level 3 during the thirteen and twenty-six weeks ended July 31, 2021 or August 1, 2020. Financial Assets and Liabilities Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) July 31, 2021 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 476 $ 1 $ 475 $ — Short-term investments 337 304 33 — Derivative financial instruments 9 — 9 — Deferred compensation plan assets 51 51 — — Other assets 4 — — 4 Total $ 877 $ 356 $ 517 $ 4 Liabilities: Derivative financial instruments $ 16 $ — $ 16 $ — Fair Value Measurements at Reporting Date Using ($ in millions) January 30, 2021 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 375 $ 25 $ 350 $ — Short-term investments 410 342 68 — Derivative financial instruments 5 — 5 — Deferred compensation plan assets 43 43 — — Other assets 2 — — 2 Total $ 835 $ 410 $ 423 $ 2 Liabilities: Derivative financial instruments $ 21 $ — $ 21 $ — Fair Value Measurements at Reporting Date Using ($ in millions) August 1, 2020 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 368 $ — $ 368 $ — Short-term investments 25 — 25 — Derivative financial instruments 6 — 6 — Deferred compensation plan assets 46 46 — — Other assets 2 — — 2 Total $ 447 $ 46 $ 399 $ 2 Liabilities: Derivative financial instruments $ 19 $ — $ 19 $ — We have highly liquid fixed and variable income investments classified as cash equivalents. With the exception of our available-for-sale investments noted below, we value these investments at their original purchase prices plus interest that has accrued at the stated rate. Our investments in cash equivalents are placed primarily in time deposits, money market funds, and debt securities. Our available-for-sale securities are comprised of investments in debt securities and are recorded in both short-term investments and cash and cash equivalents on the Condensed Consolidated Balance Sheets. These securities are recorded at fair value using market prices. As of July 31, 2021, January 30, 2021, and August 1, 2020, the Company held $337 million, $410 million, and $25 million, respectively, of available-for-sale debt securities with maturity dates greater than three months and less than two years within short-term investments on the Condensed Consolidated Balance Sheets. In addition, as of July 31, 2021 and January 30, 2021, the Company held $363 million and $90 million, respectively, of available-for-sale debt securities with maturities of three months or less at the time of purchase within cash and cash equivalents on the Condensed Consolidated Balance Sheet. As of August 1, 2020, the Company held no material available-for-sale debt securities with maturities of three months or less at the time of purchase within cash and cash equivalents on the Condensed Consolidated Balance Sheet. Unrealized gains and losses on available-for-sale debt securities included within accumulated other comprehensive income were not material as of July 31, 2021 and August 1, 2020. The Company regularly reviews its available-for-sale debt securities for other-than-temporary impairment. For the thirteen and twenty-six weeks ended July 31, 2021 or August 1, 2020, the Company did not consider any of its securities to be other-than-temporarily impaired and, accordingly, did not recognize any impairment loss. Derivative financial instruments primarily include foreign exchange forward contracts. The fair value of the Company’s derivative financial instruments is determined using pricing models based on current market rates. See Note 6 of Notes to Condensed Consolidated Financial Statements for information regarding currencies hedged against the U.S. dollar. We maintain the Gap, Inc. Deferred Compensation Plan (“DCP”), which allows eligible employees to defer base compensation and bonus up to a maximum percentage, and non-employee directors to defer receipt of a portion of their Board fees. Plan investments are directed by participants and are recorded at market value and designated for the DCP. The fair value of the Company’s DCP assets is determined based on quoted market prices, and the assets are recorded in other long-term assets on the Condensed Consolidated Balance Sheets. Nonfinancial Assets We review the carrying amount of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The fair value of the long-lived assets is determined using level 3 inputs and based on discounted future cash flows of the asset or asset group using a discount rate commensurate with the risk. The asset group is defined as the lowest level for which identifiable cash flows are available and largely independent of the cash flows of other groups of assets, which for our retail stores is at the store level. There were no material impairment charges recorded for long-lived assets during the thirteen weeks ended July 31, 2021 or August 1, 2020. During the twenty-six weeks ended July 31, 2021, the Company recorded impairment of operating lease assets of $6 million. The impairment of the operating lease assets reduced the carrying amount of the applicable long-lived assets of $16 million to their estimated fair value of $10 million. The impairment charges were recorded in operating expenses on the Condensed Consolidated Statement of Operations. There were no material impairment charges recorded for store assets during the twenty-six weeks ended July 31, 2021. During fiscal 2020, the impact of COVID-19 resulted in a qualitative indication of impairment related to our store long-lived assets. For store locations, we analyzed our store asset recoverability. During the twenty-six weeks ended August 1, 2020, the Company recorded impairment of store assets of $127 million and impairment of operating lease assets of $361 million. The impairment of the store assets reduced the carrying amount of the applicable long-lived assets of $131 million to their estimated fair value of $4 million. The impairment of the operating lease assets reduced the carrying amount of the applicable long-lived assets of $1,369 million to their estimated fair value of $1,008 million. The impairment charges were recorded in operating expenses on the Condensed Consolidated Statement of Operations. We review the carrying amount of goodwill and other indefinite-lived intangible assets for impairment annually and whenever events or changes in circumstances indicate that it is more likely than not that the carrying amount may not be recoverable. There were no impairment charges recorded for goodwill or other indefinite-lived intangible assets for the thirteen and twenty-six weeks ended July 31, 2021 or August 1, 2020.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective income tax rate was 28.1 percent for the thirteen weeks ended July 31, 2021, compared with negative 51.2 percent for the thirteen weeks ended August 1, 2020. The increase in the effective tax rate is primarily due to the net operating loss carryback provisions of the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act during the second quarter of fiscal 2020 as well as changes in the geographical mix of pretax earnings.The effective income tax rate was 22.3 percent for the twenty-six weeks ended July 31, 2021, compared with 23.5 percent for the twenty-six weeks ended August 1, 2020. The decrease in the effective tax rate for the first half of fiscal 2021 compared with the first half of fiscal 2020 is primarily due to the tax benefit resulting from divestiture activity during the first half of fiscal 2021 as well as the impact of the CARES Act in the first half of fiscal 2020, partially offset by changes in the geographical mix of pretax earnings.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jul. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments We operate in foreign countries, which exposes us to market risk associated with foreign currency exchange rate fluctuations. We use derivative financial instruments to manage our exposure to foreign currency exchange rate risk and do not enter into derivative financial contracts for trading purposes. Consistent with our risk management guidelines, we hedge a portion of our transactions related to merchandise purchases for foreign operations and certain intercompany transactions using foreign exchange forward contracts. These contracts are entered into with large, reputable, financial institutions that are monitored for counterparty risk. The currencies hedged against changes in the U.S. dollar are Canadian dollar, Japanese yen, British pound, Euro, Mexican peso, Taiwan dollar, and Chinese yuan. Cash flows from derivative financial instruments are classified as cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash Flow Hedges We designate the following foreign exchange forward contracts as cash flow hedges: (1) forward contracts used to hedge forecasted merchandise purchases and related costs denominated in U.S. dollars made by our international subsidiaries whose functional currencies are their local currencies; and (2) forward contracts used to hedge forecasted intercompany revenue transactions related to merchandise sold from our regional purchasing entity, whose functional currency is the U.S. dollar, to certain international subsidiaries in their local currencies. The foreign exchange forward contracts entered into to hedge forecasted merchandise purchases and related costs, and intercompany revenue transactions generally have terms of up to 24 months. The effective portion of the gain or loss on the derivative financial instruments is reported as a component of other comprehensive income and is recognized into net income (loss) during the period in which the underlying transaction impacts the Condensed Consolidated Statements of Operations. Other Derivatives Not Designated as Hedging Instruments We use foreign exchange forward contracts to hedge our market risk exposure associated with foreign currency exchange rate fluctuations for certain intercompany balances denominated in currencies other than the functional currency of the entity with the intercompany balance. The gain or loss on the derivative financial instruments that represent economic hedges, as well as the remeasurement impact of the underlying intercompany balances, is recorded in operating expenses on the Condensed Consolidated Statements of Operations in the same period and generally offset each other. Outstanding Notional Amounts We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) July 31, January 30, August 1, Derivatives designated as cash flow hedges $ 673 $ 508 $ 214 Derivatives not designated as hedging instruments 733 811 727 Total $ 1,406 $ 1,319 $ 941 Quantitative Disclosures about Derivative Financial Instruments The fair values of foreign exchange forward contracts are as follows: ($ in millions) July 31, January 30, August 1, Derivatives designated as cash flow hedges: Other current assets $ 3 $ — $ 3 Accrued expenses and other current liabilities 10 12 1 Other long-term liabilities 1 — — Derivatives not designated as hedging instruments: Other current assets 6 5 3 Accrued expenses and other current liabilities 5 9 18 Total derivatives in an asset position $ 9 $ 5 $ 6 Total derivatives in a liability position $ 16 $ 21 $ 19 The majority of the unrealized gains and losses from designated cash flow hedges as of July 31, 2021 will be recognized into net income within the next twelve months at the then-current values, which may differ from the fair values as of July 31, 2021 shown above. Our foreign exchange forward contracts are subject to master netting arrangements with each of our counterparties and such arrangements are enforceable in the event of default or early termination of the contract. We do not elect to offset the fair values of our derivative financial instruments on the Condensed Consolidated Balance Sheets, and as such, the fair values shown above represent gross amounts. The amounts subject to enforceable master netting arrangements were not material for all periods presented. See Note 4 of Notes to Condensed Consolidated Financial Statements for disclosures on the fair value measurements of our derivative financial instruments. The pre-tax amounts recognized in net income (loss) related to derivative instruments are as follows: Location and Amount of (Gain) Loss 13 Weeks Ended 13 Weeks Ended ($ 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 $ 2,388 $ 1,414 $ 2,126 $ 1,076 (Gain) loss recognized in net income (loss) Derivatives designated as cash flow hedges 6 — (7) — Derivatives not designated as hedging instruments — (6) — 32 Total (gain) loss recognized in net income (loss) $ 6 $ (6) $ (7) $ 32 Location and Amount of (Gain) Loss 26 Weeks Ended 26 Weeks Ended ($ 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 $ 4,749 $ 2,804 $ 3,965 $ 2,588 (Gain) loss recognized in net income (loss) Derivatives designated as cash flow hedges 9 — (11) — Derivatives not designated as hedging instruments — 5 — (11) Total (gain) loss recognized in net income (loss) $ 9 $ 5 $ (11) $ (11)

Share Repurchases

Share Repurchases	6 Months Ended
	Jul. 31, 2021
Disclosure Share Repurchase Activity [Abstract]
Share Repurchases	Share Repurchases Share repurchase activity is as follows: 13 Weeks Ended 26 Weeks Ended ($ and shares in millions except average per share cost) July 31, August 1, July 31, August 1, Number of shares repurchased (1) 1.8 — 1.8 — Total cost $ 55 $ — $ 55 $ — Average per share cost including commissions $ 31.55 $ — $ 31.55 $ — _________ (1) Excludes shares withheld to settle employee statutory tax withholding related to the vesting of stock units. In February 2019, the Board of Directors approved a $1.0 billion share repurchase authorization (the "February 2019 repurchase program"). The February 2019 repurchase program had $745 million remaining as of July 31, 2021. All of the share repurchases were paid for as of July 31, 2021. All common stock repurchased is immediately retired.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings (Loss) Per Share Weighted-average number of shares used for earnings (loss) per share is as follows: 13 Weeks Ended 26 Weeks Ended (shares in millions) July 31, August 1, July 31, August 1, Weighted-average number of shares - basic 378 374 377 373 Common stock equivalents (1) 8 — 8 — Weighted-average number of shares - diluted 386 374 385 373 __________ (1) For the thirteen and twenty-six weeks ended August 1, 2020, the dilutive impact of outstanding options and awards was excluded from dilutive shares as a result of the Company’s net loss for the respective periods.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are a party to a variety of contractual agreements under which we may be obligated to indemnify the other party for certain matters. These contracts primarily relate to our commercial contracts, operating leases, trademarks, intellectual property, financial agreements, and various other agreements. Under these contracts, we may provide certain routine indemnifications relating to representations and warranties (e.g., ownership of assets, environmental or tax indemnifications), or personal injury matters. The terms of these indemnifications range in duration and may not be explicitly defined. Generally, the maximum obligation under such indemnifications is not explicitly stated, and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our Condensed Consolidated Financial Statements taken as a whole. As a multinational company, we are subject to various proceedings, lawsuits, disputes, and claims ("Actions") arising in the ordinary course of our business. Many of these Actions raise complex factual and legal issues and are subject to uncertainties. As of July 31, 2021, Actions filed against us included commercial, intellectual property, customer, employment, and data privacy claims, including class action lawsuits. The plaintiffs in some Actions seek unspecified damages or injunctive relief, or both. Actions are in various procedural stages and some are covered in part by insurance. As of July 31, 2021, January 30, 2021, and August 1, 2020, we recorded a liability for an estimated loss if the outcome of an Action is expected to result in a loss that is considered probable and reasonably estimable. The liability recorded was not material for any individual Action or in total for all periods presented. Subsequent to July 31, 2021, and through the filing date of this Quarterly Report on Form 10-Q, no information has become available that indicates a change is required that would be material to our Condensed Consolidated Financial Statements taken as a whole. We cannot predict with assurance the outcome of Actions brought against us. However, we do not believe that the outcome of any current Action would have a material effect on our Condensed Consolidated Financial Statements taken as a whole.

Segment Information

Segment Information	6 Months Ended
	Jul. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information We identify our operating segments according to how our business activities are managed and evaluated. As of July 31, 2021, our operating segments included: Old Navy Global, Gap Global, Banana Republic Global, and Athleta. Each operating segment has a brand president who is responsible for various geographies and channels. Each of our brands serves customer demand through stores and online channels, leveraging our omni-channel capabilities that allow customers to shop seamlessly across all of our brands. We have determined that each of our operating segments share similar economic and other qualitative characteristics, and therefore the results of our operating segments are aggregated into one reportable segment as of July 31, 2021. We continually monitor and review our segment reporting structure in accordance with authoritative guidance to determine whether any changes have occurred that would impact our reportable segments. See Note 2 of Notes to Condensed Consolidated Financial Statements for disaggregation of revenue for stores and online and by brand and region.

Divestitures

Divestitures	6 Months Ended
	Jul. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued Operations, Disclosure	Note 11. Divestitures The Company completed the sale of its Janie and Jack and Intermix brands during the twenty-six weeks ended July 31, 2021. The sale of Janie and Jack was completed on April 8, 2021 and the sale of Intermix was completed on May 21, 2021. As a result of these transactions, the Company recognized a pre-tax loss of $59 million within operating expenses on the Condensed Consolidated Statements of Operations for the twenty-six weeks ended July 31, 2021.

Accounting Policies (Tables)

Accounting Policies (Tables)	6 Months Ended
	Jul. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	As of July 31, 2021, restricted cash primarily included consideration that serves as collateral for our insurance obligations. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our Condensed Consolidated Balance Sheets to the total shown on our Condensed Consolidated Statements of Cash Flows: ($ in millions) July 31, January 30, August 1, Cash and cash equivalents, per Condensed Consolidated Balance Sheets $ 2,375 $ 1,988 $ 2,188 Restricted cash included in other current assets — 4 33 Restricted cash included in other long-term assets 32 24 20 Total cash, cash equivalents, and restricted cash, per Condensed Consolidated Statements of Cash Flows $ 2,407 $ 2,016 $ 2,241

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue [Table Text Block]	Net sales disaggregated for stores and online sales are as follows: 13 Weeks Ended 26 Weeks Ended ($ in millions) July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Store sales (1) $ 2,828 $ 1,642 $ 5,212 $ 2,750 Online sales (2) 1,383 1,633 2,990 2,632 Total net sales $ 4,211 $ 3,275 $ 8,202 $ 5,382 __________ (1) Store sales primarily include sales made at our Company-operated stores and franchise sales. (2) Online sales primarily include sales originating from our online channel including those that are picked up or shipped from stores.
Net Sales by Brand and Region	Net sales disaggregated by brand and region are as follows: ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 13 Weeks Ended July 31, 2021 U.S. (1) $ 2,177 $ 615 $ 428 $ 340 $ 11 $ 3,571 Canada 191 79 43 — — 313 Europe — 116 1 1 — 118 Asia — 135 19 — — 154 Other regions 22 29 4 — — 55 Total $ 2,390 $ 974 $ 495 $ 341 $ 11 $ 4,211 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 13 Weeks Ended August 1, 2020 U.S. (1) $ 1,726 $ 473 $ 236 $ 267 $ 61 $ 2,763 Canada 145 63 27 — — 235 Europe — 70 2 — — 72 Asia 2 158 14 — — 174 Other regions 8 19 4 — — 31 Total $ 1,881 $ 783 $ 283 $ 267 $ 61 $ 3,275 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 26 Weeks Ended July 31, 2021 U.S. (1) $ 4,276 $ 1,171 $ 761 $ 687 $ 100 $ 6,995 Canada 350 147 77 — — 574 Europe — 185 4 1 — 190 Asia 1 298 35 — — 334 Other regions 43 59 7 — — 109 Total $ 4,670 $ 1,860 $ 884 $ 688 $ 100 $ 8,202 ($ in millions) Old Navy Global Gap Global Banana Republic Global Athleta (2) Other (3) Total 26 Weeks Ended August 1, 2020 U.S. (1) $ 2,675 $ 784 $ 481 $ 472 $ 112 $ 4,524 Canada 222 97 51 — — 370 Europe — 124 5 — — 129 Asia 3 266 26 — — 295 Other regions 19 36 9 — — 64 Total $ 2,919 $ 1,307 $ 572 $ 472 $ 112 $ 5,382 __________ (1) U.S. includes the United States, Puerto Rico, and Guam. (2) Previously, net sales for the Athleta brand were grouped within the "Other" column. Beginning in fiscal 2021, we have made a change for all periods presented to break out Athleta net sales into its own column. (3) The "Other" column primarily consists of net sales for the Intermix and Janie and Jack brands, as well as sales from the business-to-business program. The sale of Janie and Jack was completed on April 8, 2021. The sale of Intermix was completed on May 21, 2021. Net sales for the thirteen and twenty-six weeks ended August 1, 2020 also included net sales for the Hill City brand, which was closed in January 2021.

Debt and Credit Facilities Long

Debt and Credit Facilities Long Term Debt (Tables)	6 Months Ended
	Jul. 31, 2021
Debt Disclosure [Abstract]
Long Term Debt	Long-term debt recorded on the Condensed Consolidated Balance Sheets consists of the following: ($ in millions) July 31, January 30, August 1, 2023 Notes 500 500 500 2025 Notes 750 750 750 2027 Notes 1,000 1,000 1,000 Less: Unamortized debt issuance costs (30) (34) (38) Total long-term debt $ 2,220 $ 2,216 $ 2,212
Schedule of Maturities of Long-term Debt [Table Text Block]	The scheduled maturity of the Notes is as follows: Scheduled Maturity ($ in millions) Principal Interest Rate Interest Payments Senior Secured Notes (1) May 15, 2023 $ 500 8.375 % Semi-Annual May 15, 2025 750 8.625 % Semi-Annual May 15, 2027 1,000 8.875 % Semi-Annual Total issuance $ 2,250 __________ (1) Includes an option to call the Notes in whole or in part at any time, subject to a make-whole premium.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 31, 2021
Fair Value Disclosures [Abstract]
Financial Assets And Liabilities Measured At Fair Value On Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis and cash equivalents are as follows: Fair Value Measurements at Reporting Date Using ($ in millions) July 31, 2021 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 476 $ 1 $ 475 $ — Short-term investments 337 304 33 — Derivative financial instruments 9 — 9 — Deferred compensation plan assets 51 51 — — Other assets 4 — — 4 Total $ 877 $ 356 $ 517 $ 4 Liabilities: Derivative financial instruments $ 16 $ — $ 16 $ — Fair Value Measurements at Reporting Date Using ($ in millions) January 30, 2021 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 375 $ 25 $ 350 $ — Short-term investments 410 342 68 — Derivative financial instruments 5 — 5 — Deferred compensation plan assets 43 43 — — Other assets 2 — — 2 Total $ 835 $ 410 $ 423 $ 2 Liabilities: Derivative financial instruments $ 21 $ — $ 21 $ — Fair Value Measurements at Reporting Date Using ($ in millions) August 1, 2020 Quoted Prices in Significant Other Significant Assets: Cash equivalents $ 368 $ — $ 368 $ — Short-term investments 25 — 25 — Derivative financial instruments 6 — 6 — Deferred compensation plan assets 46 46 — — Other assets 2 — — 2 Total $ 447 $ 46 $ 399 $ 2 Liabilities: Derivative financial instruments $ 19 $ — $ 19 $ —

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jul. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Foreign Exchange Forward Contracts Outstanding	We had foreign exchange forward contracts outstanding in the following notional amounts: ($ in millions) July 31, January 30, August 1, Derivatives designated as cash flow hedges $ 673 $ 508 $ 214 Derivatives not designated as hedging instruments 733 811 727 Total $ 1,406 $ 1,319 $ 941
Fair Values of Asset and Liability Derivative Financial Instruments	The fair values of foreign exchange forward contracts are as follows: ($ in millions) July 31, January 30, August 1, Derivatives designated as cash flow hedges: Other current assets $ 3 $ — $ 3 Accrued expenses and other current liabilities 10 12 1 Other long-term liabilities 1 — — Derivatives not designated as hedging instruments: Other current assets 6 5 3 Accrued expenses and other current liabilities 5 9 18 Total derivatives in an asset position $ 9 $ 5 $ 6 Total derivatives in a liability position $ 16 $ 21 $ 19
Effects of Derivative Financial Instruments on OCI and Condensed Consolidated Statements of Income	The pre-tax amounts recognized in net income (loss) related to derivative instruments are as follows: Location and Amount of (Gain) Loss 13 Weeks Ended 13 Weeks Ended ($ 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 $ 2,388 $ 1,414 $ 2,126 $ 1,076 (Gain) loss recognized in net income (loss) Derivatives designated as cash flow hedges 6 — (7) — Derivatives not designated as hedging instruments — (6) — 32 Total (gain) loss recognized in net income (loss) $ 6 $ (6) $ (7) $ 32 Location and Amount of (Gain) Loss 26 Weeks Ended 26 Weeks Ended ($ 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 $ 4,749 $ 2,804 $ 3,965 $ 2,588 (Gain) loss recognized in net income (loss) Derivatives designated as cash flow hedges 9 — (11) — Derivatives not designated as hedging instruments — 5 — (11) Total (gain) loss recognized in net income (loss) $ 9 $ 5 $ (11) $ (11)

Share Repurchases (Tables)

Share Repurchases (Tables)	6 Months Ended
	Jul. 31, 2021
Disclosure Share Repurchase Activity [Abstract]
Share Repurchase Activity	13 Weeks Ended 26 Weeks Ended ($ and shares in millions except average per share cost) July 31, August 1, July 31, August 1, Number of shares repurchased (1) 1.8 — 1.8 — Total cost $ 55 $ — $ 55 $ — Average per share cost including commissions $ 31.55 $ — $ 31.55 $ —

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jul. 31, 2021
Earnings Per Share [Abstract]
Weighted-Average Number of Shares	Weighted-average number of shares used for earnings (loss) per share is as follows: 13 Weeks Ended 26 Weeks Ended (shares in millions) July 31, August 1, July 31, August 1, Weighted-average number of shares - basic 378 374 377 373 Common stock equivalents (1) 8 — 8 — Weighted-average number of shares - diluted 386 374 385 373 __________ (1) For the thirteen and twenty-six weeks ended August 1, 2020, the dilutive impact of outstanding options and awards was excluded from dilutive shares as a result of the Company’s net loss for the respective periods.

Accounting Policies Supplementa

Accounting Policies Supplemental Cash Flow Disclosures (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020	Feb. 01, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 2,375	$ 1,988	$ 2,188
Restricted Cash, Current	0	4	33
Restricted Cash, Noncurrent	32	24	20
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents end of period	2,407	2,016	2,241	$ 1,381
Reconciliation of Cash Flow Cash, Cash Equiv. and Restricted Cash to Balance Sheet
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	2,375	1,988	2,188
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents end of period	$ 2,407	$ 2,016	$ 2,241

Accounting Policies Covid-19 (D

Accounting Policies Covid-19 (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jul. 31, 2021USD ($)	Jul. 31, 2021USD ($)
Accounting Policies [Abstract]
Debt Instrument, Face Amount	$ 2,250	$ 2,250
Impact of lease practical expedient COVID19	$ 0	$ 0

Revenue Disaggregation (Details

Revenue Disaggregation (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Disaggregation of Revenue
Revenues		$ 4,211	$ 3,275	$ 8,202	$ 5,382
Store Sales
Disaggregation of Revenue
Revenues	[1]	2,828	1,642	5,212	2,750
Online Sales
Disaggregation of Revenue
Revenues		$ 1,383	$ 1,633	$ 2,990	$ 2,632
[1]	Store sales primarily include sales made at our Company-operated stores and franchise sales.

Net Sales by Brand and Region (

Net Sales by Brand and Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	$ 4,211	$ 3,275	$ 8,202	$ 5,382
Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	2,390	1,881	4,670	2,919
Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	974	783	1,860	1,307
Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	495	283	884	572
Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	341	267	688	472
Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	11	61	100	112
U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	3,571	2,763	6,995	4,524
U.S. | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	2,177	1,726	4,276	2,675
U.S. | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	615	473	1,171	784
U.S. | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	428	236	761	481
U.S. | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	340	267	687	472
U.S. | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	11	61	100	112
Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	313	235	574	370
Canada | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	191	145	350	222
Canada | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	79	63	147	97
Canada | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	43	27	77	51
Canada | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	0	0	0
Canada | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	0	0	0
Europe
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	118	72	190	129
Europe | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	0	0	0
Europe | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	116	70	185	124
Europe | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	1	2	4	5
Europe | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	1	0	1	0
Europe | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	0	0	0
Asia
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	154	174	334	295
Asia | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	2	1	3
Asia | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	135	158	298	266
Asia | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	19	14	35	26
Asia | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	0	0	0
Asia | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	0	0	0
Other Regions
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	55	31	109	64
Other Regions | Old Navy
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	22	8	43	19
Other Regions | Gap
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	29	19	59	36
Other Regions | Banana Republic [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	4	4	7	9
Other Regions | Athleta [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	0	0	0	0
Other Regions | Other entities [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Net Sales	$ 0	$ 0	$ 0	$ 0

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	May 01, 2021	Jan. 30, 2021	May 02, 2020	Feb. 01, 2020
Revenue from Contract with Customer [Abstract]
Contract with Customer, Liability	$ 239	$ 189	$ 239	$ 189	$ 222	$ 231	$ 198	$ 226
Contract with Customer, Liability, Revenue Recognized	81	$ 63	125	$ 118
Liabilities, Other than Long-term Debt, Noncurrent	$ 50		$ 50

Debt and Credit Facilities Lo_2

Debt and Credit Facilities Long Term Debt (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Debt Instrument [Line Items]
Notes	$ 2,220	$ 2,216	$ 2,212
Total long-term debt	2,220	2,216	2,212
Unamortized Debt Issuance Expense	(30)	(34)	(38)
2023 Notes [Member]
Debt Instrument [Line Items]
Notes	500	500	500
2025 Notes [Member]
Debt Instrument [Line Items]
Notes	750	750	750
2027 Notes [Member]
Debt Instrument [Line Items]
Notes	$ 1,000	$ 1,000	$ 1,000

Debt and Credit Facilities Sche

Debt and Credit Facilities Scheduled Maturity of Notes (Details) $ in Millions	6 Months Ended
	Jul. 31, 2021USD ($)
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 2,250
2027 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,000
Debt Instrument, Interest Rate, Stated Percentage	8.875%
Debt Instrument, Payment Terms	Semi-Annual
2025 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750
Debt Instrument, Interest Rate, Stated Percentage	8.625%
Debt Instrument, Payment Terms	Semi-Annual
2023 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500
Debt Instrument, Interest Rate, Stated Percentage	8.375%
Debt Instrument, Payment Terms	Semi-Annual

Debt and Credit Facilities - Ad

Debt and Credit Facilities - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 2,250,000,000		$ 2,250,000,000
Gain (Loss) on Extinguishment of Debt	0	$ 58,000,000	0	$ 58,000,000
Estimated fair value	2,530,000,000		2,530,000,000
2023 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 500,000,000		$ 500,000,000
Debt Instrument, Interest Rate, Stated Percentage	8.375%		8.375%
2025 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 750,000,000		$ 750,000,000
Debt Instrument, Interest Rate, Stated Percentage	8.625%		8.625%
2027 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount	$ 1,000,000,000		$ 1,000,000,000
Debt Instrument, Interest Rate, Stated Percentage	8.875%		8.875%
ABL Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum borrowing capacity	$ 1,867,500,000		$ 1,867,500,000
Unsecured committed letter of credit amount	52,000,000		52,000,000
Borrowings	0		0
2021 Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		$ 1,250,000,000		$ 1,250,000,000
Debt Instrument, Interest Rate, Stated Percentage		5.95%		5.95%
Foreign Facilities [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Maximum borrowing capacity	49,000,000		49,000,000
Borrowings	0		0
Bank guarantees related to store leases	10,000,000		10,000,000
Standby Letters of Credit [Member]
Debt Instrument [Line Items]
Unsecured committed letter of credit amount	$ 0		$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Assets:
Cash equivalents	$ 476,000,000	$ 368,000,000	$ 476,000,000	$ 368,000,000	$ 375,000,000
Available-for-Sale Securities	337,000,000	25,000,000	337,000,000	25,000,000	410,000,000
Derivative financial instruments	9,000,000	6,000,000	9,000,000	6,000,000	5,000,000
Deferred compensation plan assets	51,000,000	46,000,000	51,000,000	46,000,000	43,000,000
Debt Securities, Available-for-sale	4,000,000	2,000,000	4,000,000	2,000,000	2,000,000
Total	877,000,000	447,000,000	877,000,000	447,000,000	835,000,000
Liabilities:
Derivative financial instruments	16,000,000	19,000,000	16,000,000	19,000,000	21,000,000
Purchases, sales, issuances, or settlements related to recurring level 3 measurements	0	0	0	0
Fair Value Asset Level 3 Transfer Amount	0	0	0	0
Transfers into or out of level 1	0	0	0	0
Transfers into or out of level 2	0	0	0	0
Available-for-sale Securities, Current	337,000,000	25,000,000	337,000,000	25,000,000	410,000,000
Cash and Cash Equivalents, Fair Value Disclosure	363,000,000	0	363,000,000	0	90,000,000
Total Impairment Charges	0	0
Goodwill, Impairment Loss	0	0	0	0
Other indefinite-lived intangible assets impairment charges	0	0	0	0
Fair Value, Inputs, Level 1 [Member]
Assets:
Cash equivalents	1,000,000		1,000,000		25,000,000
Available-for-Sale Securities	304,000,000	0	304,000,000	0	342,000,000
Derivative financial instruments	0	0	0	0	0
Deferred compensation plan assets	51,000,000	46,000,000	51,000,000	46,000,000	43,000,000
Debt Securities, Available-for-sale	0	0	0	0	0
Total	356,000,000	46,000,000	356,000,000	46,000,000	410,000,000
Liabilities:
Derivative financial instruments	0	0	0	0	0
Fair Value, Inputs, Level 2 [Member]
Assets:
Cash equivalents	475,000,000	368,000,000	475,000,000	368,000,000	350,000,000
Available-for-Sale Securities	33,000,000	25,000,000	33,000,000	25,000,000	68,000,000
Derivative financial instruments	9,000,000	6,000,000	9,000,000	6,000,000	5,000,000
Deferred compensation plan assets	0	0	0	0	0
Debt Securities, Available-for-sale	0	0	0	0	0
Total	517,000,000	399,000,000	517,000,000	399,000,000	423,000,000
Liabilities:
Derivative financial instruments	16,000,000	19,000,000	16,000,000	19,000,000	21,000,000
Fair Value, Inputs, Level 3 [Member]
Assets:
Cash equivalents	0	0	0	0	0
Available-for-Sale Securities	0	0	0	0	0
Derivative financial instruments	0	0	0	0	0
Deferred compensation plan assets	0	0	0	0	0
Debt Securities, Available-for-sale	4,000,000	2,000,000	4,000,000	2,000,000	2,000,000
Total	4,000,000	2,000,000	4,000,000	2,000,000	2,000,000
Liabilities:
Derivative financial instruments	$ 0	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other Asset Impairment Charges			$ 1,000,000	$ 127,000,000
Other indefinite-lived intangible assets impairment charges	$ 0	$ 0	0	0
Transfers into or out of level 2	0	0	0	0
Fair Value Asset Level 3 Transfer Amount	0	0	0	0
Transfers into or out of level 1	0	0	0	0
Purchases, sales, issuances, or settlements related to recurring level 3 measurements	0	0	0	0
Available-for-sale Securities, Current	337,000,000	25,000,000	337,000,000	25,000,000	$ 410,000,000
Cash and Cash Equivalents, Fair Value Disclosure	363,000,000	0	363,000,000	0	$ 90,000,000
Debt Securities, Available-for-sale, Unrealized Gain (Loss)	0	0	0	0
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale	0	0	0	0
Total Impairment Charges	$ 0	$ 0
Store Assets [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Impairment Charges			$ 0	$ 127,000,000

Fair Value Measurements Long Li

Fair Value Measurements Long Lived Assets Impairments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Long Lived Assets [Line Items]
Goodwill, Impairment Loss	$ 0	$ 0	$ 0	$ 0
Total Impairment Charges	0	0
Other indefinite-lived intangible assets impairment charges	0	0	0	0
Store Assets [Member]
Long Lived Assets [Line Items]
Total Impairment Charges			0	127
Long Lived Asset Carrying Value		131		131
Impaired Asset at Fair Value		4		4
Operating lease Impairment [Member]
Long Lived Assets [Line Items]
Total Impairment Charges			6	361
Long Lived Asset Carrying Value	16	1,369	16	1,369
Impaired Asset at Fair Value	$ 10	$ 1,008	$ 10	$ 1,008

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate, Percent	28.10%	51.20%	(22.30%)	(23.50%)

Derivative Financial Instrume_3

Derivative Financial Instruments - Foreign Exchange Contracts Outstanding to Sell Various Currencies (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Derivative [Line Items]
Derivative, Notional Amount	$ 1,406	$ 1,319	$ 941
Derivatives in cash flow hedging relationships
Derivative [Line Items]
Derivative, Notional Amount	673	508	214
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, Notional Amount	$ 733	$ 811	$ 727

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Values of Asset and Liability Derivative Financial Instruments (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	$ 9	$ 5	$ 6
Derivative financial instruments, liabilities	16	21	19
Foreign Exchange Forward Contract
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	9	5	6
Derivative financial instruments, liabilities	16	21	19
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	3	0	3
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	10	12	1
Derivatives in cash flow hedging relationships | Foreign Exchange Forward Contract | Lease Incentive And Other Long Term Liabilities [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	1	0	0
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, assets	6	5	3
Not Designated as Hedging Instrument | Foreign Exchange Forward Contract | Accrued Liabilities Current [Member]
Derivatives, Fair Value [Line Items]
Derivative financial instruments, liabilities	$ 5	$ 9	$ 18

Derivative Financial Instrume_5

Derivative Financial Instruments - Effects Of Derivative Financial Instruments On OCI And Condensed Consolidated Statements Of Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Derivative Instruments, (Gain) Loss [Line Items]
Cost of goods sold and occupancy expenses	$ 2,388	$ 2,126	$ 4,749	$ 3,965
Operating Expenses	1,414	1,076	2,804	2,588
Cost of Goods Sold and Occupancy Expense
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	6	(7)	9	(11)
Operating Expenses [Member]
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	(6)	32	5	(11)
Foreign Exchange Forward Contract | Cost of Goods Sold and Occupancy Expense | Not Designated as Hedging Instrument
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	0	0	0	0
Foreign Exchange Forward Contract | Cost of Goods Sold and Occupancy Expense | Derivatives in cash flow hedging relationships
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	6	(7)	9	(11)
Foreign Exchange Forward Contract | Operating Expenses [Member] | Not Designated as Hedging Instrument
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	(6)	32	5	(11)
Foreign Exchange Forward Contract | Operating Expenses [Member] | Derivatives in cash flow hedging relationships
Derivative Instruments, (Gain) Loss [Line Items]
(Gain) loss reclassified from accumulated OCI into income, effective portion, net	$ 0	$ 0	$ 0	$ 0

Derivative Financial Instrume_6

Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Derivative [Line Items]
Amounts Subject to Enforceable Master Netting Arrangements	$ 0	$ 0	$ 0

Share Repurchase Activity (Deta

Share Repurchase Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Feb. 26, 2019
Disclosure Share Repurchase Activity [Abstract]
Number of shares repurchased	1.8	0	1.8	0
Total cost	$ 55	$ 0	$ 55	$ 0
Average per share cost including commissions (in dollars per share)	$ 31.55	$ 0	$ 31.55	$ 0
Stock Repurchase Program, Authorized Amount					$ 1,000
Share repurchases, remaining amount	$ 745		$ 745

Earnings (Loss) Per Share - Wei

Earnings (Loss) Per Share - Weighted Average Number of Shares (Details) - shares shares in Millions		3 Months Ended		6 Months Ended
		Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Weighted-average number of shares - basic (in shares)		378	374	377	373
Common stock equivalents (in shares)	[1]	8	0	8	0
Weighted-average number of shares - diluted (in shares)		386	374	385	373
[1]	For the thirteen and twenty-six weeks ended August 1, 2020, the dilutive impact of outstanding options and awards was excluded from dilutive shares as a result of the Company’s net loss for the respective periods.

Earnings (Loss) Per Share - Add

Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Shares excluded from the computations of weighted-average number of shares - diluted	3	16	3	15

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Commitments and Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss	$ 0	$ 0	$ 0

Segment Information - Additiona

Segment Information - Additional Information (Details)	6 Months Ended
	Jul. 31, 2021Segment
Segment Reporting [Abstract]
Number of reportable segments (in segments)	1

Divestitures - Additional Infor

Divestitures - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Discontinued Operations and Disposal Groups [Abstract]
Gain (Loss) on Disposition of Business	$ 59	$ 0