Target (TGT) 10-Q 24 Nov 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Oct. 30, 2021	Nov. 19, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 30, 2021
Document Transition Report	false
Entity File Number	1-6049
Entity Registrant Name	TARGET CORP
Entity Incorporation, State or Country Code	MN
Entity Tax Identification Number	41-0215170
Entity Address, Address Line One	1000 Nicollet Mall
Entity Address, City or Town	Minneapolis
Entity Address, State or Province	MN
Entity Address, Postal Zip Code	55403
City Area Code	612
Local Phone Number	304-6073
Title of 12(b) Security	Common stock, par value $0.0833 per share
Trading Symbol	TGT
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 (in shares)		479,123,918
Entity Central Index Key	0000027419
Amendment Flag	false
Current Fiscal Year End Date	--01-29
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Revenue	$ 25,652	$ 22,632	$ 75,009	$ 65,222
Selling, general and administrative expenses	4,859	4,647	14,217	13,167
Depreciation and amortization (exclusive of depreciation included in cost of sales)	577	541	1,739	1,660
Operating income	2,010	1,935	6,851	4,703
Net interest expense	105	632	317	871
Net other (income) / expense	(6)	5	(356)	16
Earnings before income taxes	1,911	1,298	6,890	3,816
Provision for income taxes	423	284	1,488	828
Net earnings	$ 1,488	$ 1,014	$ 5,402	$ 2,988
Basic earnings per share (in dollars per share)	$ 3.07	$ 2.02	$ 10.97	$ 5.97
Diluted earnings per share (in dollars per share)	$ 3.04	$ 2.01	$ 10.87	$ 5.91
Weighted average common shares outstanding
Basic (in shares)	484.8	500.6	492.2	500.6
Diluted (in shares)	489.4	505.4	496.8	505.2
Antidilutive shares (in shares)	0	0	0	0
Sales
Revenue	$ 25,290	$ 22,336	$ 73,995	$ 64,403
Cost of sales	18,206	15,509	52,202	45,692
Other revenue
Revenue	$ 362	$ 296	$ 1,014	$ 819

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,488	$ 1,014	$ 5,402	$ 2,988
Other comprehensive income, net of tax
Pension benefit liabilities	21	22	63	66
Currency translation adjustment and cash flow hedges	5	14	6	5
Other comprehensive income	26	36	69	71
Comprehensive income	$ 1,514	$ 1,050	$ 5,471	$ 3,059

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Assets
Cash and cash equivalents	$ 5,753	$ 8,511	$ 5,996
Inventory	14,958	10,653	12,712
Other current assets	1,865	1,592	1,601
Total current assets	22,576	20,756	20,309
Property and equipment
Land	6,146	6,141	6,063
Buildings and improvements	32,478	31,557	31,398
Fixtures and equipment	6,144	5,914	5,843
Computer hardware and software	2,447	2,765	2,706
Construction-in-progress	1,302	780	518
Accumulated depreciation	(20,602)	(20,278)	(19,755)
Property and equipment, net	27,915	26,879	26,773
Operating lease assets	2,539	2,227	2,208
Other noncurrent assets	1,381	1,386	1,371
Total assets	54,411	51,248	50,661
Liabilities and shareholders’ investment
Accounts payable	16,250	12,859	14,203
Accrued and other current liabilities	5,925	6,122	5,023
Current portion of long-term debt and other borrowings	1,176	1,144	131
Total current liabilities	23,351	20,125	19,357
Long-term debt and other borrowings	11,586	11,536	12,490
Noncurrent operating lease liabilities	2,494	2,218	2,196
Deferred income taxes	1,246	990	1,171
Other noncurrent liabilities	1,931	1,939	2,128
Total noncurrent liabilities	17,257	16,683	17,985
Shareholders’ investment
Common stock	40	42	42
Additional paid-in capital	6,381	6,329	6,285
Retained earnings	8,069	8,825	7,789
Accumulated other comprehensive loss	(687)	(756)	(797)
Total shareholders’ investment	13,803	14,440	13,319
Total liabilities and shareholders’ investment	$ 54,411	$ 51,248	$ 50,661

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - $ / shares	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	6,000,000,000	6,000,000,000	6,000,000,000
Common stock, par value (in dollars per share)	$ 0.0833	$ 0.0833	$ 0.0833
Common stock, shares issued (in shares)	480,905,493	500,877,129	500,754,729
Common stock, shares outstanding (in shares)	480,905,493	500,877,129	500,754,729
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020
Operating activities
Net earnings	$ 5,402	$ 2,988
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	1,952	1,848
Share-based compensation expense	187	161
Deferred income taxes	233	26
Gain on Dermstore sale	(335)	0
Loss on extinguishment of debt	0	512
Noncash losses / (gains) and other, net	18	124
Changes in operating accounts:
Inventory	(4,305)	(3,720)
Other assets	(117)	(174)
Accounts payable	3,284	4,287
Accrued and other liabilities	(722)	992
Cash provided by operating activities	5,597	7,044
Investing activities
Expenditures for property and equipment	(2,483)	(2,009)
Proceeds from disposal of property and equipment	23	27
Proceeds from Dermstore sale	356	0
Other investments	14	(3)
Cash required for investing activities	(2,090)	(1,985)
Financing activities
Additions to long-term debt	0	2,480
Reductions of long-term debt	(112)	(2,395)
Dividends paid	(1,116)	(1,002)
Repurchase of stock	(5,042)	(741)
Stock option exercises	5	18
Cash required for financing activities	(6,265)	(1,640)
Net (decrease) / increase in cash and cash equivalents	(2,758)	3,419
Cash and cash equivalents at beginning of period	8,511	2,577
Cash and cash equivalents at end of period	5,753	5,996
Supplemental information
Leased assets obtained in exchange for new finance lease liabilities	234	344
Leased assets obtained in exchange for new operating lease liabilities	$ 482	$ 186

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Investment - USD ($) $ in Millions	3 Months Ended							9 Months Ended
	Oct. 30, 2021	Jul. 31, 2021	May 01, 2021	Jan. 30, 2021	Oct. 31, 2020	Aug. 01, 2020	May 02, 2020	Oct. 30, 2021	Oct. 31, 2020
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)			500,877,129	500,754,729				500,877,129
Beginning balance	$ 14,860	$ 14,959	$ 14,440	$ 13,319	$ 12,578	$ 11,169	$ 11,833	$ 14,440	$ 11,833
Net earnings	1,488	1,817	2,097	1,380	1,014	1,690	284	5,402	2,988
Other comprehensive income	26	12	31	41	36	21	14	$ 69	$ 71
Dividends declared	$ (439)	(445)	(343)	(344)	$ (346)	(344)	(333)
Repurchase of stock (in shares)	(8,800,000)				0			(21,500,000)	(5,700,000)
Repurchase of stock	$ (2,181)	(1,544)	(1,208)				(609)
Stock options and awards	$ 49	61	(58)	$ 44	$ 37	42	(20)
Ending balance (in shares)	480,905,493			500,877,129	500,754,729			480,905,493	500,754,729
Ending balance	$ 13,803	$ 14,860	$ 14,959	$ 14,440	$ 13,319	$ 12,578	$ 11,169	$ 13,803	$ 13,319
Common Stock
Increase (Decrease) in Shareholders' Investment
Beginning balance (in shares)	489,700,000	496,100,000	500,900,000	500,800,000	500,300,000	499,900,000	504,200,000	500,900,000	504,200,000
Beginning balance	$ 41	$ 41	$ 42	$ 42	$ 42	$ 42	$ 42	$ 42	$ 42
Repurchase of stock (in shares)	(8,800,000)	(6,600,000)	(6,100,000)				(5,700,000)
Repurchase of stock	$ (1)		$ (1)
Stock options and awards (in shares)	0	200,000	1,300,000	100,000	500,000	400,000	1,400,000
Ending balance (in shares)	480,900,000	489,700,000	496,100,000	500,900,000	500,800,000	500,300,000	499,900,000	480,900,000	500,800,000
Ending balance	$ 40	$ 41	$ 41	$ 42	$ 42	$ 42	$ 42	$ 40	$ 42
Additional Paid-in Capital
Increase (Decrease) in Shareholders' Investment
Beginning balance	6,332	6,271	6,329	6,285	6,248	6,206	6,226	6,329	6,226
Stock options and awards	49	61	(58)	44	37	42	(20)
Ending balance	6,381	6,332	6,271	6,329	6,285	6,248	6,206	6,381	6,285
Retained Earnings
Increase (Decrease) in Shareholders' Investment
Beginning balance	9,200	9,372	8,825	7,789	7,121	5,775	6,433	8,825	6,433
Net earnings	1,488	1,817	2,097	1,380	1,014	1,690	284
Dividends declared	(439)	(445)	(343)	(344)	(346)	(344)	(333)
Repurchase of stock	(2,180)	(1,544)	(1,207)				(609)
Ending balance	8,069	9,200	9,372	8,825	7,789	7,121	5,775	8,069	7,789
Accumulated Other Comprehensive (Loss)/Income
Increase (Decrease) in Shareholders' Investment
Beginning balance	(713)	(725)	(756)	(797)	(833)	(854)	(868)	(756)	(868)
Other comprehensive income	26	12	31	41	36	21	14
Ending balance	$ (687)	$ (713)	$ (725)	$ (756)	$ (797)	$ (833)	$ (854)	$ (687)	$ (797)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Investment (Parenthetical) - $ / shares	3 Months Ended		12 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Jan. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.90	$ 0.68	$ 2.70

Accounting Policies

Accounting Policies	9 Months Ended
	Oct. 30, 2021
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies These unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (U.S. GAAP) for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the financial statement disclosures in our 2020 Form 10-K. We use the same accounting policies in preparing quarterly and annual financial statements. We operate as a single segment that is designed to enable guests to purchase products seamlessly in stores or through our digital channels. Nearly all of our revenues are generated in the U.S. The vast majority of our long-lived assets are located within the U.S. Due to the seasonal nature of our business, quarterly revenues, expenses, earnings, and cash flows are not necessarily indicative of the results that may be expected for the full year.

Coronavirus (COVID-19)

Coronavirus (COVID-19)	9 Months Ended
	Oct. 30, 2021
Unusual or Infrequent Items, or Both [Abstract]
Coronavirus (COVID-19)	Coronavirus (COVID-19) The novel coronavirus (COVID-19) pandemic continues to evolve. In 2020, states and cities took various measures in response to COVID-19, including mandating the closure of certain businesses and encouraging or requiring citizens to avoid large gatherings. To date, virtually all of our stores, digital channels, and distribution centers have remained open. Since the onset of the COVID-19 pandemic, we have experienced strong comparable sales growth and significant volatility in our sales category and channel mix, including same-day fulfillment options. Note 4 presents sales by category. We have taken various actions, including accelerating purchases of certain merchandise in our core categories and, early in the pandemic, slowing or canceling purchase orders, primarily for Apparel and Accessories. As a result, during the quarter ended May 2, 2020, we recorded $216 million of purchase order cancellation fees in Cost of Sales.

Dermstore Sale

Dermstore Sale	9 Months Ended
	Oct. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]
Dermstore Sale	Dermstore SaleIn February 2021, we sold our wholly owned subsidiary Dermstore LLC (Dermstore) for $356 million in cash and recognized a $335 million pretax gain, which is included in Net Other (Income) / Expense. Dermstore has historically represented less than 1 percent of our consolidated revenues, operating income, and net assets.

Revenues

Revenues	9 Months Ended
	Oct. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenues	Revenues General merchandise sales represent the vast majority of our revenues. We also earn revenues from a variety of other sources, most notably credit card profit-sharing income from our arrangement with TD Bank Group (TD). Revenues Three Months Ended Nine Months Ended (millions) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Apparel and accessories (a) $ 4,364 $ 3,927 $ 13,384 $ 10,630 Beauty and household essentials (b) 6,980 6,103 20,070 18,172 Food and beverage (c) 5,074 4,397 14,617 13,158 Hardlines (d) 3,841 3,377 11,654 9,959 Home furnishings and décor (e) 4,989 4,506 14,147 12,395 Other 42 26 123 89 Sales 25,290 22,336 73,995 64,403 Credit card profit sharing 184 164 527 488 Other 178 132 487 331 Other revenue 362 296 1,014 819 Total revenue $ 25,652 $ 22,632 $ 75,009 $ 65,222 (a) Includes apparel for women, men, boys, girls, toddlers, infants and newborns, as well as jewelry, accessories, and shoes. (b) Includes beauty and personal care, baby gear, cleaning, paper products, and pet supplies. (c) Includes dry grocery, dairy, frozen food, beverages, candy, snacks, deli, bakery, meat, produce, and food service in our stores. (d) Includes electronics (including video game hardware and software), toys, entertainment, sporting goods, and luggage. (e) Includes furniture, lighting, storage, kitchenware, small appliances, home décor, bed and bath, home improvement, school and office supplies, greeting cards and party supplies, and other seasonal merchandise. Merchandise sales — We record almost all retail store revenues at the point of sale. Digitally originated sales may include shipping revenue and are recorded upon delivery to the guest or upon guest pickup at the store. Sales are recognized net of expected returns, which we estimate using historical return patterns. As of October 30, 2021, January 30, 2021, and October 31, 2020, the accrual for estimated returns was $210 million, $139 million, and $182 million, respectively. Revenue from Target gift card sales is recognized upon gift card redemption, which is typically within one year of issuance. Gift Card Liability Activity January 30, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability October 30, (millions) Gift card liability (a) $ 1,035 $ 502 $ (631) $ 906 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage. Credit card profit sharing — We receive payments under a credit card program agreement with TD. Under the agreement, we receive a percentage of the profits generated by the Target Credit Card and Target MasterCard receivables in exchange for performing account servicing and primary marketing functions. TD underwrites, funds, and owns Target Credit Card and Target MasterCard receivables, controls risk management policies, and oversees regulatory compliance.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value measurements are reported in one of three levels reflecting the valuation techniques used to determine fair value. Financial Instruments Measured On a Recurring Basis Fair Value (millions) Classification Pricing Category October 30, 2021 January 30, 2021 October 31, 2020 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 4,818 $ 7,644 $ 5,089 Prepaid forward contracts Other Current Assets Level 1 44 38 32 Equity securities Other Current Assets Level 1 — — 19 Interest rate swaps Other Current Assets Level 2 12 — — Interest rate swaps Other Noncurrent Assets Level 2 116 188 205 Liabilities Interest rate swaps Other Noncurrent Liabilities Level 2 — — 3 Significant Financial Instruments Not Measured at Fair Value (a) (millions) October 30, 2021 January 30, 2021 October 31, 2020 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 10,605 $ 12,300 $ 10,643 $ 12,787 $ 10,641 $ 12,787 (a) The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature. (b) The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.

Property and Equipment

Property and Equipment	9 Months Ended
	Oct. 30, 2021
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and EquipmentWe review long-lived assets for impairment when store performance expectations, events, or changes in circumstances—such as a decision to relocate or close a store, office, or distribution center, discontinue a project, or make significant software changes—indicate that the asset’s carrying value may not be recoverable. We recognized impairment charges of $3 million and $84 million during the three and nine months ended October 30, 2021, respectively. We recognized impairment charges of $2 million and $62 million during the three and nine months ended October 31, 2020, respectively. These impairment charges are included in Selling, General and Administrative Expenses (SG&A).

Commercial Paper and Long-Term

Commercial Paper and Long-Term Debt	9 Months Ended
	Oct. 30, 2021
Debt Disclosure [Abstract]
Commercial Paper and Long-Term Debt	Commercial Paper and Long-Term DebtIn October 2021, we obtained a committed $3.0 billion unsecured revolving credit facility that will expire in October 2026. This new facility replaced our $2.5 billion unsecured revolving credit facility that was set to expire in October 2023. No balances were outstanding under either credit facility at any time during 2021 or 2020.

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Oct. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments Our derivative instruments consist of interest rate swaps used to mitigate interest rate risk. As a result, we have counterparty credit exposure to large global financial institutions, which we monitor on an ongoing basis. Note 5 to the Consolidated Financial Statements provides the fair value and classification of these instruments. As of October 30, 2021, January 30, 2021, and October 31, 2020, we were party to interest rate swaps with notional amounts totaling $1.5 billion. We pay a floating rate and receive a fixed rate under each of these agreements. All of the agreements are designated as fair value hedges, and all were considered to be perfectly effective under the shortcut method during the three and nine months ended October 30, 2021, and October 31, 2020. As of October 30, 2021, we were party to forward-starting interest rate swaps with notional amounts totaling $1.25 billion. As of January 30, 2021, and October 31, 2020, we were party to forward-starting interest rate swaps with notional amounts totaling $250 million. We use these derivative financial instruments, which have been designated as cash flow hedges, to hedge the interest rate exposure of anticipated future debt issuances during the next three years. As of October 30, 2021, Accumulated Other Comprehensive Loss (AOCI) included a gain of $15 million that will be reclassified and reduce Net Interest Expense as we record interest expense on the associated debt. Effect of Hedges on Debt (millions) October 30, 2021 January 30, 2021 October 31, 2020 Long-term debt and other borrowings Carrying amount of hedged debt $ 1,609 $ 1,677 $ 1,696 Cumulative hedging adjustments, included in carrying amount 114 183 203 Effect of Hedges on Net Interest Expense Three Months Ended Nine Months Ended (millions) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swap designated as fair value hedges $ (40) $ (36) $ (69) $ 66 Hedged debt 40 36 69 (66) Total $ — $ — $ — $ —

Share Repurchase

Share Repurchase	9 Months Ended
	Oct. 30, 2021
Equity [Abstract]
Share Repurchase	Share Repurchase We periodically repurchase shares of our common stock under a board-authorized repurchase program through a combination of open market transactions, accelerated share repurchase arrangements, and other privately negotiated transactions with financial institutions. Share Repurchase Activity Three Months Ended Nine Months Ended (millions, except per share data) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Number of shares purchased 8.8 — 21.5 5.7 Average price paid per share $ 246.80 $ — $ 226.93 $ 107.58 Total investment $ 2,184 $ — $ 4,884 $ 609

Pension Benefits

Pension Benefits	9 Months Ended
	Oct. 30, 2021
Retirement Benefits [Abstract]
Pension Benefits	Pension Benefits We provide pension plan benefits to eligible team members. Net Pension Benefits Expense Three Months Ended Nine Months Ended (millions) Classification October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Service cost benefits earned SG&A $ 25 $ 25 $ 73 $ 76 Interest cost on projected benefit obligation Net Other (Income) / Expense 24 30 72 89 Expected return on assets Net Other (Income) / Expense (60) (61) (178) (182) Amortization of losses Net Other (Income) / Expense 28 32 85 96 Amortization of prior service cost Net Other (Income) / Expense 2 (3) 1 (9) Settlement charges Net Other (Income) / Expense — 1 — 1 Total $ 19 $ 24 $ 53 $ 71

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Oct. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Change in Accumulated Other Comprehensive Loss Cash Flow Currency Translation Adjustment Pension Total (millions) January 30, 2021 $ (3) $ (18) $ (735) $ (756) Other comprehensive income (loss) before reclassifications, net of tax 7 (1) — 6 Amounts reclassified from AOCI, net of tax — — 63 63 October 30, 2021 $ 4 $ (19) $ (672) $ (687)

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Oct. 30, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Revenue	Revenues Three Months Ended Nine Months Ended (millions) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Apparel and accessories (a) $ 4,364 $ 3,927 $ 13,384 $ 10,630 Beauty and household essentials (b) 6,980 6,103 20,070 18,172 Food and beverage (c) 5,074 4,397 14,617 13,158 Hardlines (d) 3,841 3,377 11,654 9,959 Home furnishings and décor (e) 4,989 4,506 14,147 12,395 Other 42 26 123 89 Sales 25,290 22,336 73,995 64,403 Credit card profit sharing 184 164 527 488 Other 178 132 487 331 Other revenue 362 296 1,014 819 Total revenue $ 25,652 $ 22,632 $ 75,009 $ 65,222 (a) Includes apparel for women, men, boys, girls, toddlers, infants and newborns, as well as jewelry, accessories, and shoes. (b) Includes beauty and personal care, baby gear, cleaning, paper products, and pet supplies. (c) Includes dry grocery, dairy, frozen food, beverages, candy, snacks, deli, bakery, meat, produce, and food service in our stores. (d) Includes electronics (including video game hardware and software), toys, entertainment, sporting goods, and luggage. (e) Includes furniture, lighting, storage, kitchenware, small appliances, home décor, bed and bath, home improvement, school and office supplies, greeting cards and party supplies, and other seasonal merchandise.
Schedule of Gift Card Liability	Gift Card Liability Activity January 30, Gift Cards Issued During Current Period But Not Redeemed (b) Revenue Recognized From Beginning Liability October 30, (millions) Gift card liability (a) $ 1,035 $ 502 $ (631) $ 906 (a) Included in Accrued and Other Current Liabilities. (b) Net of estimated breakage.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Measured On a Recurring Basis	Fair value measurements are reported in one of three levels reflecting the valuation techniques used to determine fair value. Financial Instruments Measured On a Recurring Basis Fair Value (millions) Classification Pricing Category October 30, 2021 January 30, 2021 October 31, 2020 Assets Short-term investments Cash and Cash Equivalents Level 1 $ 4,818 $ 7,644 $ 5,089 Prepaid forward contracts Other Current Assets Level 1 44 38 32 Equity securities Other Current Assets Level 1 — — 19 Interest rate swaps Other Current Assets Level 2 12 — — Interest rate swaps Other Noncurrent Assets Level 2 116 188 205 Liabilities Interest rate swaps Other Noncurrent Liabilities Level 2 — — 3
Schedule of Significant Financial Instruments Not Measured at Fair Value	Significant Financial Instruments Not Measured at Fair Value (a) (millions) October 30, 2021 January 30, 2021 October 31, 2020 Carrying Fair Carrying Fair Carrying Fair Long-term debt, including current portion (b) $ 10,605 $ 12,300 $ 10,643 $ 12,787 $ 10,641 $ 12,787 (a) The carrying amounts of certain other current assets, commercial paper, accounts payable, and certain accrued and other current liabilities approximate fair value due to their short-term nature. (b) The fair value of debt is generally measured using a discounted cash flow analysis based on current market interest rates for the same or similar types of financial instruments and would be classified as Level 2. These amounts exclude commercial paper, unamortized swap valuation adjustments, and lease liabilities.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Oct. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Effect of Hedges on Debt and Net Interest Expense	Effect of Hedges on Debt (millions) October 30, 2021 January 30, 2021 October 31, 2020 Long-term debt and other borrowings Carrying amount of hedged debt $ 1,609 $ 1,677 $ 1,696 Cumulative hedging adjustments, included in carrying amount 114 183 203 Effect of Hedges on Net Interest Expense Three Months Ended Nine Months Ended (millions) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Gain (loss) on fair value hedges recognized in Net Interest Expense Interest rate swap designated as fair value hedges $ (40) $ (36) $ (69) $ 66 Hedged debt 40 36 69 (66) Total $ — $ — $ — $ —

Share Repurchase (Tables)

Share Repurchase (Tables)	9 Months Ended
	Oct. 30, 2021
Equity [Abstract]
Schedule of Share Repurchase Activity (excluding ASR)	Share Repurchase Activity Three Months Ended Nine Months Ended (millions, except per share data) October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Number of shares purchased 8.8 — 21.5 5.7 Average price paid per share $ 246.80 $ — $ 226.93 $ 107.58 Total investment $ 2,184 $ — $ 4,884 $ 609

Pension Benefits (Tables)

Pension Benefits (Tables)	9 Months Ended
	Oct. 30, 2021
Retirement Benefits [Abstract]
Schedule of Pension Plan Benefits	Net Pension Benefits Expense Three Months Ended Nine Months Ended (millions) Classification October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020 Service cost benefits earned SG&A $ 25 $ 25 $ 73 $ 76 Interest cost on projected benefit obligation Net Other (Income) / Expense 24 30 72 89 Expected return on assets Net Other (Income) / Expense (60) (61) (178) (182) Amortization of losses Net Other (Income) / Expense 28 32 85 96 Amortization of prior service cost Net Other (Income) / Expense 2 (3) 1 (9) Settlement charges Net Other (Income) / Expense — 1 — 1 Total $ 19 $ 24 $ 53 $ 71

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Oct. 30, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Summary of the Changes in Accumulated Other Comprehensive Loss	Change in Accumulated Other Comprehensive Loss Cash Flow Currency Translation Adjustment Pension Total (millions) January 30, 2021 $ (3) $ (18) $ (735) $ (756) Other comprehensive income (loss) before reclassifications, net of tax 7 (1) — 6 Amounts reclassified from AOCI, net of tax — — 63 63 October 30, 2021 $ 4 $ (19) $ (672) $ (687)

Coronavirus (COVID-19) (Details

Coronavirus (COVID-19) (Details) $ in Millions	3 Months Ended
	May 02, 2020USD ($)
Cost of Sales | Coronavirus (COVID-19)
Unusual or Infrequent Item, or Both [Line Items]
Purchase order cancellation fees	$ 216

Dermstore Sale (Details)

Dermstore Sale (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2021	Oct. 30, 2021	Oct. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Dermstore sale		$ 356	$ 0
Gain on Dermstore sale		$ 335	$ 0
Dermstore | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Dermstore sale	$ 356
Gain on Dermstore sale	$ 335

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 25,652	$ 22,632	$ 75,009	$ 65,222
Apparel and accessories
Disaggregation of Revenue [Line Items]
Revenue	4,364	3,927	13,384	10,630
Beauty and household essentials
Disaggregation of Revenue [Line Items]
Revenue	6,980	6,103	20,070	18,172
Food and beverage
Disaggregation of Revenue [Line Items]
Revenue	5,074	4,397	14,617	13,158
Hardlines
Disaggregation of Revenue [Line Items]
Revenue	3,841	3,377	11,654	9,959
Home furnishings and decor
Disaggregation of Revenue [Line Items]
Revenue	4,989	4,506	14,147	12,395
Other
Disaggregation of Revenue [Line Items]
Revenue	42	26	123	89
Sales
Disaggregation of Revenue [Line Items]
Revenue	25,290	22,336	73,995	64,403
Credit card profit sharing
Disaggregation of Revenue [Line Items]
Revenue	184	164	527	488
Other
Disaggregation of Revenue [Line Items]
Revenue	178	132	487	331
Other revenue
Disaggregation of Revenue [Line Items]
Revenue	$ 362	$ 296	$ 1,014	$ 819

Revenues - Narrative (Details)

Revenues - Narrative (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Revenue from Contract with Customer [Abstract]
Accrual for estimated returns	$ 210	$ 139	$ 182

Revenues - Gift Card Liability

Revenues - Gift Card Liability (Details) $ in Millions	9 Months Ended
	Oct. 30, 2021USD ($)
Change in Contract with Customer, Liability [Roll Forward]
Beginning balance	$ 1,035
Gift Cards Issued During Current Period But Not Redeemed	502
Revenue Recognized From Beginning Liability	(631)
Ending balance	$ 906

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	$ 1,865	$ 1,592	$ 1,601
Interest rate swaps classified as Other Noncurrent Assets	1,381	1,386	1,371
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	1,931	1,939	2,128
Fair value measured on recurring basis | Level 1 | Casper Sleep Inc.
Assets
Equity securities classified as Other Current Assets	0	0	19
Fair value measured on recurring basis | Level 1 | Prepaid forward contracts
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	44	38	32
Fair value measured on recurring basis | Level 1 | Short-term investments
Assets
Short-term investments classified as Cash and Cash Equivalents	4,818	7,644	5,089
Fair value measured on recurring basis | Level 2 | Interest rate swaps
Assets
Prepaid forward contracts and interest rate swaps classified as Other Current Assets	12	0	0
Interest rate swaps classified as Other Noncurrent Assets	116	188	205
Liabilities
Interest rate swaps classified as Other Noncurrent Liabilities	$ 0	$ 0	$ 3

Fair Value Measurements - Sch_2

Fair Value Measurements - Schedule of Significant Financial Instruments not Measured at Fair Value (Details) - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Carrying Amount
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 10,605	$ 10,643	$ 10,641
Fair Value
Financial Instruments, Balance Sheet Groupings
Long-term debt, including current portion	$ 12,300	$ 12,787	$ 12,787

Property and Equipment (Details

Property and Equipment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Property, Plant and Equipment [Abstract]
Impairment charges	$ 3	$ 2	$ 84	$ 62

Commercial Paper and Long-Ter_2

Commercial Paper and Long-Term Debt (Details) - USD ($)	9 Months Ended	12 Months Ended
	Oct. 30, 2021	Jan. 30, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Line of credit facility, outstanding balance	$ 0	$ 0
Credit Facility Expiring October 2026 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity	$ 3,000,000,000
Credit Facility Expiring October 2023 | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity			$ 2,500,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Narrative (Details) - Designated as Hedging Instrument - USD ($)	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Interest Rate Swaps
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	$ 1,500,000,000	$ 1,500,000,000	$ 1,500,000,000
Forward-Starting Interest Rate Swap
Derivative Contracts - Effect on Results of Operations (millions)
Notional amount	1,250,000,000	$ 250,000,000	$ 250,000,000
Loss to be reclassified	$ 15,000,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Effect of Hedges on Debt (Details) - Long-term debt and other borrowings - USD ($) $ in Millions	Oct. 30, 2021	Jan. 30, 2021	Oct. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Carrying amount of hedged debt	$ 1,609	$ 1,677	$ 1,696
Cumulative hedging adjustments, included in carrying amount	$ 114	$ 183	$ 203

Derivative Financial Instrume_5

Derivative Financial Instruments - Effect of Hedges on Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Gain (loss) on fair value hedges recognized in Net Interest Expense
Interest rate swap designated as fair value hedges	$ (40)	$ (36)	$ (69)	$ 66
Hedged debt	40	36	69	(66)
Total	$ 0	$ 0	$ 0	$ 0

Share Repurchase (Details)

Share Repurchase (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Equity [Abstract]
Number of shares purchased (in shares)	8.8	0	21.5	5.7
Average price paid per share (in dollars per share)	$ 246.80	$ 0	$ 226.93	$ 107.58
Total investment	$ 2,184	$ 0	$ 4,884	$ 609

Pension Benefits (Details)

Pension Benefits (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 30, 2021	Oct. 31, 2020	Oct. 30, 2021	Oct. 31, 2020
Net Pension Benefits Expense
Service cost benefits earned	$ 25	$ 25	$ 73	$ 76
Interest cost on projected benefit obligation	24	30	72	89
Expected return on assets	(60)	(61)	(178)	(182)
Amortization of losses	28	32	85	96
Amortization of prior service cost	2	(3)	1	(9)
Settlement charges	0	1	0	1
Total	$ 19	$ 24	$ 53	$ 71

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) $ in Millions	9 Months Ended
	Oct. 30, 2021USD ($)
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	$ 14,440
Other comprehensive income (loss) before reclassifications, net of tax	6
Amounts reclassified from AOCI, net of tax	63
Ending balance	13,803
Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(3)
Other comprehensive income (loss) before reclassifications, net of tax	7
Amounts reclassified from AOCI, net of tax	0
Ending balance	4
Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(18)
Other comprehensive income (loss) before reclassifications, net of tax	(1)
Amounts reclassified from AOCI, net of tax	0
Ending balance	(19)
Pension
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(735)
Other comprehensive income (loss) before reclassifications, net of tax	0
Amounts reclassified from AOCI, net of tax	63
Ending balance	(672)
Total
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward]
Beginning balance	(756)
Ending balance	$ (687)