Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Feb. 02, 2014 | Mar. 10, 2014 | Aug. 04, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 2-Feb-14 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Trading Symbol | 'hd | ' | ' |
Entity Registrant Name | 'HOME DEPOT INC | ' | ' |
Entity Central Index Key | '0000354950 | ' | ' |
Current Fiscal Year End Date | '--02-02 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 1,381,350,137 | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Public Float | ' | ' | $115 |
Entity Voluntary Filers | 'No | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Feb. 02, 2014 | Feb. 03, 2013 |
In Millions, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and Cash Equivalents | $1,929 | $2,494 |
Receivables, net | 1,398 | 1,395 |
Merchandise Inventories | 11,057 | 10,710 |
Other Current Assets | 895 | 773 |
Total Current Assets | 15,279 | 15,372 |
Property and Equipment, at cost | 39,064 | 38,491 |
Less Accumulated Depreciation and Amortization | 15,716 | 14,422 |
Net Property and Equipment | 23,348 | 24,069 |
Goodwill | 1,289 | 1,170 |
Other Assets | 602 | 473 |
Total Assets | 40,518 | 41,084 |
Current Liabilities: | ' | ' |
Accounts Payable | 5,797 | 5,376 |
Accrued Salaries and Related Expenses | 1,428 | 1,414 |
Sales Taxes Payable | 396 | 472 |
Deferred Revenue | 1,337 | 1,270 |
Income Taxes Payable | 12 | 22 |
Current Installments of Long-Term Debt | 33 | 1,321 |
Other Accrued Expenses | 1,746 | 1,587 |
Total Current Liabilities | 10,749 | 11,462 |
Long-Term Debt, excluding current installments | 14,691 | 9,475 |
Other Long-Term Liabilities | 2,042 | 2,051 |
Deferred Income Taxes | 514 | 319 |
Total Liabilities | 27,996 | 23,307 |
STOCKHOLDERS' EQUITY | ' | ' |
Common Stock, par value $0.05; authorized: 10 billion shares; issued: 1.761 billion shares at February 2, 2014 and 1.754 billion shares at February 3, 2013; outstanding: 1.380 billion shares at February 2, 2014 and 1.484 billion shares at February 3, 2013 | 88 | 88 |
Paid-In Capital | 8,402 | 7,948 |
Retained Earnings | 23,180 | 20,038 |
Accumulated Other Comprehensive Income | 46 | 397 |
Treasury Stock, at cost, 381 million shares at February 2, 2014 and 270 million shares at February 3, 2013 | -19,194 | -10,694 |
Total Stockholders’ Equity | 12,522 | 17,777 |
Total Liabilities and Stockholders' Equity | $40,518 | $41,084 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Feb. 02, 2014 | Feb. 03, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common Stock, par value | $0.05 | $0.05 |
Common Stock, authorized | 10,000,000,000 | 10,000,000,000 |
Common Stock, issued | 1,761,000,000 | 1,754,000,000 |
Common Stock, outstanding | 1,380,000,000 | 1,484,000,000 |
Treasury Stock, shares | 381,000,000 | 270,000,000 |
Consolidated_Statements_Of_Ear
Consolidated Statements Of Earnings (USD $) | 12 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
Income Statement [Abstract] | ' | ' | ' | |||
NET SALES | $78,812 | [1] | $74,754 | [1] | $70,395 | [1] |
Cost of Sales | 51,422 | [1] | 48,912 | [1] | 46,133 | [1] |
GROSS PROFIT | 27,390 | [1] | 25,842 | [1] | 24,262 | [1] |
Operating Expenses: | ' | ' | ' | |||
Selling, General and Administrative | 16,597 | [1] | 16,508 | [1] | 16,028 | [1] |
Depreciation and Amortization | 1,627 | [1] | 1,568 | [1] | 1,573 | [1] |
Total Operating Expenses | 18,224 | [1] | 18,076 | [1] | 17,601 | [1] |
OPERATING INCOME | 9,166 | [1] | 7,766 | [1] | 6,661 | [1] |
Interest and Other (Income) Expense: | ' | ' | ' | |||
Interest and Investment Income | -12 | [1] | -20 | [1] | -13 | [1] |
Interest Expense | 711 | [1] | 632 | [1] | 606 | [1] |
Other | 0 | [1] | -67 | [1] | 0 | [1] |
Interest and Other, net | 699 | [1] | 545 | [1] | 593 | [1] |
EARNINGS BEFORE PROVISION FOR INCOME TAXES | 8,467 | [1] | 7,221 | [1] | 6,068 | [1] |
Provision for Income Taxes | 3,082 | [1] | 2,686 | [1] | 2,185 | [1] |
NET EARNINGS | $5,385 | [1] | $4,535 | [1] | $3,883 | [1] |
Weighted Average Common Shares | 1,425 | [1] | 1,499 | [1] | 1,562 | [1] |
BASIC EARNINGS PER SHARE | $3.78 | [1] | $3.03 | [1] | $2.49 | [1] |
Diluted Weighted Average Common Shares | 1,434 | [1] | 1,511 | [1] | 1,570 | [1] |
DILUTED EARNINGS PER SHARE | $3.76 | [1] | $3 | [1] | $2.47 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | |||
Net Earnings | $5,385 | [1] | $4,535 | [1] | $3,883 | [1] |
Other Comprehensive (Loss) Income: | ' | ' | ' | |||
Foreign Currency Translation Adjustments | -329 | [1] | 100 | [1] | -143 | [1] |
Cash Flow Hedges, net of tax | -12 | [1] | 5 | [1] | 5 | [1] |
Other | -10 | [1] | -1 | [1] | -14 | [1] |
Total Other Comprehensive (Loss) Income | -351 | [1] | 104 | [1] | -152 | [1] |
Comprehensive Income | $5,034 | [1] | $4,639 | [1] | $3,731 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | |
In Millions | |||||||
BALANCE at Jan. 30, 2011 | $18,889 | $86 | $6,556 | $14,995 | $445 | ($3,193) | |
BALANCE, shares at Jan. 30, 2011 | ' | 1,722 | ' | ' | ' | 99 | |
Net Earnings | 3,883 | [1] | ' | ' | 3,883 | ' | ' |
Shares Issued Under Employee Stock Plans, shares | ' | 11 | ' | ' | ' | ' | |
Shares Issued Under Employee Stock Plans | 197 | 1 | 196 | ' | ' | ' | |
Tax Effect of Stock-Based Compensation | -2 | ' | -2 | ' | ' | ' | |
Foreign Currency Translation Adjustments | -143 | [1] | ' | ' | ' | -143 | ' |
Cash Flow Hedges, net of tax | 5 | [1] | ' | ' | ' | 5 | ' |
Stock Options, Awards and Amortization of Restricted Stock | 215 | ' | 215 | ' | ' | ' | |
Repurchases of Common Stock | -3,501 | ' | ' | ' | ' | -3,501 | |
Repurchases of Common Stock, shares | ' | ' | ' | ' | ' | -97 | |
Cash Dividends | -1,632 | ' | ' | -1,632 | ' | ' | |
Other | -13 | ' | 1 | ' | -14 | ' | |
BALANCE at Jan. 29, 2012 | 17,898 | 87 | 6,966 | 17,246 | 293 | -6,694 | |
BALANCE, shares at Jan. 29, 2012 | ' | 1,733 | ' | ' | ' | 196 | |
Net Earnings | 4,535 | [1] | ' | ' | 4,535 | ' | ' |
Shares Issued Under Employee Stock Plans, shares | ' | 21 | ' | ' | ' | ' | |
Shares Issued Under Employee Stock Plans | 679 | 1 | 678 | ' | ' | ' | |
Tax Effect of Stock-Based Compensation | 82 | ' | 82 | ' | ' | ' | |
Foreign Currency Translation Adjustments | 100 | [1] | ' | ' | ' | 100 | ' |
Cash Flow Hedges, net of tax | 5 | [1] | ' | ' | ' | 5 | ' |
Stock Options, Awards and Amortization of Restricted Stock | 218 | ' | 218 | ' | ' | ' | |
Repurchases of Common Stock | -4,000 | ' | ' | ' | ' | -4,000 | |
Repurchases of Common Stock, shares | ' | ' | ' | ' | ' | -74 | |
Cash Dividends | -1,743 | ' | ' | -1,743 | ' | ' | |
Other | 3 | ' | 4 | ' | -1 | ' | |
BALANCE at Feb. 03, 2013 | 17,777 | 88 | 7,948 | 20,038 | 397 | -10,694 | |
BALANCE, shares at Feb. 03, 2013 | ' | 1,754 | ' | ' | ' | 270 | |
Net Earnings | 5,385 | [1] | ' | ' | 5,385 | ' | ' |
Shares Issued Under Employee Stock Plans, shares | ' | 7 | ' | ' | ' | ' | |
Shares Issued Under Employee Stock Plans | 103 | ' | 103 | ' | ' | ' | |
Tax Effect of Stock-Based Compensation | 123 | ' | 123 | ' | ' | ' | |
Foreign Currency Translation Adjustments | -329 | [1] | ' | ' | ' | -329 | ' |
Cash Flow Hedges, net of tax | -12 | [1] | ' | ' | ' | -12 | ' |
Stock Options, Awards and Amortization of Restricted Stock | 228 | ' | 228 | ' | ' | ' | |
Repurchases of Common Stock | -8,500 | ' | ' | ' | ' | -8,500 | |
Repurchases of Common Stock, shares | ' | ' | ' | ' | ' | -111 | |
Cash Dividends | -2,243 | ' | ' | -2,243 | ' | ' | |
Other | -10 | ' | ' | ' | -10 | ' | |
BALANCE at Feb. 02, 2014 | $12,522 | $88 | $8,402 | $23,180 | $46 | ($19,194) | |
BALANCE, shares at Feb. 02, 2014 | ' | 1,761 | ' | ' | ' | 381 | |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' |
Cash Dividends, per share | $1.56 | $1.16 | $1.04 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | |||
Net Earnings | $5,385 | [1] | $4,535 | [1] | $3,883 | [1] |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities: | ' | ' | ' | |||
Depreciation and Amortization | 1,757 | [1] | 1,684 | [1] | 1,682 | [1] |
Stock-Based Compensation Expense | 228 | [1] | 218 | [1] | 215 | [1] |
Goodwill Impairment | 0 | [1] | 97 | [1] | 0 | [1] |
Changes in Assets and Liabilities, net of the effects of acquisitions and disposition: | ' | ' | ' | |||
Receivables, net | -15 | [1] | -143 | [1] | -170 | [1] |
Merchandise Inventories | -455 | [1] | -350 | [1] | 256 | [1] |
Other Current Assets | -5 | [1] | 93 | [1] | 159 | [1] |
Accounts Payable and Accrued Expenses | 605 | [1] | 698 | [1] | 422 | [1] |
Deferred Revenue | 75 | [1] | 121 | [1] | -29 | [1] |
Income Taxes Payable | 119 | [1] | 87 | [1] | 14 | [1] |
Deferred Income Taxes | -31 | [1] | 107 | [1] | 170 | [1] |
Other Long-Term Liabilities | 13 | [1] | -180 | [1] | -2 | [1] |
Other | -48 | [1] | 8 | [1] | 51 | [1] |
Net Cash Provided by Operating Activities | 7,628 | [1] | 6,975 | [1] | 6,651 | [1] |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | |||
Capital Expenditures, net of $46, $98 and $25 of non-cash capital expenditures in fiscal 2013, 2012 and 2011, respectively | -1,389 | [1] | -1,312 | [1] | -1,221 | [1] |
Proceeds from Sale of Business, net | 0 | [1] | 0 | [1] | 101 | [1] |
Payments for Businesses Acquired, net | -206 | [1] | -170 | [1] | -65 | [1] |
Proceeds from Sales of Property and Equipment | 88 | [1] | 50 | [1] | 56 | [1] |
Net Cash Used in Investing Activities | -1,507 | [1] | -1,432 | [1] | -1,129 | [1] |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | |||
Proceeds from Long-Term Borrowings, net of discount | 5,222 | [1] | 0 | [1] | 1,994 | [1] |
Repayments of Long-Term Debt | -1,289 | [1] | -32 | [1] | -1,028 | [1] |
Repurchases of Common Stock | -8,546 | [1] | -3,984 | [1] | -3,470 | [1] |
Proceeds from Sales of Common Stock | 241 | [1] | 784 | [1] | 306 | [1] |
Cash Dividends Paid to Stockholders | -2,243 | [1] | -1,743 | [1] | -1,632 | [1] |
Other Financing Activities | -37 | [1] | -59 | [1] | -218 | [1] |
Net Cash Used in Financing Activities | -6,652 | [1] | -5,034 | [1] | -4,048 | [1] |
Change in Cash and Cash Equivalents | -531 | [1] | 509 | [1] | 1,474 | [1] |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | -34 | [1] | -2 | [1] | -32 | [1] |
Cash and Cash Equivalents at Beginning of Year | 2,494 | 1,987 | 545 | |||
Cash and Cash Equivalents at End of Year | 1,929 | 2,494 | 1,987 | |||
SUPPLEMENTAL DISCLOSURE OF CASH PAYMENTS MADE FOR: | ' | ' | ' | |||
Interest, net of interest capitalized | 639 | [1] | 617 | [1] | 580 | [1] |
Income Taxes | $2,839 | [1] | $2,482 | [1] | $1,865 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Consolidated_Statements_Of_Cas1
Consolidated Statements Of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Capital Lease Obligations Incurred | $46 | $98 | $25 |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||
Feb. 02, 2014 | ||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||
Summary Of Significant Accounting Policies | ' | |||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||||||||||
Business, Consolidation and Presentation | ||||||||||||||||||
The Home Depot, Inc. and its subsidiaries (the "Company") operate The Home Depot stores, which are full-service, warehouse-style stores averaging approximately 104,000 square feet of enclosed space, with approximately 24,000 additional square feet of outside garden area. The stores stock approximately 30,000 to 40,000 different kinds of building materials, home improvement supplies and lawn and garden products that are sold to do-it-yourself customers, do-it-for-me customers and professional customers. The Company also offers over 700,000 products through its Home Depot and Home Decorators Collection websites. At the end of fiscal 2013, the Company was operating 2,263 The Home Depot stores, which included 1,977 stores in the United States, including the Commonwealth of Puerto Rico and the territories of the U.S. Virgin Islands and Guam ("U.S."), 180 stores in Canada and 106 stores in Mexico. The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. | ||||||||||||||||||
Fiscal Year | ||||||||||||||||||
The Company’s fiscal year is a 52- or 53-week period ending on the Sunday nearest to January 31. Fiscal year ended February 2, 2014 ("fiscal 2013") includes 52 weeks, fiscal year ended February 3, 2013 ("fiscal 2012") includes 53 weeks and fiscal year ended January 29, 2012 ("fiscal 2011") includes 52 weeks. | ||||||||||||||||||
Use of Estimates | ||||||||||||||||||
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and reported amounts of revenues and expenses in preparing these financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from these estimates. | ||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||
The carrying amounts of Cash and Cash Equivalents, Receivables and Accounts Payable approximate fair value due to the short-term maturities of these financial instruments. The fair value of the Company’s Long-Term Debt is discussed in Note 10. | ||||||||||||||||||
Cash Equivalents | ||||||||||||||||||
The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company’s cash equivalents are carried at fair market value and consist primarily of money market funds. | ||||||||||||||||||
Accounts Receivable | ||||||||||||||||||
The Company has an agreement with a third-party service provider who directly extends credit to customers, manages the Company’s private label credit card program and owns the related receivables. The Company evaluated the third-party entities holding the receivables under the program and concluded that they should not be consolidated by the Company. The agreement with the third-party service provider expires in 2018, with the Company having the option, but no obligation, to purchase the receivables at the end of the agreement. The deferred interest charges incurred by the Company for its deferred financing programs offered to its customers are included in Cost of Sales. The interchange fees charged to the Company for the customers’ use of the cards and any profit sharing with the third-party service provider are included in Selling, General and Administrative expenses ("SG&A"). The sum of the three is referred to by the Company as "the cost of credit" of the private label credit card program. | ||||||||||||||||||
In addition, certain subsidiaries of the Company extend credit directly to customers in the ordinary course of business. The receivables due from customers were $57 million and $42 million as of February 2, 2014 and February 3, 2013, respectively. The Company’s valuation reserve related to accounts receivable was not material to the Consolidated Financial Statements of the Company as of the end of fiscal 2013 or 2012. | ||||||||||||||||||
Merchandise Inventories | ||||||||||||||||||
The majority of the Company’s Merchandise Inventories are stated at the lower of cost (first-in, first-out) or market, as determined by the retail inventory method. As the inventory retail value is adjusted regularly to reflect market conditions, the inventory valued using the retail method approximates the lower of cost or market. Certain subsidiaries, including retail operations in Canada and Mexico, and distribution centers, record Merchandise Inventories at the lower of cost or market, as determined by a cost method. These Merchandise Inventories represent approximately 26% of the total Merchandise Inventories balance. The Company evaluates the inventory valued using a cost method at the end of each quarter to ensure that it is carried at the lower of cost or market. The valuation allowance for Merchandise Inventories valued under a cost method was not material to the Consolidated Financial Statements of the Company as of the end of fiscal 2013 or 2012. | ||||||||||||||||||
Independent physical inventory counts or cycle counts are taken on a regular basis in each store and distribution center to ensure that amounts reflected in the accompanying Consolidated Financial Statements for Merchandise Inventories are properly stated. During the period between physical inventory counts in stores, the Company accrues for estimated losses related to shrink on a store-by-store basis based on historical shrink results and current trends in the business. Shrink (or in the case of excess inventory, "swell") is the difference between the recorded amount of inventory and the physical inventory. Shrink may occur due to theft, loss, inaccurate records for the receipt of inventory or deterioration of goods, among other things. | ||||||||||||||||||
Income Taxes | ||||||||||||||||||
Income taxes are accounted for under the asset and liability method. The Company provides for federal, state and foreign income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enactment date. | ||||||||||||||||||
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | ||||||||||||||||||
The Company and its eligible subsidiaries file a consolidated U.S. federal income tax return. Non-U.S. subsidiaries and certain U.S. subsidiaries, which are consolidated for financial reporting purposes, are not eligible to be included in the Company’s consolidated U.S. federal income tax return. Separate provisions for income taxes have been determined for these entities. The Company intends to reinvest substantially all of the unremitted earnings of its non-U.S. subsidiaries and postpone their remittance indefinitely. Accordingly, no provision for U.S. income taxes for these non-U.S. subsidiaries was recorded in the accompanying Consolidated Statements of Earnings. | ||||||||||||||||||
Depreciation and Amortization | ||||||||||||||||||
The Company’s Buildings, Furniture, Fixtures and Equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold Improvements are amortized using the straight-line method over the original term of the lease or the useful life of the improvement, whichever is shorter. The Company’s Property and Equipment is depreciated using the following estimated useful lives: | ||||||||||||||||||
Life | ||||||||||||||||||
Buildings | 5 – 45 years | |||||||||||||||||
Furniture, Fixtures and Equipment | 2 – 20 years | |||||||||||||||||
Leasehold Improvements | 5 – 45 years | |||||||||||||||||
Capitalized Software Costs | ||||||||||||||||||
The Company capitalizes certain costs related to the acquisition and development of software and amortizes these costs using the straight-line method over the estimated useful life of the software, which is three to six years. These costs are included in Furniture, Fixtures and Equipment as discussed further in Note 2. Certain development costs not meeting the criteria for capitalization are expensed as incurred. | ||||||||||||||||||
Revenues | ||||||||||||||||||
The Company recognizes revenue, net of estimated returns and sales tax, at the time the customer takes possession of merchandise or receives services. The liability for sales returns is estimated based on historical return levels. When the Company receives payment from customers before the customer has taken possession of the merchandise or the service has been performed, the amount received is recorded as Deferred Revenue in the accompanying Consolidated Balance Sheets until the sale or service is complete. The Company also records Deferred Revenue for the sale of gift cards and recognizes this revenue upon the redemption of gift cards in Net Sales. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. During fiscal 2013, 2012 and 2011, the Company recognized $30 million, $33 million and $42 million, respectively, of gift card breakage income. This income is included in the accompanying Consolidated Statements of Earnings as a reduction in SG&A. | ||||||||||||||||||
Services Revenue | ||||||||||||||||||
Net Sales include services revenue generated through a variety of installation, home maintenance and professional service programs. In these programs, the customer selects and purchases material for a project, and the Company provides or arranges professional installation. These programs are offered through the Company’s stores and in-home sales programs. Under certain programs, when the Company provides or arranges the installation of a project and the subcontractor provides material as part of the installation, both the material and labor are included in services revenue. The Company recognizes this revenue when the service for the customer is complete. | ||||||||||||||||||
All payments received prior to the completion of services are recorded in Deferred Revenue in the accompanying Consolidated Balance Sheets. Services revenue was $3.5 billion, $3.2 billion and $2.9 billion for fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Self-Insurance | ||||||||||||||||||
The Company is self-insured for certain losses related to general liability (including product liability), workers’ compensation, employee group medical and automobile claims. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability. The expected ultimate cost of claims is estimated based upon analysis of historical data and actuarial estimates. | ||||||||||||||||||
Prepaid Advertising | ||||||||||||||||||
Television and radio advertising production costs, along with media placement costs, are expensed when the advertisement first appears. Amounts included in Other Current Assets in the accompanying Consolidated Balance Sheets relating to prepayments of production costs for print and broadcast advertising as well as sponsorship promotions were not material at the end of fiscal 2013 and 2012. | ||||||||||||||||||
Vendor Allowances | ||||||||||||||||||
Vendor allowances primarily consist of volume rebates that are earned as a result of attaining certain purchase levels and advertising co-op allowances for the promotion of vendors’ products that are typically based on guaranteed minimum amounts with additional amounts being earned for attaining certain purchase levels. These vendor allowances are accrued as earned, with those allowances received as a result of attaining certain purchase levels accrued over the incentive period based on estimates of purchases. | ||||||||||||||||||
Volume rebates and certain advertising co-op allowances earned are initially recorded as a reduction in Merchandise Inventories and a subsequent reduction in Cost of Sales when the related product is sold. Certain advertising co-op allowances that are reimbursements of specific, incremental and identifiable costs incurred to promote vendors’ products are recorded as an offset against advertising expense. In fiscal 2013, 2012 and 2011, gross advertising expense was $865 million, $831 million and $846 million, respectively, and is included in SG&A. Specific, incremental and identifiable advertising co-op allowances were $114 million, $85 million and $94 million for fiscal 2013, 2012 and 2011, respectively, and are recorded as an offset to advertising expense in SG&A. | ||||||||||||||||||
Cost of Sales | ||||||||||||||||||
Cost of Sales includes the actual cost of merchandise sold and services performed, the cost of transportation of merchandise from vendors to the Company’s stores, locations or customers, the operating cost of the Company’s sourcing and distribution network and the cost of deferred interest programs offered through the Company’s private label credit card program. | ||||||||||||||||||
The cost of handling and shipping merchandise from the Company’s stores, locations or distribution centers to the customer is classified as SG&A. The cost of shipping and handling, including internal costs and payments to third parties, classified as SG&A was $477 million, $435 million and $430 million in fiscal 2013, 2012 and 2011, respectively. | ||||||||||||||||||
Impairment of Long-Lived Assets | ||||||||||||||||||
The Company evaluates its long-lived assets each quarter for indicators of potential impairment. Indicators of impairment include current period losses combined with a history of losses, management’s decision to relocate or close a store or other location before the end of its previously estimated useful life or when changes in other circumstances indicate the carrying amount of an asset may not be recoverable. The evaluation for long-lived assets is performed at the lowest level of identifiable cash flows, which is generally the individual store level. | ||||||||||||||||||
The assets of a store with indicators of impairment are evaluated by comparing its undiscounted cash flows with its carrying value. The estimate of cash flows includes management’s assumptions of cash inflows and outflows directly resulting from the use of those assets in operations, including gross margin on Net Sales, payroll and related items, occupancy costs, insurance allocations and other costs to operate a store. If the carrying value is greater than the undiscounted cash flows, an impairment loss is recognized for the difference between the carrying value and the estimated fair market value. Impairment losses are recorded as a component of SG&A in the accompanying Consolidated Statements of Earnings. When a leased location closes, the Company also recognizes in SG&A the net present value of future lease obligations less estimated sublease income. The Company recorded impairments and lease obligation costs on closings and relocations in the ordinary course of business, as well as for the closing of seven stores in China in fiscal 2012, which were not material to the Consolidated Financial Statements in fiscal 2013, 2012 or 2011. | ||||||||||||||||||
Goodwill and Other Intangible Assets | ||||||||||||||||||
Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company does not amortize goodwill but does assess the recoverability of goodwill in the third quarter of each fiscal year, or more often if indicators warrant, by determining whether the fair value of each reporting unit supports its carrying value. Each year the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to complete quantitative impairment assessments, with a quantitative assessment completed at least once every three years. In fiscal 2013, the Company elected to estimate the fair values of its identified reporting units using the present value of expected future discounted cash flows. | ||||||||||||||||||
The reporting units assessed for impairment during fiscal 2013 were U.S., Canada and Mexico. During fiscal 2013, the Company determined that its goodwill balances for each of these reporting units were not impaired, as the Company determined the fair value of each of these reporting units was substantially above its carrying value. In fiscal 2012, the Company recorded a charge of $97 million to impair all of the goodwill associated with the former China reporting unit. There were no impairment charges related to the remaining goodwill for fiscal 2013, 2012 or 2011. | ||||||||||||||||||
The Company amortizes the cost of other intangible assets over their estimated useful lives, which range up to ten years, unless such lives are deemed indefinite. Intangible assets with indefinite lives are tested in the third quarter of each fiscal year for impairment, or more often if indicators warrant. There were no impairment charges related to other intangible assets for fiscal 2013, 2012 or 2011. | ||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||
The per share weighted average fair value of stock options granted during fiscal 2013, 2012 and 2011 was $13.10, $9.86 and $7.42, respectively. The fair value of these options was determined at the date of grant using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||
February 2, | February 3, | January 29, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 0.8 | % | 1.2 | % | 2 | % | ||||||||||||
Assumed volatility | 26.3 | % | 27 | % | 27.3 | % | ||||||||||||
Assumed dividend yield | 2.2 | % | 2.3 | % | 2.7 | % | ||||||||||||
Assumed lives of options | 5 years | 5 years | 5 years | |||||||||||||||
Derivatives | ||||||||||||||||||
The Company uses derivative financial instruments from time to time in the management of its interest rate exposure on long-term debt and its exposure on foreign currency fluctuations. The Company accounts for its derivative financial instruments in accordance with the Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Subtopic 815-10. The fair value of the Company’s derivative financial instruments is discussed in Note 10. | ||||||||||||||||||
Comprehensive Income | ||||||||||||||||||
Comprehensive Income includes Net Earnings adjusted for certain gains and losses that are excluded from Net Earnings under U.S. generally accepted accounting principles. Adjustments to Net Earnings and Accumulated Other Comprehensive Income consist primarily of foreign currency translation adjustments. | ||||||||||||||||||
Foreign Currency Translation | ||||||||||||||||||
Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are generally translated using average exchange rates for the period and equity transactions are translated using the actual rate on the day of the transaction. | ||||||||||||||||||
Segment Information | ||||||||||||||||||
The Company operates within a single reportable segment primarily within North America. Net Sales for the Company outside the U.S. were $8.5 billion, $8.4 billion and $8.0 billion for fiscal 2013, 2012 and 2011, respectively. Long-lived assets outside the U.S. totaled $2.9 billion and $3.1 billion as of February 2, 2014 and February 3, 2013, respectively. | ||||||||||||||||||
The following table presents the Net Sales of each major product category (and related services) for each of the last three fiscal years (dollar amounts in millions): | ||||||||||||||||||
Product Category | Fiscal Year Ended | |||||||||||||||||
February 2, 2014 | February 3, 2013 | January 29, 2012 | ||||||||||||||||
Net Sales | % of Net Sales | Net Sales | % of Net Sales | Net Sales | % of Net Sales | |||||||||||||
Kitchen | $ | 7,978 | 10.1 | % | $ | 7,022 | 9.4 | % | $ | 6,609 | 9.4 | % | ||||||
Indoor Garden | 7,072 | 9 | 6,699 | 9 | 6,292 | 8.9 | ||||||||||||
Paint | 7,026 | 8.9 | 6,764 | 9 | 6,278 | 8.9 | ||||||||||||
Outdoor Garden | 6,094 | 7.7 | 5,904 | 7.9 | 5,615 | 8 | ||||||||||||
Lumber | 5,814 | 7.4 | 5,454 | 7.3 | 4,934 | 7 | ||||||||||||
Flooring | 5,734 | 7.3 | 5,469 | 7.3 | 5,167 | 7.3 | ||||||||||||
Building Materials | 5,729 | 7.3 | 5,594 | 7.5 | 5,694 | 8.1 | ||||||||||||
Plumbing | 5,437 | 6.9 | 5,126 | 6.9 | 4,887 | 6.9 | ||||||||||||
Electrical | 5,364 | 6.8 | 5,039 | 6.7 | 4,582 | 6.5 | ||||||||||||
Tools | 5,039 | 6.4 | 4,795 | 6.4 | 4,441 | 6.3 | ||||||||||||
Hardware | 4,718 | 6 | 4,580 | 6.1 | 4,325 | 6.1 | ||||||||||||
Millwork | 4,386 | 5.6 | 4,281 | 5.7 | 4,142 | 5.9 | ||||||||||||
Bath | 3,706 | 4.7 | 3,552 | 4.8 | 3,309 | 4.7 | ||||||||||||
Lighting | 2,369 | 3 | 2,250 | 3 | 2,092 | 3 | ||||||||||||
Décor | 2,346 | 3 | 2,225 | 3 | 2,028 | 2.9 | ||||||||||||
Total | $ | 78,812 | 100 | % | $ | 74,754 | 100 | % | $ | 70,395 | 100 | % | ||||||
Note: Certain percentages may not sum to totals due to rounding. | ||||||||||||||||||
Reclassifications | ||||||||||||||||||
Certain amounts in prior fiscal years have been reclassified to conform with the presentation adopted in the current fiscal year. |
Property_and_Leases
Property and Leases | 12 Months Ended | |||||||
Feb. 02, 2014 | ||||||||
Property and Leases [Abstract] | ' | |||||||
Property And Leases | ' | |||||||
PROPERTY AND LEASES | ||||||||
Property and Equipment as of February 2, 2014 and February 3, 2013 consisted of the following (amounts in millions): | ||||||||
February 2, | February 3, | |||||||
2014 | 2013 | |||||||
Property and Equipment, at cost: | ||||||||
Land | $ | 8,375 | $ | 8,485 | ||||
Buildings | 17,950 | 17,981 | ||||||
Furniture, Fixtures and Equipment | 10,107 | 9,338 | ||||||
Leasehold Improvements | 1,388 | 1,382 | ||||||
Construction in Progress | 548 | 647 | ||||||
Capital Leases | 696 | 658 | ||||||
39,064 | 38,491 | |||||||
Less Accumulated Depreciation and Amortization | 15,716 | 14,422 | ||||||
Net Property and Equipment | $ | 23,348 | $ | 24,069 | ||||
The Company leases certain retail locations, office space, warehouse and distribution space, equipment and vehicles. While most of the leases are operating leases, certain locations and equipment are leased under capital leases. As leases expire, it can be expected that in the normal course of business certain leases will be renewed or replaced. | ||||||||
Certain lease agreements include escalating rents over the lease terms. The Company expenses rent on a straight-line basis over the lease term, which commences on the date the Company has the right to control the property. The cumulative expense recognized on a straight-line basis in excess of the cumulative payments is included in Other Accrued Expenses and Other Long-Term Liabilities in the accompanying Consolidated Balance Sheets. | ||||||||
Total rent expense, net of minor sublease income, for fiscal 2013, 2012 and 2011 was $905 million, $849 million and $823 million, respectively. Certain store leases also provide for contingent rent payments based on percentages of sales in excess of specified minimums. Contingent rent expense for fiscal 2013, 2012 and 2011 was approximately $5 million, $4 million and $4 million, respectively. Real estate taxes, insurance, maintenance and operating expenses applicable to the leased property are obligations of the Company under the lease agreements. | ||||||||
The approximate future minimum lease payments under capital and all other leases at February 2, 2014 were as follows (amounts in millions): | ||||||||
Fiscal Year | Capital | Operating | ||||||
Leases | Leases | |||||||
2014 | $ | 99 | $ | 895 | ||||
2015 | 94 | 843 | ||||||
2016 | 92 | 754 | ||||||
2017 | 89 | 674 | ||||||
2018 | 83 | 574 | ||||||
Thereafter through 2097 | 723 | 4,456 | ||||||
1,180 | $ | 8,196 | ||||||
Less imputed interest | 681 | |||||||
Net present value of capital lease obligations | 499 | |||||||
Less current installments | 31 | |||||||
Long-term capital lease obligations, excluding current installments | $ | 468 | ||||||
Short-term and long-term obligations for capital leases are included in the accompanying Consolidated Balance Sheets in Current Installments of Long-Term Debt and Long-Term Debt, respectively. The assets under capital leases recorded in Property and Equipment, net of amortization, totaled $374 million and $368 million at February 2, 2014 and February 3, 2013, respectively. |
Debt
Debt | 12 Months Ended | |||||||
Feb. 02, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Debt | ' | |||||||
DEBT | ||||||||
The Company has commercial paper programs that allow for borrowings up to $2.0 billion. In connection with the programs, the Company has a back-up credit facility with a consortium of banks for borrowings up to $2.0 billion. The credit facility expires in July 2017 and contains various restrictive covenants. At February 2, 2014, the Company was in compliance with all of the covenants, and they are not expected to impact the Company’s liquidity or capital resources. There were no borrowings under the commercial paper programs or the related credit facility in fiscal 2013 and 2012. | ||||||||
The Company’s Long-Term Debt at the end of fiscal 2013 and 2012 consisted of the following (amounts in millions): | ||||||||
February 2, | February 3, | |||||||
2014 | 2013 | |||||||
5.25% Senior Notes; due December 16, 2013; interest payable semi-annually on | $ | — | $ | 1,286 | ||||
June 16 and December 16 | ||||||||
5.40% Senior Notes; due March 1, 2016; interest payable semi-annually on | 3,042 | 3,058 | ||||||
March 1 and September 1 | ||||||||
2.25% Senior Notes; due September 10, 2018; interest payable semi-annually on | 1,148 | — | ||||||
March 10 and September 10 | ||||||||
3.95% Senior Notes; due September 15, 2020; interest payable semi-annually on | 501 | 499 | ||||||
March 15 and September 15 | ||||||||
4.40% Senior Notes; due April 1, 2021; interest payable semi-annually on | 999 | 998 | ||||||
April 1 and October 1 | ||||||||
2.70% Senior Notes; due April 1, 2023; interest payable semi-annually on | 998 | — | ||||||
April 1 and October 1 | ||||||||
3.75% Senior Notes; due February 15, 2024; interest payable semi-annually on | 1,094 | — | ||||||
February 15 and August 15 | ||||||||
5.875% Senior Notes; due December 16, 2036; interest payable semi-annually on June 16 and December 16 | 2,962 | 2,962 | ||||||
5.40% Senior Notes; due September 15, 2040; interest payable semi-annually on | 499 | 499 | ||||||
March 15 and September 15 | ||||||||
5.95% Senior Notes; due April 1, 2041; interest payable semi-annually on | 996 | 996 | ||||||
April 1 and October 1 | ||||||||
4.20% Senior Notes; due April 1, 2043; interest payable semi-annually on | 996 | — | ||||||
April 1 and October 1 | ||||||||
4.875% Senior Notes; due February 15, 2044; interest payable semi-annually on February 15 and August 15 | 985 | — | ||||||
Capital Lease Obligations; payable in varying installments through January 31, 2055 | 499 | 492 | ||||||
Other | 5 | 6 | ||||||
Total debt | 14,724 | 10,796 | ||||||
Less current installments | 33 | 1,321 | ||||||
Long-Term Debt, excluding current installments | $ | 14,691 | $ | 9,475 | ||||
In September 2013, the Company issued $1.15 billion of 2.25% senior notes due September 10, 2018 (the "2018 notes”) at a discount of $1 million, $1.1 billion of 3.75% senior notes due February 15, 2024 (the "2024 notes”) at a discount of $6 million and $1.0 billion of 4.875% senior notes due February 15, 2044 (the "2044 notes”) at a discount of $15 million (together, the "September 2013 issuance"). Interest on the 2018 notes is due semi-annually on March 10 and September 10 of each year, beginning March 10, 2014. Interest on the 2024 notes and the 2044 notes is due semi-annually on February 15 and August 15 of each year, beginning February 15, 2014. The net proceeds of the September 2013 issuance were used for general corporate purposes, including repayment of the Company's $1.25 billion 5.25% senior notes that matured December 16, 2013 and repurchases of shares of the Company's common stock. The $22 million discount associated with the September 2013 issuance is being amortized over the term of the notes using the effective interest rate method. Issuance costs associated with the September 2013 issuance were approximately $19 million and are being amortized over the term of the notes. | ||||||||
In April 2013, the Company issued $1.0 billion of 2.70% senior notes due April 1, 2023 at a discount of $2 million and $1.0 billion of 4.20% senior notes due April 1, 2043 at a discount of $4 million (together, the "April 2013 issuance"). Interest on these senior notes is due semi-annually on April 1 and October 1 of each year, beginning October 1, 2013. The net proceeds of the April 2013 issuance were used for general corporate purposes, including repurchases of shares of the Company's common stock. The $6 million discount associated with the April 2013 issuance is being amortized over the term of the notes using the effective interest rate method. Issuance costs associated with the April 2013 issuance were approximately $15 million and are being amortized over the term of the notes. | ||||||||
The notes may be redeemed by the Company at any time, in whole or in part, at the redemption price plus accrued interest up to the redemption date. The redemption price is equal to the greater of (1) 100% of the principal amount of the notes to be redeemed, and (2) the sum of the present values of the remaining scheduled payments of principal and interest to maturity. Additionally, if a Change in Control Triggering Event occurs, as defined in each of the outstanding notes except for the 5.40% senior notes due March 1, 2016 (the "2016 notes"), holders of all notes other than the 2016 notes have the right to require the Company to redeem those notes at 101% of the aggregate principal amount of the notes plus accrued interest up to the redemption date. The Company is generally not limited under the indentures governing the notes in its ability to incur additional indebtedness or required to maintain financial ratios or specified levels of net worth or liquidity. Further, while the indentures governing the notes contain various restrictive covenants, none are expected to impact the Company’s liquidity or capital resources. | ||||||||
In November 2013, the Company entered into an interest rate swap that expires on September 10, 2018, with a notional amount of $500 million, accounted for as a fair value hedge, that swaps fixed rate interest on the Company’s 2.25% senior notes due September 10, 2018 for variable interest equal to LIBOR plus 88 basis points. At February 2, 2014, the approximate fair value of this agreement was a liability of $1 million, which is the estimated amount the Company would have paid to settle the agreement and is included in Other Long-Term Liabilities in the accompanying Consolidated Balance Sheets. | ||||||||
Also in November 2013, the Company entered into an interest rate swap that expires on September 15, 2020, with a notional amount of $500 million, accounted for as a fair value hedge, that swaps fixed rate interest on the Company’s 3.95% senior notes due September 15, 2020 for variable interest equal to LIBOR plus 183 basis points. At February 2, 2014, the approximate fair value of this agreement was an asset of $2 million, which is the estimated amount the Company would have received to settle the agreement and is included in Other Assets in the accompanying Consolidated Balance Sheets. | ||||||||
At February 2, 2014, the Company had an outstanding interest rate swap that expires on March 1, 2016, with a notional amount of $500 million, accounted for as a fair value hedge, that swaps fixed rate interest on the Company’s 5.40% senior notes due March 1, 2016 for variable interest equal to LIBOR plus 300 basis points. At February 2, 2014, the approximate fair value of this agreement was an asset of $28 million, which is the estimated amount the Company would have received to settle the agreement and is included in Other Assets in the accompanying Consolidated Balance Sheets. | ||||||||
During fiscal 2013, the Company had outstanding interest rate swaps, accounted for as fair value hedges, with a notional amount of $1.25 billion that swapped fixed rate interest on the Company’s $1.25 billion 5.25% senior notes that expired when the notes were repaid on December 16, 2013. | ||||||||
At February 2, 2014, the Company had outstanding cross currency swap agreements with a notional amount of $676 million, accounted for as cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt. At February 2, 2014, the approximate fair value of these agreements was a liability of $9 million, which is the estimated amount the Company would have paid to settle the agreements and is included in Other Long-Term Liabilities in the accompanying Consolidated Balance Sheets. | ||||||||
Interest Expense in the accompanying Consolidated Statements of Earnings is net of interest capitalized of $2 million, $3 million and $3 million in fiscal 2013, 2012 and 2011, respectively. Maturities of Long-Term Debt are $33 million for fiscal 2014, $30 million for fiscal 2015, $3.1 billion for fiscal 2016, $28 million for fiscal 2017, $1.2 billion for fiscal 2018 and $10.4 billion thereafter. |
Accelerated_Share_Repurchase_A
Accelerated Share Repurchase Agreements | 12 Months Ended |
Feb. 02, 2014 | |
Accelerated Share Repurchase | ' |
Accelerated Share Repurchase Agreements | ' |
ACCELERATED SHARE REPURCHASE AGREEMENTS | |
In fiscal 2013, the Company entered into Accelerated Share Repurchase ("ASR") agreements with third-party financial institutions to repurchase $6.2 billion of the Company’s common stock. Under the agreements, the Company paid $6.2 billion to the financial institutions and received a total of 81 million shares in fiscal 2013. The final number of shares delivered upon settlement of each agreement was determined with reference to the average price of the Company’s common stock over the term of the applicable ASR agreement. The $6.2 billion of shares repurchased are included in Treasury Stock in the accompanying Consolidated Balance Sheets. | |
In fiscal 2012, the Company entered into ASR agreements with third-party financial institutions to repurchase $3.05 billion of the Company’s common stock. Under the agreements, the Company paid $3.05 billion to the financial institutions and received a total of 58 million shares in fiscal 2012. The final number of shares delivered upon settlement of each agreement was determined with reference to the average price of the Company’s common stock over the term of the applicable ASR agreement. The $3.05 billion of shares repurchased are included in Treasury Stock in the accompanying Consolidated Balance Sheets. | |
In fiscal 2011, the Company entered into an ASR agreement with a third-party financial institution to repurchase $1.0 billion of the Company’s common stock. Under the agreement, the Company paid $1.0 billion to the financial institution and received a total of 27 million shares in fiscal 2011. The final number of shares delivered upon settlement of the agreement was determined with reference to the average price of the Company’s common stock over the term of the ASR agreement. The $1.0 billion of shares repurchased are included in Treasury Stock in the accompanying Consolidated Balance Sheets. | |
In March 2014, the Company entered into an ASR agreement with a third-party financial institution to repurchase $950 million of the Company's common stock. Under the agreement, the Company paid $950 million to the financial institution and received an initial delivery of approximately 10 million shares in the first quarter of fiscal 2014. The final number of shares delivered upon settlement of the agreement will be determined with reference to the average price of the Company's common stock over the term of the ASR agreement. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Feb. 02, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
The components of Earnings before Provision for Income Taxes for fiscal 2013, 2012 and 2011 were as follows (amounts in millions): | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 7,770 | $ | 6,677 | $ | 5,508 | ||||||
Foreign | 697 | 544 | 560 | |||||||||
Total | $ | 8,467 | $ | 7,221 | $ | 6,068 | ||||||
The Provision for Income Taxes consisted of the following (amounts in millions): | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 2,503 | $ | 2,060 | $ | 1,566 | ||||||
State | 346 | 302 | 234 | |||||||||
Foreign | 265 | 230 | 150 | |||||||||
3,114 | 2,592 | 1,950 | ||||||||||
Deferred: | ||||||||||||
Federal | (12 | ) | 114 | 199 | ||||||||
State | 4 | 1 | 35 | |||||||||
Foreign | (24 | ) | (21 | ) | 1 | |||||||
(32 | ) | 94 | 235 | |||||||||
Total | $ | 3,082 | $ | 2,686 | $ | 2,185 | ||||||
The Company’s combined federal, state and foreign effective tax rates for fiscal 2013, 2012 and 2011 were approximately 36.4%, 37.2% and 36.0%, respectively. | ||||||||||||
The reconciliation of the Provision for Income Taxes at the federal statutory rate of 35% to the actual tax expense for the applicable fiscal years was as follows (amounts in millions): | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Income taxes at federal statutory rate | $ | 2,964 | $ | 2,527 | $ | 2,125 | ||||||
State income taxes, net of federal income tax benefit | 227 | 197 | 175 | |||||||||
Other, net | (109 | ) | (38 | ) | (115 | ) | ||||||
Total | $ | 3,082 | $ | 2,686 | $ | 2,185 | ||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of February 2, 2014 and February 3, 2013 were as follows (amounts in millions): | ||||||||||||
February 2, | February 3, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Deferred compensation | $ | 252 | $ | 265 | ||||||||
Accrued self-insurance liabilities | 447 | 459 | ||||||||||
State income taxes | 117 | 97 | ||||||||||
Non-deductible reserves | 275 | 285 | ||||||||||
Capital loss carryover | 104 | 104 | ||||||||||
Net operating losses | 66 | 71 | ||||||||||
Impairment of investment | 120 | 120 | ||||||||||
Other | 281 | 174 | ||||||||||
Total Deferred Tax Assets | 1,662 | 1,575 | ||||||||||
Valuation Allowance | (26 | ) | (27 | ) | ||||||||
Total Deferred Tax Assets after Valuation Allowance | 1,636 | 1,548 | ||||||||||
Liabilities: | ||||||||||||
Inventory | (97 | ) | (92 | ) | ||||||||
Property and equipment | (1,236 | ) | (1,194 | ) | ||||||||
Goodwill and other intangibles | (150 | ) | (112 | ) | ||||||||
Other | (138 | ) | (128 | ) | ||||||||
Total Deferred Tax Liabilities | (1,621 | ) | (1,526 | ) | ||||||||
Net Deferred Tax Assets | $ | 15 | $ | 22 | ||||||||
Current deferred tax assets and current deferred tax liabilities are netted by tax jurisdiction and noncurrent deferred tax assets and noncurrent deferred tax liabilities are netted by tax jurisdiction, and are included in the accompanying Consolidated Balance Sheets as follows (amounts in millions): | ||||||||||||
February 2, | February 3, | |||||||||||
2014 | 2013 | |||||||||||
Other Current Assets | $ | 482 | $ | 313 | ||||||||
Other Assets | 49 | 30 | ||||||||||
Other Accrued Expenses | (2 | ) | (2 | ) | ||||||||
Deferred Income Taxes | (514 | ) | (319 | ) | ||||||||
Net Deferred Tax Assets | $ | 15 | $ | 22 | ||||||||
The Company believes that the realization of the deferred tax assets is more likely than not, based upon the expectation that it will generate the necessary taxable income in future periods, and except for certain net operating losses discussed below, no valuation reserves have been provided. | ||||||||||||
At February 2, 2014, the Company had state and foreign net operating loss carryforwards available to reduce future taxable income, expiring at various dates beginning 2014 to 2033. Management has concluded that it is more likely than not that the tax benefits related to the state net operating losses will be realized. However, it is unlikely that the Company will be able to utilize certain foreign net operating losses. Therefore, a valuation allowance has been provided to reduce the deferred tax asset related to foreign net operating losses to an amount that is more likely than not to be realized. Total valuation allowances related to net operating losses at February 2, 2014 and February 3, 2013 were $26 million and $27 million, respectively. | ||||||||||||
In fiscal 2011, the Company was able to utilize a portion of its capital loss carryforward. This utilization combined with other available tax planning strategies enabled the Company to release its $45 million valuation allowance associated with the capital loss carryforward. | ||||||||||||
The Company has not provided for deferred income taxes on approximately $3.1 billion of undistributed earnings of international subsidiaries because of its intention to indefinitely reinvest these earnings outside the U.S. The determination of the amount of the unrecognized deferred income tax liability related to the undistributed earnings is not practicable; however, unrecognized foreign income tax credits would be available to reduce a portion of this liability. | ||||||||||||
The Company’s income tax returns are routinely examined by domestic and foreign tax authorities. The Company is currently appealing certain proposed Internal Revenue Service examination adjustments for fiscal years 2005 through 2007. The Company's U.S. federal tax returns for fiscal years 2008 through 2011 are currently under examination by the IRS. There are also ongoing U.S. state and local and other foreign audits covering tax years 2005 through 2012. The Company does not expect the results from any income tax audit to have a material impact on the Company’s financial statements. | ||||||||||||
Over the next twelve months, it is reasonably possible that the resolution of federal and state tax examinations could reduce the Company's unrecognized tax benefits by $82 million. Final settlement of these audit issues may result in payments that are more or less than this amount, but the Company does not anticipate the resolution of these matters will result in a material change to its consolidated financial position or results of operations. | ||||||||||||
Reconciliations of the beginning and ending amount of gross unrecognized tax benefits for fiscal 2013, 2012 and 2011 were as follows (amounts in millions): | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits balance at beginning of fiscal year | $ | 638 | $ | 621 | $ | 662 | ||||||
Additions based on tax positions related to the current year | 160 | 37 | 37 | |||||||||
Additions for tax positions of prior years | 52 | 92 | 56 | |||||||||
Reductions for tax positions of prior years | (41 | ) | (15 | ) | (123 | ) | ||||||
Reductions due to settlements | (12 | ) | (94 | ) | (4 | ) | ||||||
Reductions due to lapse of statute of limitations | (7 | ) | (3 | ) | (7 | ) | ||||||
Unrecognized tax benefits balance at end of fiscal year | $ | 790 | $ | 638 | $ | 621 | ||||||
The amount of unrecognized tax benefits that if recognized would affect the annual effective income tax rate on Net Earnings was $344 million, $314 million and $246 million as of February 2, 2014, February 3, 2013 and January 29, 2012, respectively. | ||||||||||||
Net adjustments to accruals for interest and penalties associated with uncertain tax positions resulted in expense of $7 million and $15 million in fiscal 2013 and 2012, respectively, and provided income of $2 million in fiscal 2011. Total accrued interest and penalties as of February 2, 2014 and February 3, 2013 were $101 million and $97 million, respectively. Interest and penalties are included in Interest Expense and SG&A, respectively, in the accompanying Consolidated Statements of Earnings. |
Employee_Stock_Plans
Employee Stock Plans | 12 Months Ended | ||||||
Feb. 02, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Employee Stock Plans | ' | ||||||
EMPLOYEE STOCK PLANS | |||||||
The Home Depot, Inc. Amended and Restated 2005 Omnibus Stock Incentive Plan ("2005 Plan") and The Home Depot, Inc. 1997 Omnibus Stock Incentive Plan ("1997 Plan" and collectively with the 2005 Plan, the "Plans") provide that incentive and non-qualified stock options, stock appreciation rights, restricted stock, performance shares, performance units and deferred shares may be issued to selected associates, officers and directors of the Company. Under the 2005 Plan, the maximum number of shares of the Company’s common stock authorized for issuance is 255 million shares, with any award other than a stock option or stock appreciation right reducing the number of shares available for issuance by 2.11 shares. As of February 2, 2014, there were 147 million shares available for future grants under the 2005 Plan. No additional equity awards could be issued from the 1997 Plan after the adoption of the 2005 Plan on May 26, 2005. | |||||||
Under the terms of the Plans, incentive stock options and non-qualified stock options must have an exercise price at or above the fair market value of the Company’s stock on the date of the grant. Typically, incentive stock options and non-qualified stock options vest at the rate of 25% per year commencing on the first or second anniversary date of the grant and expire on the tenth anniversary date of the grant. Additionally, certain stock options may become non-forfeitable upon the associate reaching age 60, provided the associate has had five years of continuous service. The Company recognized $24 million, $23 million and $20 million of stock-based compensation expense in fiscal 2013, 2012 and 2011, respectively, related to stock options. | |||||||
Restrictions on the restricted stock issued under the Plans generally lapse according to one of the following schedules: (1) the restrictions on the restricted stock lapse over various periods up to five years, (2) the restrictions on 25% of the restricted stock lapse upon the third and sixth anniversaries of the date of issuance with the remaining 50% of the restricted stock lapsing upon the associate’s attainment of age 62, or (3) the restrictions on 25% of the restricted stock lapse upon the third and sixth anniversaries of the date of issuance with the remaining 50% of the restricted stock lapsing upon the earlier of the associate’s attainment of age 60 or the tenth anniversary of the grant date. The Company has also granted performance shares under the Plans, the payout of which is dependent on the Company’s performance against target average return on invested capital and operating profit over a three-year performance cycle. Additionally, certain awards may become non-forfeitable upon the associate's attainment of age 60, provided the associate has had five years of continuous service. The fair value of the restricted stock and performance shares is expensed over the period during which the restrictions lapse. The Company recorded stock-based compensation expense related to restricted stock and performance shares of $171 million, $166 million and $169 million in fiscal 2013, 2012 and 2011, respectively. | |||||||
In fiscal 2013, 2012 and 2011, there were an aggregate of 223 thousand, 313 thousand and 422 thousand deferred shares, respectively, granted under the Plans. For associates, each deferred share entitles the individual to one share of common stock to be received up to five years after the grant date of the deferred shares, subject to certain deferral rights of the associate. Additionally, certain awards may become non-forfeitable upon the associate reaching age 60, provided the associate has had five years of continuous service. The Company recorded stock-based compensation expense related to deferred shares of $14 million, $13 million and $12 million in fiscal 2013, 2012 and 2011, respectively. | |||||||
The Company maintains two Employee Stock Purchase Plans ("ESPPs") (U.S. and non-U.S. plans). The plan for U.S. associates is a tax-qualified plan under Section 423 of the Internal Revenue Code. The non-U.S. plan is not a Section 423 plan. As of February 2, 2014, there were 25 million shares available under the plan for U.S associates and 19 million shares available under the non-U.S. plan. The purchase price of shares under the ESPPs is equal to 85% of the stock’s fair market value on the last day of the purchase period, which is a six-month period ending on December 31 and June 30 of each year. During fiscal 2013, there were 2 million shares purchased under the ESPPs at an average price of $67.83. Under the outstanding ESPPs as of February 2, 2014, employees have contributed $13 million to purchase shares at 85% of the stock’s fair market value on the last day (June 30, 2014) of the current purchase period. The Company recognized $19 million, $16 million and $14 million of stock-based compensation expense in fiscal 2013, 2012 and 2011, respectively, related to the ESPPs. | |||||||
In total, the Company recorded stock-based compensation expense, including the expense of stock options, ESPP shares, restricted stock, performance shares and deferred shares, of $228 million, $218 million and $215 million, in fiscal 2013, 2012 and 2011, respectively. | |||||||
The following table summarizes stock options outstanding at February 2, 2014, February 3, 2013 and January 29, 2012, and changes during the fiscal years ended on these dates (shares in thousands): | |||||||
Number of | Weighted | ||||||
Shares | Average Exercise | ||||||
Price | |||||||
Outstanding at January 30, 2011 | 44,467 | $ | 35.56 | ||||
Granted | 3,236 | 36.55 | |||||
Exercised | (6,938 | ) | 33.25 | ||||
Canceled | (7,595 | ) | 39.11 | ||||
Outstanding at January 29, 2012 | 33,170 | $ | 35.32 | ||||
Granted | 2,376 | 49.89 | |||||
Exercised | (18,119 | ) | 38.24 | ||||
Canceled | (810 | ) | 35.27 | ||||
Outstanding at February 3, 2013 | 16,617 | $ | 34.23 | ||||
Granted | 1,704 | 69.91 | |||||
Exercised | (4,240 | ) | 31.71 | ||||
Canceled | (122 | ) | 43.8 | ||||
Outstanding at February 2, 2014 | 13,959 | $ | 39.26 | ||||
The total intrinsic value of stock options exercised was $181 million, $246 million and $47 million in fiscal 2013, 2012 and 2011, respectively. As of February 2, 2014, there were approximately 14 million stock options outstanding with a weighted average remaining life of six years and an intrinsic value of $525 million. As of February 2, 2014, there were approximately 5 million stock options exercisable with a weighted average exercise price of $30.77, a weighted average remaining life of four years, and an intrinsic value of $253 million. As of February 2, 2014, there were approximately 11 million stock options vested or expected to ultimately vest. As of February 2, 2014, there was $38 million of unamortized stock-based compensation expense related to stock options, which is expected to be recognized over a weighted average period of two years. | |||||||
The following table summarizes restricted stock and performance shares outstanding at February 2, 2014, February 3, 2013 and January 29, 2012, and changes during the fiscal years ended on these dates (shares in thousands): | |||||||
Number of | Weighted | ||||||
Shares | Average Grant | ||||||
Date Fair Value | |||||||
Outstanding at January 30, 2011 | 19,439 | $ | 30.18 | ||||
Granted | 5,776 | 35.83 | |||||
Restrictions lapsed | (7,937 | ) | 31 | ||||
Canceled | (1,537 | ) | 30.48 | ||||
Outstanding at January 29, 2012 | 15,741 | $ | 31.81 | ||||
Granted | 3,965 | 49.18 | |||||
Restrictions lapsed | (5,295 | ) | 30.62 | ||||
Canceled | (1,172 | ) | 35.29 | ||||
Outstanding at February 3, 2013 | 13,239 | $ | 37.18 | ||||
Granted | 3,092 | 68.44 | |||||
Restrictions lapsed | (5,048 | ) | 30.67 | ||||
Canceled | (827 | ) | 46.53 | ||||
Outstanding at February 2, 2014 | 10,456 | $ | 48.82 | ||||
As of February 2, 2014, there was $291 million of unamortized stock-based compensation expense related to restricted stock and performance shares, which is expected to be recognized over a weighted average period of two years. The total fair value of restricted stock and performance shares vesting during fiscal 2013, 2012 and 2011 was $353 million, $265 million and $290 million, respectively. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Feb. 02, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
EMPLOYEE BENEFIT PLANS | |
The Company maintains active defined contribution retirement plans for its employees (the "Benefit Plans"). All associates satisfying certain service requirements are eligible to participate in the Benefit Plans. The Company makes cash contributions each payroll period up to specified percentages of associates’ contributions as approved by the Board of Directors. | |
The Company also maintains a restoration plan to provide certain associates deferred compensation that they would have received under the Benefit Plans as a matching contribution if not for the maximum compensation limits under the Internal Revenue Code. The Company funds the restoration plan through contributions made to a grantor trust, which are then used to purchase shares of the Company’s common stock in the open market. | |
The Company’s contributions to the Benefit Plans and the restoration plan were $184 million, $182 million and $171 million for fiscal 2013, 2012 and 2011, respectively. At February 2, 2014, the Benefit Plans and the restoration plan held a total of 11 million shares of the Company’s common stock in trust for plan participants. |
China_Store_Closings
China Store Closings | 12 Months Ended |
Feb. 02, 2014 | |
Restructuring and Related Activities [Abstract] | ' |
China Store Closings | ' |
CHINA STORE CLOSINGS | |
In fiscal 2012, the Company closed its remaining seven big box stores in China. As a result of the closings, the Company recorded a total charge of $145 million, net of tax, in fiscal 2012. Inventory markdown costs of $10 million are included in Cost of Sales, and $135 million of costs related to the impairment of Goodwill and other assets, lease terminations, severance and other charges are included in SG&A in the accompanying Consolidated Statements of Earnings. |
Debt_Guarantee
Debt Guarantee | 12 Months Ended |
Feb. 02, 2014 | |
Guarantees [Abstract] | ' |
Debt Guarantee | ' |
DEBT GUARANTEE | |
In connection with the sale of HD Supply, Inc. on August 30, 2007, the Company guaranteed a $1.0 billion senior secured amortizing term loan of HD Supply. The original expiration date of the guarantee was August 30, 2012. In March 2010, the Company amended the guarantee to extend the expiration date to April 1, 2014. The fair value of the guarantee at August 30, 2007 was $16 million and was recorded as a liability of the Company in Other Long-Term Liabilities. The extension of the guarantee increased the fair value of the guarantee to $67 million, resulting in a $51 million charge to Interest and Other, net, for fiscal 2010. In April 2012, the term loan guarantee was terminated. As a result, the Company reversed its $67 million liability related to the guarantee, resulting in a $67 million pretax benefit to Interest and Other, net, for fiscal 2012. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||
Feb. 02, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | ||||||||||||||||||||||||
The fair value of an asset is considered to be the price at which the asset could be sold in an orderly transaction between unrelated knowledgeable and willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, rather than the amount that would be paid to settle the liability with the creditor. Assets and liabilities recorded at fair value are measured using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: | ||||||||||||||||||||||||
• | Level 1 | – | Observable inputs that reflect quoted prices in active markets | |||||||||||||||||||||
• | Level 2 | – | Inputs other than quoted prices in active markets that are either directly or indirectly observable | |||||||||||||||||||||
• | Level 3 | – | Unobservable inputs in which little or no market data exists, therefore requiring the Company to develop its own assumptions | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||
The assets and liabilities of the Company that are measured at fair value on a recurring basis as of February 2, 2014 and February 3, 2013 were as follows (amounts in millions): | ||||||||||||||||||||||||
Fair Value at February 2, 2014 Using | Fair Value at February 3, 2013 Using | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Derivative agreements - assets | $ | — | $ | 30 | $ | — | $ | — | $ | 64 | $ | — | ||||||||||||
Derivative agreements - liabilities | — | (10 | ) | — | — | (15 | ) | — | ||||||||||||||||
Total | $ | — | $ | 20 | $ | — | $ | — | $ | 49 | $ | — | ||||||||||||
The Company uses derivative financial instruments from time to time in the management of its interest rate exposure on long-term debt and its exposure on foreign currency fluctuations. The fair value of the Company’s derivative financial instruments was measured using level 2 inputs. The Company’s derivative agreements are discussed further in Note 3. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
Upon announcement in fiscal 2012 of its intention to close seven stores in China, the Company completed an assessment on the recoverability of Goodwill for its China reporting unit. The fair value of the China reporting unit was estimated using the present value of expected future discounted cash flows through unobservable inputs (level 3). As a result of this analysis, the Company recorded a $97 million impairment charge to Goodwill in fiscal 2012. See Note 8 for further discussion of the China store closings. | ||||||||||||||||||||||||
Long-lived assets, the remaining goodwill and other intangible assets were also analyzed for impairment on a nonrecurring basis using fair value measurements with unobservable inputs (level 3). Impairment charges related to long-lived assets, the remaining goodwill and other intangible assets in fiscal 2013 and 2012 were not material, as further discussed in Note 1 under the captions "Impairment of Long-Lived Assets" and "Goodwill and Other Intangible Assets," respectively. | ||||||||||||||||||||||||
The aggregate fair value of the Company’s senior notes, based on quoted market prices, was $15.6 billion and $12.2 billion at February 2, 2014 and February 3, 2013, respectively, compared to a carrying value of $14.2 billion and $10.3 billion at February 2, 2014 and February 3, 2013, respectively. |
Basic_And_Diluted_Weighted_Ave
Basic And Diluted Weighted Average Common Shares | 12 Months Ended | ||||||||
Feb. 02, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Basic And Diluted Weighted Average Common Shares | ' | ||||||||
BASIC AND DILUTED WEIGHTED AVERAGE COMMON SHARES | |||||||||
The reconciliation of basic to diluted weighted average common shares for fiscal 2013, 2012 and 2011 was as follows (amounts in millions): | |||||||||
Fiscal Year Ended | |||||||||
February 2, | February 3, | January 29, | |||||||
2014 | 2013 | 2012 | |||||||
Weighted average common shares | 1,425 | 1,499 | 1,562 | ||||||
Effect of potentially dilutive securities: | |||||||||
Stock plans | 9 | 12 | 8 | ||||||
Diluted weighted average common shares | 1,434 | 1,511 | 1,570 | ||||||
Stock plans consist of shares granted under the Company’s employee stock plans as described in Note 6 to the Consolidated Financial Statements. Options to purchase 1 million, 1 million and 23 million shares of common stock at February 2, 2014, February 3, 2013 and January 29, 2012, respectively, were excluded from the computation of Diluted Earnings per Share because their effect would have been anti-dilutive. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Feb. 02, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
At February 2, 2014, the Company was contingently liable for approximately $372 million under outstanding letters of credit and open accounts issued for certain business transactions, including insurance programs, trade contracts and construction contracts. The Company’s letters of credit are primarily performance-based and are not based on changes in variable components, a liability or an equity security of the other party. | |
The Company is involved in litigation arising from the normal course of business. In management’s opinion, this litigation is not expected to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows. |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Feb. 02, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||||||
QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||||||||||
The following is a summary of the quarterly consolidated results of operations for the fiscal years ended February 2, 2014 and February 3, 2013 (amounts in millions, except per share data): | ||||||||||||||||||||
Net Sales | Gross | Net Earnings | Basic | Diluted | ||||||||||||||||
Profit | Earnings per | Earnings per | ||||||||||||||||||
Share | Share | |||||||||||||||||||
Fiscal Year Ended February 2, 2014: | ||||||||||||||||||||
First Quarter | $ | 19,124 | $ | 6,679 | $ | 1,226 | $ | 0.84 | $ | 0.83 | ||||||||||
Second Quarter | 22,522 | 7,721 | 1,795 | 1.25 | 1.24 | |||||||||||||||
Third Quarter | 19,470 | 6,798 | 1,351 | 0.96 | 0.95 | |||||||||||||||
Fourth Quarter | 17,696 | 6,192 | 1,013 | 0.73 | 0.73 | |||||||||||||||
Fiscal Year | $ | 78,812 | $ | 27,390 | $ | 5,385 | $ | 3.78 | $ | 3.76 | ||||||||||
Fiscal Year Ended February 3, 2013: | ||||||||||||||||||||
First Quarter | $ | 17,808 | $ | 6,183 | $ | 1,035 | $ | 0.68 | $ | 0.68 | ||||||||||
Second Quarter | 20,570 | 7,026 | 1,532 | 1.02 | 1.01 | |||||||||||||||
Third Quarter | 18,130 | 6,267 | 947 | 0.64 | 0.63 | |||||||||||||||
Fourth Quarter(1) | 18,246 | 6,366 | 1,021 | 0.69 | 0.68 | |||||||||||||||
Fiscal Year | $ | 74,754 | $ | 25,842 | $ | 4,535 | $ | 3.03 | $ | 3 | ||||||||||
Note: The quarterly data may not sum to fiscal year totals. | ||||||||||||||||||||
————— | ||||||||||||||||||||
-1 | The fourth quarter of fiscal 2012 includes 14 weeks; all other quarters of fiscal 2012 and all quarters of fiscal 2013 include 13 weeks. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Feb. 02, 2014 | |
Accounting Policies [Abstract] | ' |
Business, Consolidation and Presentation | ' |
Business, Consolidation and Presentation | |
The Home Depot, Inc. and its subsidiaries (the "Company") operate The Home Depot stores, which are full-service, warehouse-style stores averaging approximately 104,000 square feet of enclosed space, with approximately 24,000 additional square feet of outside garden area. The stores stock approximately 30,000 to 40,000 different kinds of building materials, home improvement supplies and lawn and garden products that are sold to do-it-yourself customers, do-it-for-me customers and professional customers. The Company also offers over 700,000 products through its Home Depot and Home Decorators Collection websites. At the end of fiscal 2013, the Company was operating 2,263 The Home Depot stores, which included 1,977 stores in the United States, including the Commonwealth of Puerto Rico and the territories of the U.S. Virgin Islands and Guam ("U.S."), 180 stores in Canada and 106 stores in Mexico. The Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany transactions have been eliminated in consolidation. | |
Fiscal Year | ' |
Fiscal Year | |
The Company’s fiscal year is a 52- or 53-week period ending on the Sunday nearest to January 31. Fiscal year ended February 2, 2014 ("fiscal 2013") includes 52 weeks, fiscal year ended February 3, 2013 ("fiscal 2012") includes 53 weeks and fiscal year ended January 29, 2012 ("fiscal 2011") includes 52 weeks. | |
Use of Estimates | ' |
Use of Estimates | |
Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities, the disclosure of contingent assets and liabilities, and reported amounts of revenues and expenses in preparing these financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from these estimates. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments | |
The carrying amounts of Cash and Cash Equivalents, Receivables and Accounts Payable approximate fair value due to the short-term maturities of these financial instruments. The fair value of the Company’s Long-Term Debt is discussed in Note 10. | |
Cash Equivalents | ' |
Cash Equivalents | |
The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company’s cash equivalents are carried at fair market value and consist primarily of money market funds. | |
Accounts Receivable | ' |
Accounts Receivable | |
The Company has an agreement with a third-party service provider who directly extends credit to customers, manages the Company’s private label credit card program and owns the related receivables. The Company evaluated the third-party entities holding the receivables under the program and concluded that they should not be consolidated by the Company. The agreement with the third-party service provider expires in 2018, with the Company having the option, but no obligation, to purchase the receivables at the end of the agreement. The deferred interest charges incurred by the Company for its deferred financing programs offered to its customers are included in Cost of Sales. The interchange fees charged to the Company for the customers’ use of the cards and any profit sharing with the third-party service provider are included in Selling, General and Administrative expenses ("SG&A"). The sum of the three is referred to by the Company as "the cost of credit" of the private label credit card program. | |
In addition, certain subsidiaries of the Company extend credit directly to customers in the ordinary course of business. The receivables due from customers were $57 million and $42 million as of February 2, 2014 and February 3, 2013, respectively. The Company’s valuation reserve related to accounts receivable was not material to the Consolidated Financial Statements of the Company as of the end of fiscal 2013 or 2012. | |
Merchandise Inventories | ' |
Merchandise Inventories | |
The majority of the Company’s Merchandise Inventories are stated at the lower of cost (first-in, first-out) or market, as determined by the retail inventory method. As the inventory retail value is adjusted regularly to reflect market conditions, the inventory valued using the retail method approximates the lower of cost or market. Certain subsidiaries, including retail operations in Canada and Mexico, and distribution centers, record Merchandise Inventories at the lower of cost or market, as determined by a cost method. These Merchandise Inventories represent approximately 26% of the total Merchandise Inventories balance. The Company evaluates the inventory valued using a cost method at the end of each quarter to ensure that it is carried at the lower of cost or market. The valuation allowance for Merchandise Inventories valued under a cost method was not material to the Consolidated Financial Statements of the Company as of the end of fiscal 2013 or 2012. | |
Independent physical inventory counts or cycle counts are taken on a regular basis in each store and distribution center to ensure that amounts reflected in the accompanying Consolidated Financial Statements for Merchandise Inventories are properly stated. During the period between physical inventory counts in stores, the Company accrues for estimated losses related to shrink on a store-by-store basis based on historical shrink results and current trends in the business. Shrink (or in the case of excess inventory, "swell") is the difference between the recorded amount of inventory and the physical inventory. Shrink may occur due to theft, loss, inaccurate records for the receipt of inventory or deterioration of goods, among other things. | |
Income Taxes | ' |
Income Taxes | |
Income taxes are accounted for under the asset and liability method. The Company provides for federal, state and foreign income taxes currently payable, as well as for those deferred due to timing differences between reporting income and expenses for financial statement purposes versus tax purposes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in income tax rates is recognized as income or expense in the period that includes the enactment date. | |
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. | |
The Company and its eligible subsidiaries file a consolidated U.S. federal income tax return. Non-U.S. subsidiaries and certain U.S. subsidiaries, which are consolidated for financial reporting purposes, are not eligible to be included in the Company’s consolidated U.S. federal income tax return. Separate provisions for income taxes have been determined for these entities. The Company intends to reinvest substantially all of the unremitted earnings of its non-U.S. subsidiaries and postpone their remittance indefinitely. Accordingly, no provision for U.S. income taxes for these non-U.S. subsidiaries was recorded in the accompanying Consolidated Statements of Earnings. | |
Depreciation and Amortization | ' |
Depreciation and Amortization | |
The Company’s Buildings, Furniture, Fixtures and Equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Leasehold Improvements are amortized using the straight-line method over the original term of the lease or the useful life of the improvement, whichever is shorter. | |
Capitalized Software Costs | ' |
Capitalized Software Costs | |
The Company capitalizes certain costs related to the acquisition and development of software and amortizes these costs using the straight-line method over the estimated useful life of the software, which is three to six years. These costs are included in Furniture, Fixtures and Equipment as discussed further in Note 2. Certain development costs not meeting the criteria for capitalization are expensed as incurred. | |
Revenues | ' |
Revenues | |
The Company recognizes revenue, net of estimated returns and sales tax, at the time the customer takes possession of merchandise or receives services. The liability for sales returns is estimated based on historical return levels. When the Company receives payment from customers before the customer has taken possession of the merchandise or the service has been performed, the amount received is recorded as Deferred Revenue in the accompanying Consolidated Balance Sheets until the sale or service is complete. The Company also records Deferred Revenue for the sale of gift cards and recognizes this revenue upon the redemption of gift cards in Net Sales. Gift card breakage income is recognized based upon historical redemption patterns and represents the balance of gift cards for which the Company believes the likelihood of redemption by the customer is remote. During fiscal 2013, 2012 and 2011, the Company recognized $30 million, $33 million and $42 million, respectively, of gift card breakage income. This income is included in the accompanying Consolidated Statements of Earnings as a reduction in SG&A. | |
Services Revenue | ' |
Services Revenue | |
Net Sales include services revenue generated through a variety of installation, home maintenance and professional service programs. In these programs, the customer selects and purchases material for a project, and the Company provides or arranges professional installation. These programs are offered through the Company’s stores and in-home sales programs. Under certain programs, when the Company provides or arranges the installation of a project and the subcontractor provides material as part of the installation, both the material and labor are included in services revenue. The Company recognizes this revenue when the service for the customer is complete. | |
All payments received prior to the completion of services are recorded in Deferred Revenue in the accompanying Consolidated Balance Sheets. Services revenue was $3.5 billion, $3.2 billion and $2.9 billion for fiscal 2013, 2012 and 2011, respectively. | |
Self-Insurance | ' |
Self-Insurance | |
The Company is self-insured for certain losses related to general liability (including product liability), workers’ compensation, employee group medical and automobile claims. The expected ultimate cost for claims incurred as of the balance sheet date is not discounted and is recognized as a liability. The expected ultimate cost of claims is estimated based upon analysis of historical data and actuarial estimates. | |
Prepaid Advertising | ' |
Prepaid Advertising | |
Television and radio advertising production costs, along with media placement costs, are expensed when the advertisement first appears. Amounts included in Other Current Assets in the accompanying Consolidated Balance Sheets relating to prepayments of production costs for print and broadcast advertising as well as sponsorship promotions were not material at the end of fiscal 2013 and 2012. | |
Vendor Allowances | ' |
Vendor Allowances | |
Vendor allowances primarily consist of volume rebates that are earned as a result of attaining certain purchase levels and advertising co-op allowances for the promotion of vendors’ products that are typically based on guaranteed minimum amounts with additional amounts being earned for attaining certain purchase levels. These vendor allowances are accrued as earned, with those allowances received as a result of attaining certain purchase levels accrued over the incentive period based on estimates of purchases. | |
Volume rebates and certain advertising co-op allowances earned are initially recorded as a reduction in Merchandise Inventories and a subsequent reduction in Cost of Sales when the related product is sold. Certain advertising co-op allowances that are reimbursements of specific, incremental and identifiable costs incurred to promote vendors’ products are recorded as an offset against advertising expense. In fiscal 2013, 2012 and 2011, gross advertising expense was $865 million, $831 million and $846 million, respectively, and is included in SG&A. Specific, incremental and identifiable advertising co-op allowances were $114 million, $85 million and $94 million for fiscal 2013, 2012 and 2011, respectively, and are recorded as an offset to advertising expense in SG&A. | |
Cost of Sales | ' |
Cost of Sales | |
Cost of Sales includes the actual cost of merchandise sold and services performed, the cost of transportation of merchandise from vendors to the Company’s stores, locations or customers, the operating cost of the Company’s sourcing and distribution network and the cost of deferred interest programs offered through the Company’s private label credit card program. | |
The cost of handling and shipping merchandise from the Company’s stores, locations or distribution centers to the customer is classified as SG&A. The cost of shipping and handling, including internal costs and payments to third parties, classified as SG&A was $477 million, $435 million and $430 million in fiscal 2013, 2012 and 2011, respectively. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets | |
The Company evaluates its long-lived assets each quarter for indicators of potential impairment. Indicators of impairment include current period losses combined with a history of losses, management’s decision to relocate or close a store or other location before the end of its previously estimated useful life or when changes in other circumstances indicate the carrying amount of an asset may not be recoverable. The evaluation for long-lived assets is performed at the lowest level of identifiable cash flows, which is generally the individual store level. | |
The assets of a store with indicators of impairment are evaluated by comparing its undiscounted cash flows with its carrying value. The estimate of cash flows includes management’s assumptions of cash inflows and outflows directly resulting from the use of those assets in operations, including gross margin on Net Sales, payroll and related items, occupancy costs, insurance allocations and other costs to operate a store. If the carrying value is greater than the undiscounted cash flows, an impairment loss is recognized for the difference between the carrying value and the estimated fair market value. Impairment losses are recorded as a component of SG&A in the accompanying Consolidated Statements of Earnings. When a leased location closes, the Company also recognizes in SG&A the net present value of future lease obligations less estimated sublease income. The Company recorded impairments and lease obligation costs on closings and relocations in the ordinary course of business, as well as for the closing of seven stores in China in fiscal 2012, which were not material to the Consolidated Financial Statements in fiscal 2013, 2012 or 2011. | |
Goodwill and Other Intangible Assets | ' |
Goodwill and Other Intangible Assets | |
Goodwill represents the excess of purchase price over the fair value of net assets acquired. The Company does not amortize goodwill but does assess the recoverability of goodwill in the third quarter of each fiscal year, or more often if indicators warrant, by determining whether the fair value of each reporting unit supports its carrying value. Each year the Company may assess qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount as a basis for determining whether it is necessary to complete quantitative impairment assessments, with a quantitative assessment completed at least once every three years. In fiscal 2013, the Company elected to estimate the fair values of its identified reporting units using the present value of expected future discounted cash flows. | |
The reporting units assessed for impairment during fiscal 2013 were U.S., Canada and Mexico. During fiscal 2013, the Company determined that its goodwill balances for each of these reporting units were not impaired, as the Company determined the fair value of each of these reporting units was substantially above its carrying value. In fiscal 2012, the Company recorded a charge of $97 million to impair all of the goodwill associated with the former China reporting unit. There were no impairment charges related to the remaining goodwill for fiscal 2013, 2012 or 2011. | |
The Company amortizes the cost of other intangible assets over their estimated useful lives, which range up to ten years, unless such lives are deemed indefinite. Intangible assets with indefinite lives are tested in the third quarter of each fiscal year for impairment, or more often if indicators warrant. There were no impairment charges related to other intangible assets for fiscal 2013, 2012 or 2011. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The per share weighted average fair value of stock options granted during fiscal 2013, 2012 and 2011 was $13.10, $9.86 and $7.42, respectively. The fair value of these options was determined at the date of grant using the Black-Scholes option-pricing model | |
Derivatives | ' |
Derivatives | |
The Company uses derivative financial instruments from time to time in the management of its interest rate exposure on long-term debt and its exposure on foreign currency fluctuations. The Company accounts for its derivative financial instruments in accordance with the Financial Accounting Standards Board Accounting Standards Codification ("FASB ASC") Subtopic 815-10. The fair value of the Company’s derivative financial instruments is discussed in Note 10. | |
Comprehensive Income | ' |
Comprehensive Income | |
Comprehensive Income includes Net Earnings adjusted for certain gains and losses that are excluded from Net Earnings under U.S. generally accepted accounting principles. Adjustments to Net Earnings and Accumulated Other Comprehensive Income consist primarily of foreign currency translation adjustments. | |
Foreign Currency Translation | ' |
Foreign Currency Translation | |
Assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the current rate of exchange on the last day of the reporting period. Revenues and expenses are generally translated using average exchange rates for the period and equity transactions are translated using the actual rate on the day of the transaction. | |
Segment Information | ' |
Segment Information | |
The Company operates within a single reportable segment primarily within North America. Net Sales for the Company outside the U.S. were $8.5 billion, $8.4 billion and $8.0 billion for fiscal 2013, 2012 and 2011, respectively. Long-lived assets outside the U.S. totaled $2.9 billion and $3.1 billion as of February 2, 2014 and February 3, 2013, respectively. | |
Reclassifications | ' |
Reclassifications | |
Certain amounts in prior fiscal years have been reclassified to conform with the presentation adopted in the current fiscal year. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||
Feb. 02, 2014 | ||||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||||
Property and Equipment Useful Lives | ' | |||||||||||||||||
The Company’s Property and Equipment is depreciated using the following estimated useful lives: | ||||||||||||||||||
Life | ||||||||||||||||||
Buildings | 5 – 45 years | |||||||||||||||||
Furniture, Fixtures and Equipment | 2 – 20 years | |||||||||||||||||
Leasehold Improvements | 5 – 45 years | |||||||||||||||||
Fair Value of Options Determined at Date of Grant | ' | |||||||||||||||||
The fair value of these options was determined at the date of grant using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||||
Fiscal Year Ended | ||||||||||||||||||
February 2, | February 3, | January 29, | ||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||
Risk-free interest rate | 0.8 | % | 1.2 | % | 2 | % | ||||||||||||
Assumed volatility | 26.3 | % | 27 | % | 27.3 | % | ||||||||||||
Assumed dividend yield | 2.2 | % | 2.3 | % | 2.7 | % | ||||||||||||
Assumed lives of options | 5 years | 5 years | 5 years | |||||||||||||||
Net Sales by Product Category | ' | |||||||||||||||||
The following table presents the Net Sales of each major product category (and related services) for each of the last three fiscal years (dollar amounts in millions): | ||||||||||||||||||
Product Category | Fiscal Year Ended | |||||||||||||||||
February 2, 2014 | February 3, 2013 | January 29, 2012 | ||||||||||||||||
Net Sales | % of Net Sales | Net Sales | % of Net Sales | Net Sales | % of Net Sales | |||||||||||||
Kitchen | $ | 7,978 | 10.1 | % | $ | 7,022 | 9.4 | % | $ | 6,609 | 9.4 | % | ||||||
Indoor Garden | 7,072 | 9 | 6,699 | 9 | 6,292 | 8.9 | ||||||||||||
Paint | 7,026 | 8.9 | 6,764 | 9 | 6,278 | 8.9 | ||||||||||||
Outdoor Garden | 6,094 | 7.7 | 5,904 | 7.9 | 5,615 | 8 | ||||||||||||
Lumber | 5,814 | 7.4 | 5,454 | 7.3 | 4,934 | 7 | ||||||||||||
Flooring | 5,734 | 7.3 | 5,469 | 7.3 | 5,167 | 7.3 | ||||||||||||
Building Materials | 5,729 | 7.3 | 5,594 | 7.5 | 5,694 | 8.1 | ||||||||||||
Plumbing | 5,437 | 6.9 | 5,126 | 6.9 | 4,887 | 6.9 | ||||||||||||
Electrical | 5,364 | 6.8 | 5,039 | 6.7 | 4,582 | 6.5 | ||||||||||||
Tools | 5,039 | 6.4 | 4,795 | 6.4 | 4,441 | 6.3 | ||||||||||||
Hardware | 4,718 | 6 | 4,580 | 6.1 | 4,325 | 6.1 | ||||||||||||
Millwork | 4,386 | 5.6 | 4,281 | 5.7 | 4,142 | 5.9 | ||||||||||||
Bath | 3,706 | 4.7 | 3,552 | 4.8 | 3,309 | 4.7 | ||||||||||||
Lighting | 2,369 | 3 | 2,250 | 3 | 2,092 | 3 | ||||||||||||
Décor | 2,346 | 3 | 2,225 | 3 | 2,028 | 2.9 | ||||||||||||
Total | $ | 78,812 | 100 | % | $ | 74,754 | 100 | % | $ | 70,395 | 100 | % | ||||||
Note: Certain percentages may not sum to totals due to rounding. |
Property_and_Leases_Tables
Property and Leases (Tables) | 12 Months Ended | |||||||
Feb. 02, 2014 | ||||||||
Property and Leases [Abstract] | ' | |||||||
Property and Equipment | ' | |||||||
Property and Equipment as of February 2, 2014 and February 3, 2013 consisted of the following (amounts in millions): | ||||||||
February 2, | February 3, | |||||||
2014 | 2013 | |||||||
Property and Equipment, at cost: | ||||||||
Land | $ | 8,375 | $ | 8,485 | ||||
Buildings | 17,950 | 17,981 | ||||||
Furniture, Fixtures and Equipment | 10,107 | 9,338 | ||||||
Leasehold Improvements | 1,388 | 1,382 | ||||||
Construction in Progress | 548 | 647 | ||||||
Capital Leases | 696 | 658 | ||||||
39,064 | 38,491 | |||||||
Less Accumulated Depreciation and Amortization | 15,716 | 14,422 | ||||||
Net Property and Equipment | $ | 23,348 | $ | 24,069 | ||||
Schedule of Future Minimum Lease Payments | ' | |||||||
The approximate future minimum lease payments under capital and all other leases at February 2, 2014 were as follows (amounts in millions): | ||||||||
Fiscal Year | Capital | Operating | ||||||
Leases | Leases | |||||||
2014 | $ | 99 | $ | 895 | ||||
2015 | 94 | 843 | ||||||
2016 | 92 | 754 | ||||||
2017 | 89 | 674 | ||||||
2018 | 83 | 574 | ||||||
Thereafter through 2097 | 723 | 4,456 | ||||||
1,180 | $ | 8,196 | ||||||
Less imputed interest | 681 | |||||||
Net present value of capital lease obligations | 499 | |||||||
Less current installments | 31 | |||||||
Long-term capital lease obligations, excluding current installments | $ | 468 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||
Feb. 02, 2014 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Long-Term Debt | ' | |||||||
The Company’s Long-Term Debt at the end of fiscal 2013 and 2012 consisted of the following (amounts in millions): | ||||||||
February 2, | February 3, | |||||||
2014 | 2013 | |||||||
5.25% Senior Notes; due December 16, 2013; interest payable semi-annually on | $ | — | $ | 1,286 | ||||
June 16 and December 16 | ||||||||
5.40% Senior Notes; due March 1, 2016; interest payable semi-annually on | 3,042 | 3,058 | ||||||
March 1 and September 1 | ||||||||
2.25% Senior Notes; due September 10, 2018; interest payable semi-annually on | 1,148 | — | ||||||
March 10 and September 10 | ||||||||
3.95% Senior Notes; due September 15, 2020; interest payable semi-annually on | 501 | 499 | ||||||
March 15 and September 15 | ||||||||
4.40% Senior Notes; due April 1, 2021; interest payable semi-annually on | 999 | 998 | ||||||
April 1 and October 1 | ||||||||
2.70% Senior Notes; due April 1, 2023; interest payable semi-annually on | 998 | — | ||||||
April 1 and October 1 | ||||||||
3.75% Senior Notes; due February 15, 2024; interest payable semi-annually on | 1,094 | — | ||||||
February 15 and August 15 | ||||||||
5.875% Senior Notes; due December 16, 2036; interest payable semi-annually on June 16 and December 16 | 2,962 | 2,962 | ||||||
5.40% Senior Notes; due September 15, 2040; interest payable semi-annually on | 499 | 499 | ||||||
March 15 and September 15 | ||||||||
5.95% Senior Notes; due April 1, 2041; interest payable semi-annually on | 996 | 996 | ||||||
April 1 and October 1 | ||||||||
4.20% Senior Notes; due April 1, 2043; interest payable semi-annually on | 996 | — | ||||||
April 1 and October 1 | ||||||||
4.875% Senior Notes; due February 15, 2044; interest payable semi-annually on February 15 and August 15 | 985 | — | ||||||
Capital Lease Obligations; payable in varying installments through January 31, 2055 | 499 | 492 | ||||||
Other | 5 | 6 | ||||||
Total debt | 14,724 | 10,796 | ||||||
Less current installments | 33 | 1,321 | ||||||
Long-Term Debt, excluding current installments | $ | 14,691 | $ | 9,475 | ||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Feb. 02, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Components of Earnings before Provision for Income Taxes | ' | |||||||||||
The components of Earnings before Provision for Income Taxes for fiscal 2013, 2012 and 2011 were as follows (amounts in millions): | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
United States | $ | 7,770 | $ | 6,677 | $ | 5,508 | ||||||
Foreign | 697 | 544 | 560 | |||||||||
Total | $ | 8,467 | $ | 7,221 | $ | 6,068 | ||||||
Provision for Income Taxes | ' | |||||||||||
The Provision for Income Taxes consisted of the following (amounts in millions): | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Current: | ||||||||||||
Federal | $ | 2,503 | $ | 2,060 | $ | 1,566 | ||||||
State | 346 | 302 | 234 | |||||||||
Foreign | 265 | 230 | 150 | |||||||||
3,114 | 2,592 | 1,950 | ||||||||||
Deferred: | ||||||||||||
Federal | (12 | ) | 114 | 199 | ||||||||
State | 4 | 1 | 35 | |||||||||
Foreign | (24 | ) | (21 | ) | 1 | |||||||
(32 | ) | 94 | 235 | |||||||||
Total | $ | 3,082 | $ | 2,686 | $ | 2,185 | ||||||
Reconciliation of Provision for Income Taxes | ' | |||||||||||
The reconciliation of the Provision for Income Taxes at the federal statutory rate of 35% to the actual tax expense for the applicable fiscal years was as follows (amounts in millions): | ||||||||||||
Fiscal Year Ended | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Income taxes at federal statutory rate | $ | 2,964 | $ | 2,527 | $ | 2,125 | ||||||
State income taxes, net of federal income tax benefit | 227 | 197 | 175 | |||||||||
Other, net | (109 | ) | (38 | ) | (115 | ) | ||||||
Total | $ | 3,082 | $ | 2,686 | $ | 2,185 | ||||||
Tax Effects of Temporary Differences | ' | |||||||||||
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of February 2, 2014 and February 3, 2013 were as follows (amounts in millions): | ||||||||||||
February 2, | February 3, | |||||||||||
2014 | 2013 | |||||||||||
Assets: | ||||||||||||
Deferred compensation | $ | 252 | $ | 265 | ||||||||
Accrued self-insurance liabilities | 447 | 459 | ||||||||||
State income taxes | 117 | 97 | ||||||||||
Non-deductible reserves | 275 | 285 | ||||||||||
Capital loss carryover | 104 | 104 | ||||||||||
Net operating losses | 66 | 71 | ||||||||||
Impairment of investment | 120 | 120 | ||||||||||
Other | 281 | 174 | ||||||||||
Total Deferred Tax Assets | 1,662 | 1,575 | ||||||||||
Valuation Allowance | (26 | ) | (27 | ) | ||||||||
Total Deferred Tax Assets after Valuation Allowance | 1,636 | 1,548 | ||||||||||
Liabilities: | ||||||||||||
Inventory | (97 | ) | (92 | ) | ||||||||
Property and equipment | (1,236 | ) | (1,194 | ) | ||||||||
Goodwill and other intangibles | (150 | ) | (112 | ) | ||||||||
Other | (138 | ) | (128 | ) | ||||||||
Total Deferred Tax Liabilities | (1,621 | ) | (1,526 | ) | ||||||||
Net Deferred Tax Assets | $ | 15 | $ | 22 | ||||||||
Tax Balance Sheet Accounts | ' | |||||||||||
Current deferred tax assets and current deferred tax liabilities are netted by tax jurisdiction and noncurrent deferred tax assets and noncurrent deferred tax liabilities are netted by tax jurisdiction, and are included in the accompanying Consolidated Balance Sheets as follows (amounts in millions): | ||||||||||||
February 2, | February 3, | |||||||||||
2014 | 2013 | |||||||||||
Other Current Assets | $ | 482 | $ | 313 | ||||||||
Other Assets | 49 | 30 | ||||||||||
Other Accrued Expenses | (2 | ) | (2 | ) | ||||||||
Deferred Income Taxes | (514 | ) | (319 | ) | ||||||||
Net Deferred Tax Assets | $ | 15 | $ | 22 | ||||||||
Unrecognized Tax Benefits | ' | |||||||||||
Reconciliations of the beginning and ending amount of gross unrecognized tax benefits for fiscal 2013, 2012 and 2011 were as follows (amounts in millions): | ||||||||||||
February 2, | February 3, | January 29, | ||||||||||
2014 | 2013 | 2012 | ||||||||||
Unrecognized tax benefits balance at beginning of fiscal year | $ | 638 | $ | 621 | $ | 662 | ||||||
Additions based on tax positions related to the current year | 160 | 37 | 37 | |||||||||
Additions for tax positions of prior years | 52 | 92 | 56 | |||||||||
Reductions for tax positions of prior years | (41 | ) | (15 | ) | (123 | ) | ||||||
Reductions due to settlements | (12 | ) | (94 | ) | (4 | ) | ||||||
Reductions due to lapse of statute of limitations | (7 | ) | (3 | ) | (7 | ) | ||||||
Unrecognized tax benefits balance at end of fiscal year | $ | 790 | $ | 638 | $ | 621 | ||||||
Employee_Stock_Plans_Tables
Employee Stock Plans (Tables) | 12 Months Ended | ||||||
Feb. 02, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Summary of Stock Options Outstanding | ' | ||||||
The following table summarizes stock options outstanding at February 2, 2014, February 3, 2013 and January 29, 2012, and changes during the fiscal years ended on these dates (shares in thousands): | |||||||
Number of | Weighted | ||||||
Shares | Average Exercise | ||||||
Price | |||||||
Outstanding at January 30, 2011 | 44,467 | $ | 35.56 | ||||
Granted | 3,236 | 36.55 | |||||
Exercised | (6,938 | ) | 33.25 | ||||
Canceled | (7,595 | ) | 39.11 | ||||
Outstanding at January 29, 2012 | 33,170 | $ | 35.32 | ||||
Granted | 2,376 | 49.89 | |||||
Exercised | (18,119 | ) | 38.24 | ||||
Canceled | (810 | ) | 35.27 | ||||
Outstanding at February 3, 2013 | 16,617 | $ | 34.23 | ||||
Granted | 1,704 | 69.91 | |||||
Exercised | (4,240 | ) | 31.71 | ||||
Canceled | (122 | ) | 43.8 | ||||
Outstanding at February 2, 2014 | 13,959 | $ | 39.26 | ||||
Summary of Restricted Stock and Performance Shares | ' | ||||||
The following table summarizes restricted stock and performance shares outstanding at February 2, 2014, February 3, 2013 and January 29, 2012, and changes during the fiscal years ended on these dates (shares in thousands): | |||||||
Number of | Weighted | ||||||
Shares | Average Grant | ||||||
Date Fair Value | |||||||
Outstanding at January 30, 2011 | 19,439 | $ | 30.18 | ||||
Granted | 5,776 | 35.83 | |||||
Restrictions lapsed | (7,937 | ) | 31 | ||||
Canceled | (1,537 | ) | 30.48 | ||||
Outstanding at January 29, 2012 | 15,741 | $ | 31.81 | ||||
Granted | 3,965 | 49.18 | |||||
Restrictions lapsed | (5,295 | ) | 30.62 | ||||
Canceled | (1,172 | ) | 35.29 | ||||
Outstanding at February 3, 2013 | 13,239 | $ | 37.18 | ||||
Granted | 3,092 | 68.44 | |||||
Restrictions lapsed | (5,048 | ) | 30.67 | ||||
Canceled | (827 | ) | 46.53 | ||||
Outstanding at February 2, 2014 | 10,456 | $ | 48.82 | ||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||
Feb. 02, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||||||
The assets and liabilities of the Company that are measured at fair value on a recurring basis as of February 2, 2014 and February 3, 2013 were as follows (amounts in millions): | ||||||||||||||||||||||||
Fair Value at February 2, 2014 Using | Fair Value at February 3, 2013 Using | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Derivative agreements - assets | $ | — | $ | 30 | $ | — | $ | — | $ | 64 | $ | — | ||||||||||||
Derivative agreements - liabilities | — | (10 | ) | — | — | (15 | ) | — | ||||||||||||||||
Total | $ | — | $ | 20 | $ | — | $ | — | $ | 49 | $ | — | ||||||||||||
Basic_And_Diluted_Weighted_Ave1
Basic And Diluted Weighted Average Common Shares (Tables) | 12 Months Ended | ||||||||
Feb. 02, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Weighted Average Number of Shares | ' | ||||||||
The reconciliation of basic to diluted weighted average common shares for fiscal 2013, 2012 and 2011 was as follows (amounts in millions): | |||||||||
Fiscal Year Ended | |||||||||
February 2, | February 3, | January 29, | |||||||
2014 | 2013 | 2012 | |||||||
Weighted average common shares | 1,425 | 1,499 | 1,562 | ||||||
Effect of potentially dilutive securities: | |||||||||
Stock plans | 9 | 12 | 8 | ||||||
Diluted weighted average common shares | 1,434 | 1,511 | 1,570 | ||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Feb. 02, 2014 | ||||||||||||||||||||
Quarterly Financial Data [Abstract] | ' | |||||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | |||||||||||||||||||
The following is a summary of the quarterly consolidated results of operations for the fiscal years ended February 2, 2014 and February 3, 2013 (amounts in millions, except per share data): | ||||||||||||||||||||
Net Sales | Gross | Net Earnings | Basic | Diluted | ||||||||||||||||
Profit | Earnings per | Earnings per | ||||||||||||||||||
Share | Share | |||||||||||||||||||
Fiscal Year Ended February 2, 2014: | ||||||||||||||||||||
First Quarter | $ | 19,124 | $ | 6,679 | $ | 1,226 | $ | 0.84 | $ | 0.83 | ||||||||||
Second Quarter | 22,522 | 7,721 | 1,795 | 1.25 | 1.24 | |||||||||||||||
Third Quarter | 19,470 | 6,798 | 1,351 | 0.96 | 0.95 | |||||||||||||||
Fourth Quarter | 17,696 | 6,192 | 1,013 | 0.73 | 0.73 | |||||||||||||||
Fiscal Year | $ | 78,812 | $ | 27,390 | $ | 5,385 | $ | 3.78 | $ | 3.76 | ||||||||||
Fiscal Year Ended February 3, 2013: | ||||||||||||||||||||
First Quarter | $ | 17,808 | $ | 6,183 | $ | 1,035 | $ | 0.68 | $ | 0.68 | ||||||||||
Second Quarter | 20,570 | 7,026 | 1,532 | 1.02 | 1.01 | |||||||||||||||
Third Quarter | 18,130 | 6,267 | 947 | 0.64 | 0.63 | |||||||||||||||
Fourth Quarter(1) | 18,246 | 6,366 | 1,021 | 0.69 | 0.68 | |||||||||||||||
Fiscal Year | $ | 74,754 | $ | 25,842 | $ | 4,535 | $ | 3.03 | $ | 3 | ||||||||||
Note: The quarterly data may not sum to fiscal year totals. | ||||||||||||||||||||
————— | ||||||||||||||||||||
-1 | The fourth quarter of fiscal 2012 includes 14 weeks; all other quarters of fiscal 2012 and all quarters of fiscal 2013 include 13 weeks. |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | ||||
product | ||||||
Location | ||||||
Accounts, Notes, Loans and Financing Receivable, Net, Current [Abstract] | ' | ' | ' | |||
Receivables, net | $1,398,000,000 | $1,395,000,000 | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Number of products offered online | 700,000 | ' | ' | |||
Number of stores in operation | 2,263 | ' | ' | |||
Fiscal Year, Period | '52 weeks | '53 weeks | '52 weeks | |||
Investments classified as cash equivalents, original maturity | '3 months | ' | ' | |||
Percentage of Merchandise Inventories that are calculated using a cost method | 26.00% | ' | ' | |||
Recognized income tax positions are measured at the largest amount exceeding a probability of | 50.00% | ' | ' | |||
Gift card breakage income | 30,000,000 | 33,000,000 | 42,000,000 | |||
Services revenue | 3,500,000,000 | 3,200,000,000 | 2,900,000,000 | |||
Gross advertising expense | 865,000,000 | 831,000,000 | 846,000,000 | |||
Incremental and identifiable advertising co-op allowances | 114,000,000 | 85,000,000 | 94,000,000 | |||
Shipping and handling costs classified as SG&A | 477,000,000 | 435,000,000 | 430,000,000 | |||
Goodwill Impairment | 0 | [1] | 97,000,000 | [1] | 0 | [1] |
Per share weighted average fair value of stock options granted | $13.10 | $9.86 | $7.42 | |||
UNITED STATES [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Number of stores in operation | 1,977 | ' | ' | |||
CANADA [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Number of stores in operation | 180 | ' | ' | |||
MEXICO [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Number of stores in operation | 106 | ' | ' | |||
Average store size [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Approximate average square footage of warehouse-style stores | 104,000 | ' | ' | |||
Average Garden Center Size [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Approximate average square footage of warehouse-style stores | 24,000 | ' | ' | |||
Minimum [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Approximate number of different types of inventory held at stores | 30,000 | ' | ' | |||
Maximum [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Approximate number of different types of inventory held at stores | 40,000 | ' | ' | |||
Maximum [Member] | Other Intangible Assets [Member] | ' | ' | ' | |||
Summary of Significant Accounting Policies [Abstract] | ' | ' | ' | |||
Finite-Lived Intangible Asset, Useful Life | '10 years | ' | ' | |||
Trade Accounts Receivable [Member] | ' | ' | ' | |||
Accounts, Notes, Loans and Financing Receivable, Net, Current [Abstract] | ' | ' | ' | |||
Receivables, net | $57,000,000 | $42,000,000 | ' | |||
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Recovered_Sheet1
Summary of Significant Accounting Policies (Depreciation Estimated Useful Lives) (Details) | 12 Months Ended |
Feb. 02, 2014 | |
Buildings [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Buildings [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '45 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '2 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Leasehold Improvements [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '5 years |
Leasehold Improvements [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '45 years |
Software and Software Development Costs [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Software and Software Development Costs [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '6 years |
Recovered_Sheet2
Summary of Significant Accounting Policies (Black-Scholes Option-Pricing model) (Details) | 12 Months Ended | ||
Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk-free interest rate | 0.80% | 1.20% | 2.00% |
Assumed volatility | 26.30% | 27.00% | 27.30% |
Assumed dividend yield | 2.20% | 2.30% | 2.70% |
Assumed lives of options | '5 years | '5 years | '5 years |
Recovered_Sheet3
Summary of Significant Accounting Policies (Segment Information) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
Feb. 02, 2014 | Nov. 03, 2013 | Aug. 04, 2013 | 5-May-13 | Feb. 03, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 29, 2012 | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | ||||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | $17,696,000,000 | $19,470,000,000 | $22,522,000,000 | $19,124,000,000 | $18,246,000,000 | $18,130,000,000 | $20,570,000,000 | $17,808,000,000 | $78,812,000,000 | [1] | $74,754,000,000 | [1] | $70,395,000,000 | [1] |
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% | |||
Kitchen [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,978,000,000 | 7,022,000,000 | 6,609,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 10.10% | 9.40% | 9.40% | |||
Indoor Garden [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,072,000,000 | 6,699,000,000 | 6,292,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 9.00% | 8.90% | |||
Paint [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7,026,000,000 | 6,764,000,000 | 6,278,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 8.90% | 9.00% | 8.90% | |||
Outdoor Garden [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,094,000,000 | 5,904,000,000 | 5,615,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7.70% | 7.90% | 8.00% | |||
Lumber [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,814,000,000 | 5,454,000,000 | 4,934,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7.40% | 7.30% | 7.00% | |||
Flooring [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,734,000,000 | 5,469,000,000 | 5,167,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7.30% | 7.30% | 7.30% | |||
Building Materials [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,729,000,000 | 5,594,000,000 | 5,694,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 7.30% | 7.50% | 8.10% | |||
Plumbing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,437,000,000 | 5,126,000,000 | 4,887,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6.90% | 6.90% | 6.90% | |||
Electrical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,364,000,000 | 5,039,000,000 | 4,582,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6.80% | 6.70% | 6.50% | |||
Tools [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5,039,000,000 | 4,795,000,000 | 4,441,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6.40% | 6.40% | 6.30% | |||
Hardware [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,718,000,000 | 4,580,000,000 | 4,325,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.10% | 6.10% | |||
Millwork [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 4,386,000,000 | 4,281,000,000 | 4,142,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 5.60% | 5.70% | 5.90% | |||
Bath [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,706,000,000 | 3,552,000,000 | 3,309,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | 4.80% | 4.70% | |||
Lighting [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,369,000,000 | 2,250,000,000 | 2,092,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 3.00% | |||
Decor [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,346,000,000 | 2,225,000,000 | 2,028,000,000 | |||
% of Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% | 2.90% | |||
Outside United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Segment Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000,000 | 8,400,000,000 | 8,000,000,000 | |||
Long-Lived Assets | $2,900,000,000 | ' | ' | ' | $3,100,000,000 | ' | ' | ' | $2,900,000,000 | $3,100,000,000 | ' | |||
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Property_and_Leases_Details
Property and Leases (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
Property, Plant and Equipment, Net [Abstract] | ' | ' | ' |
Land | $8,375 | $8,485 | ' |
Buildings | 17,950 | 17,981 | ' |
Furniture, Fixtures and Equipment | 10,107 | 9,338 | ' |
Leasehold Improvements | 1,388 | 1,382 | ' |
Construction in Progress | 548 | 647 | ' |
Capital Leases | 696 | 658 | ' |
Property and Equipment, at cost | 39,064 | 38,491 | ' |
Less Accumulated Depreciation and Amortization | 15,716 | 14,422 | ' |
Net Property and Equipment | 23,348 | 24,069 | ' |
Total rent expense | 905 | 849 | 823 |
Contingent rent expense | 5 | 4 | 4 |
Capital leases [Abstract] | ' | ' | ' |
2014 | 99 | ' | ' |
2015 | 94 | ' | ' |
2016 | 92 | ' | ' |
2017 | 89 | ' | ' |
2018 | 83 | ' | ' |
Thereafter through 2097 | 723 | ' | ' |
Total Capital Leases | 1,180 | ' | ' |
Less imputed interest | 681 | ' | ' |
Net present value of capital lease obligations | 499 | 492 | ' |
Less current installments | 31 | ' | ' |
Long-term capital lease obligations, excluding current installments | 468 | ' | ' |
Operating leases [Abstract] | ' | ' | ' |
2014 | 895 | ' | ' |
2015 | 843 | ' | ' |
2016 | 754 | ' | ' |
2017 | 674 | ' | ' |
2018 | 574 | ' | ' |
Thereafter through 2097 | 4,456 | ' | ' |
Total Operating Leases | 8,196 | ' | ' |
Capital leases recorded in property and equipment | $374 | $368 | ' |
Debt_Shortterm_Commercial_Pape
Debt (Short-term Commercial Paper Programs and Line of Credit Facility) (Narrative) (Details) (USD $) | 12 Months Ended | |
Feb. 02, 2014 | Feb. 03, 2013 | |
Short-term Line of Credit and Commercial Paper Programs [Abstract] | ' | ' |
Borrowings under the commercial paper programs | $0 | $0 |
Borrowings under related credit facility | 0 | 0 |
Commercial Paper [Member] | ' | ' |
Short-term Line of Credit and Commercial Paper Programs [Abstract] | ' | ' |
Credit facility maximum borrowing capacity | 2,000,000,000 | ' |
Revolving Credit Facility [Member] | ' | ' |
Short-term Line of Credit and Commercial Paper Programs [Abstract] | ' | ' |
Credit facility maximum borrowing capacity | $2,000,000,000 | ' |
Credit facility expiration date | 31-Jul-17 | ' |
Debt_Longterm_Debt_Details
Debt (Long-term Debt) (Details) (USD $) | Feb. 02, 2014 | Feb. 03, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $14,200 | $10,300 |
Capital Lease Obligations; payable in varying installments through January 31, 2055 | 499 | 492 |
Other | 5 | 6 |
Total debt | 14,724 | 10,796 |
Less current installments | 33 | 1,321 |
Long-Term Debt, excluding current installments | 14,691 | 9,475 |
5.25% Senior Notes due December 16, 2013 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 0 | 1,286 |
5.40% Senior Notes due March 1, 2016 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 3,042 | 3,058 |
2.25% Senior Notes due September 10, 2018 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 1,148 | 0 |
3.95% Senior Notes due September 15, 2020 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 501 | 499 |
4.40% Senior Notes due April 1, 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 999 | 998 |
2.70% Senior Notes due April 1, 2023 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 998 | 0 |
3.75% Senior Notes due February 15, 2024 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 1,094 | 0 |
5.875% Senior Notes due December 16, 2036 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 2,962 | 2,962 |
5.40% Senior Notes due September 15, 2040 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 499 | 499 |
5.95% Senior Notes due April 1, 2041 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 996 | 996 |
4.20% Senior Notes due April 1, 2043 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | 996 | 0 |
4.875% Senior Notes due February 15, 2044 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Senior Notes | $985 | $0 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||
Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | Dec. 16, 2013 | Feb. 02, 2014 | Sep. 30, 2013 | Sep. 03, 2013 | Feb. 02, 2014 | Feb. 02, 2014 | Apr. 30, 2013 | Apr. 02, 2013 | Sep. 30, 2013 | Sep. 03, 2013 | Feb. 02, 2014 | Feb. 02, 2014 | Feb. 02, 2014 | Apr. 30, 2013 | Apr. 02, 2013 | Sep. 30, 2013 | Sep. 03, 2013 | Sep. 30, 2013 | Sep. 03, 2013 | Apr. 30, 2013 | Apr. 02, 2013 | |
5.25% Senior Notes due December 16, 2013 [Member] | 5.40% Senior Notes due March 1, 2016 [Member] | 2.25% Senior Notes due September 10, 2018 [Member] | 2.25% Senior Notes due September 10, 2018 [Member] | 3.95% Senior Notes due September 15, 2020 [Member] | 4.40% Senior Notes due April 1, 2021 [Member] | 2.70% Senior Notes due April 1, 2023 [Member] | 2.70% Senior Notes due April 1, 2023 [Member] | 3.75% Senior Notes due February 15, 2024 [Member] | 3.75% Senior Notes due February 15, 2024 [Member] | 5.875% Senior Notes due December 16, 2036 [Member] | 5.40% Senior Notes due September 15, 2040 [Member] | 5.95% Senior Notes due April 1, 2041 [Member] | 4.20% Senior Notes due April 1, 2043 [Member] | 4.20% Senior Notes due April 1, 2043 [Member] | 4.875% Senior Notes due February 15, 2044 [Member] | 4.875% Senior Notes due February 15, 2044 [Member] | September 2013 Issuance [Member] | September 2013 Issuance [Member] | April 2013 Issuance [Member] | April 2013 Issuance [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | $1,150,000,000 | ' | ' | ' | $1,000,000,000 | ' | $1,100,000,000 | ' | ' | ' | ' | $1,000,000,000 | ' | $1,000,000,000 | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 5.25% | 5.40% | ' | 2.25% | 3.95% | 4.40% | ' | 2.70% | ' | 3.75% | 5.88% | 5.40% | 5.95% | ' | 4.20% | ' | 4.88% | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 16-Dec-13 | 1-Mar-16 | 10-Sep-18 | ' | 15-Sep-20 | ' | 1-Apr-23 | ' | 15-Feb-24 | ' | ' | ' | ' | 1-Apr-43 | ' | 15-Feb-44 | ' | ' | ' | ' | ' |
Debt Discount | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | 2,000,000 | ' | 6,000,000 | ' | ' | ' | ' | 4,000,000 | ' | 15,000,000 | ' | 22,000,000 | ' | 6,000,000 |
Debt Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | 15,000,000 | ' |
Repayments of Long-term Debt | ' | ' | ' | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | 'semi-annually on March 1 and September 1 | 'semi-annually on March 10 and September 10 | ' | 'semi-annually on March 15 and September 15 | 'semi-annually on April 1 and October 1 | 'semi-annually on April 1 and October 1 | ' | 'semi-annually on February 15 and August 15 | ' | 'semi-annually on June 16 and December 16 | 'semi-annually on March 15 and September 15 | 'semi-annually on April 1 and October 1 | 'semi-annually on April 1 and October 1 | ' | 'semi-annually on February 15 and August 15 | ' | ' | ' | ' | ' |
Long-term debt, redemption price | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, change of control, redemption price, percent | 101.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Costs Incurred [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Capitalized | 2,000,000 | 3,000,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt for 2014 | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt for 2015 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt for 2016 | 3,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt for 2017 | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt for 2018 | 1,200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturities of Long-term Debt for fiscal years thereafter | $10,400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Derivatives_Narrative_Det
Debt (Derivatives) (Narrative) (Details) (USD $) | 1 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Millions, unless otherwise specified | Nov. 30, 2013 | Feb. 02, 2014 | Nov. 22, 2013 | Nov. 30, 2013 | Feb. 02, 2014 | Nov. 22, 2013 | Feb. 02, 2014 | Dec. 16, 2013 | Feb. 02, 2014 |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Cross Currency Swap [Member] | |
2.25% Senior Notes due September 10, 2018 [Member] | 2.25% Senior Notes due September 10, 2018 [Member] | 2.25% Senior Notes due September 10, 2018 [Member] | 3.95% Senior Notes due September 15, 2020 [Member] | 3.95% Senior Notes due September 15, 2020 [Member] | 3.95% Senior Notes due September 15, 2020 [Member] | 5.40% Senior Notes due March 1, 2016 [Member] | 5.25% Senior Notes due December 16, 2013 [Member] | ||
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, notional amount | ' | ' | $500 | ' | ' | $500 | $500 | $1,250 | $676 |
Derivative, maturity date | 10-Sep-18 | ' | ' | 15-Sep-20 | ' | ' | 1-Mar-16 | 16-Dec-13 | ' |
Derivative, basis point spread on variable rate | ' | ' | 0.88% | ' | ' | 1.83% | 3.00% | ' | ' |
Asset fair value of interest rate swap agreements | ' | ' | ' | ' | 2 | ' | 28 | ' | ' |
Liability fair value of interest rate swap agreement | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Liability fair value of cash flow hedge | ' | ' | ' | ' | ' | ' | ' | ' | $9 |
Accelerated_Share_Repurchase_A1
Accelerated Share Repurchase Agreements (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | Mar. 27, 2014 | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
2014 Accelerated Share Repurchase Agreement [Member] | 2013 Accelerated Share Repurchase Agreements [Member] | 2012 Accelerated Share Repurchase Agreements [Member] | 2011 Accelerated Share Repurchase Agreements [Member] | |||||||
Subsequent Event [Member] | ||||||||||
Accelerated Share Repurchases [Line Items] | ' | ' | ' | ' | ' | ' | ' | |||
Cash paid for repurchase of common stock | $8,546 | [1] | $3,984 | [1] | $3,470 | [1] | $950 | $6,200 | $3,050 | $1,000 |
Number of shares of common stock repurchased pursuant to accelerated share repurchase agreement | ' | ' | ' | 10 | 81 | 58 | 27 | |||
Treasury Stock, Value | $19,194 | $10,694 | ' | ' | $6,200 | $3,050 | $1,000 | |||
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 12 Months Ended | ||
Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |
Income Taxes [Line Items] | ' | ' | ' |
Combined federal, state and foreign effective tax rate | 36.40% | 37.20% | 36.00% |
Federal statutory rate | 35.00% | ' | ' |
Undistributed foreign earnings | $3,100,000,000 | ' | ' |
Change in unrecognized tax benefit which is reasonably possible within twelve months of the balance sheet date | 82,000,000 | ' | ' |
Unrecognized tax benefits that would impact effective tax rate | 344,000,000 | 314,000,000 | 246,000,000 |
Accrual for interest and penalties | 7,000,000 | 15,000,000 | -2,000,000 |
Total accrued interest and penalties | 101,000,000 | 97,000,000 | ' |
Net Capital Loss Carryover [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | -45,000,000 |
Foreign Tax Authority [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating loss carryforward, valuation allowance | $26,000,000 | $27,000,000 | ' |
Income_Taxes_Components_Of_Ear
Income Taxes (Components Of Earnings Before Provision For Income Taxes) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
Components of Earnings before Provision for Income Taxes: | ' | ' | ' | |||
United States | $7,770 | $6,677 | $5,508 | |||
Foreign | 697 | 544 | 560 | |||
EARNINGS BEFORE PROVISION FOR INCOME TAXES | $8,467 | [1] | $7,221 | [1] | $6,068 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Income_Taxes_Provision_for_Inc
Income Taxes (Provision for Income Taxes) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
Current: | ' | ' | ' | |||
Federal | $2,503 | $2,060 | $1,566 | |||
State | 346 | 302 | 234 | |||
Foreign | 265 | 230 | 150 | |||
Total Current | 3,114 | 2,592 | 1,950 | |||
Deferred: | ' | ' | ' | |||
Federal | -12 | 114 | 199 | |||
State | 4 | 1 | 35 | |||
Foreign | -24 | -21 | 1 | |||
Total Deferred | -32 | 94 | 235 | |||
Total | $3,082 | [1] | $2,686 | [1] | $2,185 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Income_Taxes_Federal_statutory
Income Taxes (Federal statutory rate) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
Reconciliation of the Provision for Income Taxes: | ' | ' | ' | |||
Income taxes at federal statutory rate | $2,964 | $2,527 | $2,125 | |||
State income taxes, net of federal income tax benefit | 227 | 197 | 175 | |||
Other, net | -109 | -38 | -115 | |||
Total | $3,082 | [1] | $2,686 | [1] | $2,185 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Income_Taxes_Tax_Effects_of_Te
Income Taxes (Tax Effects of Temporary Differences) (Details) (USD $) | Feb. 02, 2014 | Feb. 03, 2013 |
In Millions, unless otherwise specified | ||
Assets: | ' | ' |
Deferred compensation | $252 | $265 |
Accrued self-insurance liabilities | 447 | 459 |
State income taxes | 117 | 97 |
Non-deductible reserves | 275 | 285 |
Capital loss carryover | 104 | 104 |
Net operating losses | 66 | 71 |
Impairment of investment | 120 | 120 |
Other | 281 | 174 |
Total Deferred Tax Assets | 1,662 | 1,575 |
Valuation Allowance | -26 | -27 |
Total Deferred Tax Assets after Valuation Allowance | 1,636 | 1,548 |
Liabilities: | ' | ' |
Inventory | -97 | -92 |
Property and equipment | -1,236 | -1,194 |
Goodwill and other intangibles | -150 | -112 |
Other | -138 | -128 |
Total Deferred Tax Liabilities | -1,621 | -1,526 |
Net Deferred Tax Assets | $15 | $22 |
Income_Taxes_Balance_Sheet_Acc
Income Taxes (Balance Sheet Accounts) (Details) (USD $) | Feb. 02, 2014 | Feb. 03, 2013 |
In Millions, unless otherwise specified | ||
Deferred Tax Assets, Net [Abstract] | ' | ' |
Net Deferred Tax Assets | $15 | $22 |
Other Current Assets [Member] | ' | ' |
Deferred Tax Assets, Net [Abstract] | ' | ' |
Net Deferred Tax Assets | 482 | 313 |
Other Assets [Member] | ' | ' |
Deferred Tax Assets, Net [Abstract] | ' | ' |
Net Deferred Tax Assets | 49 | 30 |
Other Accrued Expenses [Member] | ' | ' |
Deferred Tax Assets, Net [Abstract] | ' | ' |
Net Deferred Tax Assets | -2 | -2 |
Deferred Income Taxes [Member] | ' | ' |
Deferred Tax Assets, Net [Abstract] | ' | ' |
Net Deferred Tax Assets | ($514) | ($319) |
Income_Taxes_Unrecognized_Tax_
Income Taxes (Unrecognized Tax Benefits) (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
Reconciliation of gross unrecognized tax benefits: | ' | ' | ' |
Unrecognized tax benefits balance at beginning of fiscal year | $638 | $621 | $662 |
Additions based on tax positions related to the current year | 160 | 37 | 37 |
Additions for tax positions of prior years | 52 | 92 | 56 |
Reductions for tax positions of prior years | -41 | -15 | -123 |
Reductions due to settlements | -12 | -94 | -4 |
Reductions due to lapse of statute of limitations | -7 | -3 | -7 |
Unrecognized tax benefits balance at end of fiscal year | $790 | $638 | $621 |
Employee_Stock_Plans_Narrative
Employee Stock Plans (Narrative) (Details) (USD $) | 12 Months Ended | ||||||
In Millions, except Share data, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | Jan. 30, 2011 | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ' | ' | ' | |||
Share-based compensation expense | $228 | [1] | $218 | [1] | $215 | [1] | ' |
Percentage Which Restricted Stock Lapse Upon Third And Sixth Anniversaries Of Date Of Issuance | 25.00% | ' | ' | ' | |||
Remaining percentage of the restricted stock lapsing upon the associate's attainment of age sixty two | 50.00% | ' | ' | ' | |||
Remaining Percentage of Restricted Stock Lapsing Upon Earlier Of Associate's Attainment Of Age Sixty or the Tenth Anniversary Date | 50.00% | ' | ' | ' | |||
Deferred shares | 223,000 | 313,000 | 422,000 | ' | |||
Percentage the purchase price of shares under the ESPPs is equal to the stock's fair market value | 85.00% | ' | ' | ' | |||
Shares purchased | 2,000,000 | ' | ' | ' | |||
ESPP Weighted Average Price Paid for shares purchased | $67.83 | ' | ' | ' | |||
Employee contributions | 13 | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | 181 | 246 | 47 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 13,959,000 | 16,617,000 | 33,170,000 | 44,467,000 | |||
Weighted average remaining life, options outstanding | '6 years | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 525 | ' | ' | ' | |||
Stock options exercisable | 5,000,000 | ' | ' | ' | |||
Weighted average exercise price, options exercisable | $30.77 | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '4 years | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 253 | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 11,000,000 | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Period | '6 months | ' | ' | ' | |||
ESPP [Member] | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Share-based compensation expense | 19 | 16 | 14 | ' | |||
U.S. ESPP Plan [Member] | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Shares available for future grants | 25,000,000 | ' | ' | ' | |||
Non U.S. ESPP Plan [Member] | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Shares available for future grants | 19,000,000 | ' | ' | ' | |||
2005 Plan [Member] | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Common Stock, authorized | 255,000,000 | ' | ' | ' | |||
Reduction of number of shares available for issuance | 2.11 | ' | ' | ' | |||
Shares available for future grants | 147,000,000 | ' | ' | ' | |||
Deferred Shares [Member] | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Age when award becomes non-forfeitable | 60 | ' | ' | ' | |||
Share-based compensation expense | 14 | 13 | 12 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | '5 years | ' | ' | ' | |||
Restricted Stock [Member] | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Age when award becomes non-forfeitable | 60 | ' | ' | ' | |||
Share-based compensation expense | 171 | 166 | 169 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Period Of Restrictions Lapse | '5 years | ' | ' | ' | |||
Unamortized stock-based compensation expense | 291 | ' | ' | ' | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Total Fair Value | 353 | 265 | 290 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | '5 years | ' | ' | ' | |||
Stock Options [Member] | ' | ' | ' | ' | |||
Share-Based Compensation Arrangement By Share Based Payment Award [Line Items] | ' | ' | ' | ' | |||
Age when award becomes non-forfeitable | 60 | ' | ' | ' | |||
Share-based compensation expense | 24 | 23 | 20 | ' | |||
Unamortized stock-based compensation expense | $38 | ' | ' | ' | |||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '2 years | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | '5 years | ' | ' | ' | |||
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Employee_Stock_Plans_Stock_Opt
Employee Stock Plans (Stock Options) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
Stock options outstanding: | ' | ' | ' |
Number of Shares, Beginning Balance | 16,617 | 33,170 | 44,467 |
Granted | 1,704 | 2,376 | 3,236 |
Exercised | -4,240 | -18,119 | -6,938 |
Canceled | -122 | -810 | -7,595 |
Number of Shares, Ending Balance | 13,959 | 16,617 | 33,170 |
Weighted Average Exercise Price, Beginning Balance | $34.23 | $35.32 | $35.56 |
Weighted Average Exercise Price, Granted | $69.91 | $49.89 | $36.55 |
Weighted Average Exercise Price, Exercised | $31.71 | $38.24 | $33.25 |
Weighted Average Exercise Price, Canceled | $43.80 | $35.27 | $39.11 |
Weighted Average Exercise Price, Ending Balance | $39.26 | $34.23 | $35.32 |
Employee_Stock_Plans_Restricte
Employee Stock Plans (Restricted Stock and Performance Shares) (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
Restricted Stock [Member] | ' | ' | ' |
Restricted stock and performance shares outstanding: | ' | ' | ' |
Number of Shares, Beginning Balance | 13,239 | 15,741 | 19,439 |
Granted | 3,092 | 3,965 | 5,776 |
Restrictions lapsed | -5,048 | -5,295 | -7,937 |
Canceled | -827 | -1,172 | -1,537 |
Number of Shares, Ending Balance | 10,456 | 13,239 | 15,741 |
Weighted Average Grant Date Fair Value, Beginning Balance | $37.18 | $31.81 | $30.18 |
Weighted Average Grant Date Fair Value, Granted | $68.44 | $49.18 | $35.83 |
Weighted Average Grant Date Fair Value, Restrictions Lapsed | $30.67 | $30.62 | $31 |
Weighted Average Grant Date Fair Value, Canceled | $46.53 | $35.29 | $30.48 |
Weighted Average Grant Date Fair Value, Ending Balance | $48.82 | $37.18 | $31.81 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
Employee benefit plans: | ' | ' | ' |
Contributions to benefit plans | $184 | $182 | $171 |
Number of Shares Held in Employee Benefit Plans | 11 | ' | ' |
China_Store_Closings_Details
China Store Closings (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Feb. 03, 2013 |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | $145 |
Cost of Sales [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | 10 |
Selling, General and Administrative Expenses [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
Restructuring Charges | $135 |
Debt_Guarantee_Narrative_Detai
Debt Guarantee (Narrative) (Details) (HD Supply Inc [Member], USD $) | Jan. 29, 2012 | Aug. 30, 2007 | Feb. 03, 2013 | Jan. 30, 2011 |
Interest and Other, net [Member] | Interest and Other, net [Member] | |||
Debt Guarantee [Abstract] | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | $1,000,000,000 | ' | ' |
Fair value of the guarantee | 67,000,000 | 16,000,000 | ' | ' |
Increase (decrease) in fair value of the guarantee | ' | ' | ($67,000,000) | $51,000,000 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |||||
Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |||
Goodwill Impairment | $0 | [1] | $97,000,000 | [1] | $0 | [1] |
Carrying value of senior notes | 14,200,000,000 | 10,300,000,000 | ' | |||
Senior Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' | ' | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | |||
Fair value of senior notes | $15,600,000,000 | $12,200,000,000 | ' | |||
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Fair_Value_Measurements_Assets
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Feb. 02, 2014 | Feb. 03, 2013 |
In Millions, unless otherwise specified | ||
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative agreements - assets | $0 | $0 |
Derivative agreements - liabilities | 0 | 0 |
Total | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative agreements - assets | 30 | 64 |
Derivative agreements - liabilities | -10 | -15 |
Total | 20 | 49 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative agreements - assets | 0 | 0 |
Derivative agreements - liabilities | 0 | 0 |
Total | $0 | $0 |
Basic_And_Diluted_Weighted_Ave2
Basic And Diluted Weighted Average Common Shares (Narrative) (Details) (Stock Options [Member]) | 12 Months Ended | ||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 |
Stock Options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Options to purchase common stock excluded from computation of Diluted Earnings per Share | 1 | 1 | 23 |
Recovered_Sheet4
Basic and Diluted Weighted Average Common Shares (Reconciliation Of Basic To Diluted Weighted Average Common Shares) (Details) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
Reconciliation of Basic to Diluted Weighted Average Common Shares: | ' | ' | ' | |||
Weighted average common shares | 1,425 | [1] | 1,499 | [1] | 1,562 | [1] |
Effect of potentially dilutive securities: Stock plans | 9 | 12 | 8 | |||
Diluted weighted average common shares | 1,434 | [1] | 1,511 | [1] | 1,570 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (USD $) | Feb. 02, 2014 |
In Millions, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Letters of Credit Outstanding, Amount | $372 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Millions, except Per Share data, unless otherwise specified | Feb. 02, 2014 | Nov. 03, 2013 | Aug. 04, 2013 | 5-May-13 | Feb. 03, 2013 | Oct. 28, 2012 | Jul. 29, 2012 | Apr. 29, 2012 | Feb. 02, 2014 | Feb. 03, 2013 | Jan. 29, 2012 | |||
Quarterly Financial Data [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Net Sales | $17,696 | $19,470 | $22,522 | $19,124 | $18,246 | $18,130 | $20,570 | $17,808 | $78,812 | [1] | $74,754 | [1] | $70,395 | [1] |
Gross Profit | 6,192 | 6,798 | 7,721 | 6,679 | 6,366 | 6,267 | 7,026 | 6,183 | 27,390 | [1] | 25,842 | [1] | 24,262 | [1] |
Net Earnings | $1,013 | $1,351 | $1,795 | $1,226 | $1,021 | $947 | $1,532 | $1,035 | $5,385 | [1] | $4,535 | [1] | $3,883 | [1] |
Earnings per Share, Basic | $0.73 | $0.96 | $1.25 | $0.84 | $0.69 | $0.64 | $1.02 | $0.68 | $3.78 | [1] | $3.03 | [1] | $2.49 | [1] |
Earnings per Share, Diluted | $0.73 | $0.95 | $1.24 | $0.83 | $0.68 | $0.63 | $1.01 | $0.68 | $3.76 | [1] | $3 | [1] | $2.47 | [1] |
[1] | Fiscal years ended February 2, 2014 and January 29, 2012 include 52 weeks. Fiscal year ended February 3, 2013 includes 53 weeks. |