The Home Depot, Inc. (HD) 10-Q 25 Aug 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Aug. 02, 2020	Aug. 18, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 2, 2020
Document Transition Report	false
Entity File Number	1-8207
Entity Registrant Name	HOME DEPOT, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3261426
Entity Address, Address Line One	2455 Paces Ferry Road
Entity Address, City or Town	Atlanta,
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	30339
City Area Code	770
Local Phone Number	433-8211
Title of 12(b) Security	Common Stock, $0.05 Par Value Per Share
Trading Symbol	HD
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		1,076,455,514
Entity Central Index Key	0000354950
Current Fiscal Year End Date	--01-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Aug. 02, 2020	Feb. 02, 2020
Current assets:
Cash and cash equivalents	$ 14,139	$ 2,133
Receivables, net	2,562	2,106
Merchandise inventories	13,498	14,531
Other current assets	1,162	1,040
Total current assets	31,361	19,810
Net property and equipment	23,387	22,770
Operating lease right-of-use assets	5,436	5,595
Goodwill	2,233	2,254
Other assets	932	807
Total assets	63,349	51,236
Current liabilities:
Short-term debt	0	974
Accounts payable	11,691	7,787
Accrued salaries and related expenses	2,402	1,494
Sales taxes payable	907	605
Deferred revenue	2,511	2,116
Current installments of long-term debt	2,476	1,839
Current operating lease liabilities	831	828
Other accrued expenses	3,381	2,732
Total current liabilities	24,199	18,375
Long-term debt, excluding current installments	32,370	28,670
Long-term operating lease liabilities	4,895	5,066
Other long-term liabilities	2,299	2,241
Total liabilities	63,763	54,352
Common stock, par value $0.05; authorized: 10,000 shares; issued: 1,788 shares at August 2, 2020 and 1,786 shares at February 2, 2020; outstanding: 1,076 shares at August 2, 2020 and 1,077 shares at February 2, 2020	89	89
Paid-in capital	11,228	11,001
Retained earnings	55,074	51,729
Accumulated other comprehensive loss	(1,012)	(739)
Treasury stock, at cost, 712 shares at August 2, 2020 and 709 shares at February 2, 2020	(65,793)	(65,196)
Total stockholders’ (deficit) equity	(414)	(3,116)
Total liabilities and stockholders’ equity	$ 63,349	$ 51,236

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 02, 2020	Feb. 02, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.05	$ 0.05
Common stock, shares authorized (in shares)	10,000,000,000	10,000,000,000
Common stock, shares, issued (in shares)	1,788,000,000	1,786,000,000
Common stock, shares outstanding (in shares)	1,076,000,000	1,077,000,000
Treasury stock, shares (in shares)	712,000,000	709,000,000

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019
Income Statement [Abstract]
Net sales	$ 38,053	$ 30,839	$ 66,313	$ 57,220
Cost of sales	25,112	20,407	43,747	37,771
Gross profit	12,941	10,432	22,566	19,449
Operating expenses:
Selling, general and administrative	6,355	5,044	12,184	9,984
Depreciation and amortization	519	492	1,039	972
Total operating expenses	6,874	5,536	13,223	10,956
Operating income	6,067	4,896	9,343	8,493
Interest and other (income) expense:
Interest and investment income	(9)	(19)	(26)	(34)
Interest expense	346	302	670	590
Interest and other, net	337	283	644	556
Earnings before provision for income taxes	5,730	4,613	8,699	7,937
Provision for income taxes	1,398	1,134	2,122	1,945
Net earnings	$ 4,332	$ 3,479	$ 6,577	$ 5,992
Basic weighted average common shares (in shares)	1,073	1,095	1,073	1,098
Basic earnings per share (in dollars per share)	$ 4.04	$ 3.18	$ 6.13	$ 5.46
Diluted weighted average common shares (in shares)	1,077	1,099	1,077	1,103
Diluted earnings per share (in dollars per share)	$ 4.02	$ 3.17	$ 6.11	$ 5.43

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 4,332	$ 3,479	$ 6,577	$ 5,992
Other comprehensive income (loss):
Foreign currency translation adjustments	141	59	(278)	16
Cash flow hedges, net of tax	5	4	5	6
Other	(10)	(4)	0	5
Total other comprehensive income (loss)	136	59	(273)	27
Comprehensive income	$ 4,468	$ 3,538	$ 6,304	$ 6,019

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock	Paid-in Capital	Retained Earnings	Retained EarningsRevision of prior period, ASU, adjustment	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss)Revision of prior period, ASU, adjustment	Treasury Stock
Balance at beginning of period at Feb. 03, 2019		$ 89	$ 10,578	$ 46,423	$ 26	$ (772)	$ (31)	$ (58,196)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans		0	59
Stock-based compensation expense			140
Net earnings	$ 5,992			5,992
Cash dividends				(2,991)
Other				(4)
Foreign currency translation adjustments						16
Cash flow hedges, net of tax	6					6
Other	5					5
Repurchases of common stock								(2,500)
Balance at end of period at Aug. 04, 2019	(1,160)	89	10,777	49,446		(776)		(60,696)
Balance at beginning of period at May. 05, 2019		89	10,590	47,459		(835)		(59,446)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans		0	123
Stock-based compensation expense			64
Net earnings	3,479			3,479
Cash dividends				(1,492)
Other				0
Foreign currency translation adjustments						59
Cash flow hedges, net of tax	4					4
Other	(4)					(4)
Repurchases of common stock								(1,250)
Balance at end of period at Aug. 04, 2019	(1,160)	89	10,777	49,446		(776)		(60,696)
Balance at beginning of period at Feb. 02, 2020	(3,116)	89	11,001	51,729		(739)		(65,196)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans		0	73
Stock-based compensation expense			154
Net earnings	6,577			6,577
Cash dividends				(3,223)
Other				(9)
Foreign currency translation adjustments						(278)
Cash flow hedges, net of tax	5					5
Other	0					0
Repurchases of common stock								(597)
Balance at end of period at Aug. 02, 2020	(414)	89	11,228	55,074		(1,012)		(65,793)
Balance at beginning of period at May. 03, 2020		89	11,008	52,354		(1,148)		(65,793)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued under employee stock plans		0	144
Stock-based compensation expense			76
Net earnings	4,332			4,332
Cash dividends				(1,612)
Other				0
Foreign currency translation adjustments						141
Cash flow hedges, net of tax	5					5
Other	(10)					(10)
Repurchases of common stock								0
Balance at end of period at Aug. 02, 2020	$ (414)	$ 89	$ 11,228	$ 55,074		$ (1,012)		$ (65,793)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019
Cash Flows from Operating Activities:
Net earnings	$ 6,577	$ 5,992
Reconciliation of net earnings to net cash provided by operating activities:
Depreciation and amortization	1,222	1,107
Stock-based compensation expense	155	139
Changes in receivables, net	(477)	(338)
Changes in merchandise inventories	920	(810)
Changes in other current assets	(126)	(244)
Changes in accounts payable and accrued expenses	5,673	2,097
Changes in deferred revenue	397	452
Changes in income taxes payable	447	11
Changes in deferred income taxes	13	58
Other operating activities	28	79
Net cash provided by operating activities	14,829	8,543
Cash Flows from Investing Activities:
Capital expenditures	(1,032)	(1,246)
Proceeds from sales of property and equipment	12	11
Other investing activities	0	(14)
Net cash used in investing activities	(1,020)	(1,249)
Cash Flows from Financing Activities:
Repayments of short-term debt, net	(974)	(1,339)
Proceeds from long-term debt, net of discounts and premiums	4,960	1,404
Repayments of long-term debt	(1,806)	(1,030)
Repurchases of common stock	(791)	(2,619)
Proceeds from sales of common stock	164	157
Cash dividends	(3,223)	(2,991)
Other financing activities	(127)	(116)
Net cash used in financing activities	(1,797)	(6,534)
Change in cash and cash equivalents	12,012	760
Effect of exchange rate changes on cash and cash equivalents	(6)	9
Cash and cash equivalents at beginning of period	2,133	1,778
Cash and cash equivalents at end of period	14,139	2,547
Supplemental Disclosures:
Cash paid for interest, net of interest capitalized	587	558
Cash paid for income taxes	$ 1,611	$ 1,912

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 02, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements of The Home Depot, Inc. and its subsidiaries (the "Company," "Home Depot," "we," "our" or "us") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Form 10-K. Impact of COVID-19 The outbreak of the novel coronavirus COVID-19, which was declared a global pandemic by the World Health Organization on March 11, 2020, has led to adverse impacts on the U.S. and global economies and has impacted our supply chain, operations, and customer demand. Even though the Company has taken measures to adapt to operating in this challenging environment, the pandemic could further affect our operations and the operations of our suppliers and vendors as a result of additional shelter-in-place and other governmental orders, facility closures, travel and logistics restrictions, and other factors as circumstances continue to evolve. In response to COVID-19, we expanded our associate pay and benefits to provide additional paid time off, weekly bonuses, double overtime pay and other benefits. These expanded pay and benefits were included in SG&A in the Consolidated Statements of Earnings and resulted in $479 million of additional expense for the second quarter of fiscal 2020 and $1.3 billion of additional expense for the first six months of fiscal 2020. As of August 2, 2020, there were $393 million included in accrued salaries and related expenses in the Consolidated Balance Sheets related to these expanded pay and benefits. We assess the recoverability of goodwill and other indefinite-lived intangibles in the third quarter of each year, or more often if indicators warrant. We assessed the current environment to determine if there were any indicators of impairment as a result of the operating conditions resulting from COVID-19 or otherwise and concluded that while there have been events and circumstances in the macro-environment that have impacted us, we have not experienced any entity-specific indicators of impairment for goodwill or other indefinite-lived intangibles that would require an impairment test as of August 2, 2020. We evaluate our long-lived assets each quarter for indicators of potential impairment. Indicators of impairment include current period losses combined with a history of losses, our 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. We performed our quarterly assessment of long-lived assets during the first and second quarters of 2020 and did not record any material long-lived asset impairments. Also in response to COVID-19, we took steps to further solidify our liquidity position in March 2020 by expanding our commercial paper program and corresponding revolving credit facility capacity, as well as issuing senior notes. See Note 4 for further discussion. Reclassifications Effective February 3, 2020, we reclassified cash flows relating to book overdrafts from financing to operating activities for all periods presented in the Consolidated Statements of Cash Flows. The amounts of these reclassifications were not material. There were no significant changes to our significant accounting policies as disclosed in the 2019 Form 10-K. Recently Adopted Accounting Pronouncements ASU No. 2018-15. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract,” which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. On February 3, 2020, we adopted ASU No. 2018-15 with no material impact to our consolidated financial position, results of operations or cash flows. ASU No. 2017-04. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies how an entity is required to test goodwill for impairment. The amendments in ASU No. 2017-04 require goodwill impairment to be measured using the difference between the carrying amount and the fair value of the reporting unit and require the loss recognized to not exceed the total amount of goodwill allocated to that reporting unit. On February 3, 2020, we adopted ASU No. 2017-04 with no material impact to our consolidated financial position, results of operations or cash flows. ASU No. 2016-13. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost. The model replaces the probable, incurred loss model for those assets and broadens the information an entity must consider in developing its expected credit loss estimate for assets measured at amortized cost. On February 3, 2020, we adopted ASU No. 2016-13 with no material impact to our consolidated financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements ASU 2020-04. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures but do not anticipate a material impact. Recent accounting pronouncements pending adoption not discussed above or in the 2019 Form 10-K are either not applicable or will not have or are not expected to have a material impact on our consolidated financial position, results of operations or cash flows.

Net Sales

Net Sales	6 Months Ended
	Aug. 02, 2020
Revenue from Contract with Customer [Abstract]
Net Sales	NET SALES No sales to an individual customer accounted for more than 10% of our net sales during the three and six months ended August 2, 2020 and August 4, 2019. Net sales, classified by geography, follow: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Net sales – in the U.S. $ 35,205 $ 28,186 $ 61,623 $ 52,639 Net sales – outside the U.S. 2,848 2,653 4,690 4,581 Net sales $ 38,053 $ 30,839 $ 66,313 $ 57,220 Net sales by products and services follow: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Net sales – products $ 36,990 $ 29,480 $ 64,295 $ 54,712 Net sales – services 1,063 1,359 2,018 2,508 Net sales $ 38,053 $ 30,839 $ 66,313 $ 57,220 Major product lines and the related merchandising departments (and related services) follow: Major Product Line Merchandising Departments Building Materials Building Materials, Electrical/Lighting, Lumber, Millwork, and Plumbing Décor Appliances, Décor/Storage, Flooring, Kitchen and Bath, and Paint Hardlines Hardware, Indoor Garden, Outdoor Garden, and Tools Net sales by major product lines (and related services) follow: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Building Materials $ 12,556 $ 10,495 $ 22,372 $ 19,899 Décor 11,790 10,050 21,096 18,795 Hardlines 13,707 10,294 22,845 18,526 Net sales $ 38,053 $ 30,839 $ 66,313 $ 57,220

Property and Leases

Property and Leases	6 Months Ended
	Aug. 02, 2020
Leases [Abstract]
Property and Leases	PROPERTY AND LEASES Net Property and Equipment Net property and equipment includes accumulated depreciation and amortization of $22.9 billion as of August 2, 2020 and $22.1 billion as of February 2, 2020. Leases We lease certain retail locations, office space, warehouse and distribution space, equipment, and vehicles. We consider various factors such as market conditions and the terms of any renewal options that may exist to determine whether we will renew or replace the lease. A substantial majority of our leases have remaining lease terms of one Certain of our property lease agreements contain residual value guarantees, which generally become due at the expiration of the lease term and are estimated as the greater of the fair value of the leased asset or a set minimum value. These residual value guarantees are primarily related to leases of facilities whose construction was funded by industrial revenue bonds. Our lease agreements do not contain any material restrictive covenants. Further, certain lease agreements include rental payments based on an index or rate and others include rental payments based on a percentage of sales. The Consolidated Balance Sheet location of assets and liabilities related to operating and finance leases follow: in millions Consolidated Balance Sheet Caption August 2, February 2, Assets: Operating lease assets Operating lease right-of-use assets $ 5,436 $ 5,595 Finance lease assets (1) Net property and equipment 1,940 934 Total lease assets $ 7,376 $ 6,529 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 831 $ 828 Finance lease liabilities Current installments of long-term debt 128 84 Long-term: Operating lease liabilities Long-term operating lease liabilities 4,895 5,066 Finance lease liabilities Long-term debt, excluding current installments 2,056 1,081 Total lease liabilities $ 7,910 $ 7,059 ————— (1) Finance lease assets are recorded net of accumulated amortization of $707 million as of August 2, 2020 and $644 million as of February 2, 2020. The components of lease cost follow: Three Months Ended Six Months Ended in millions Consolidated Statement of Earnings Caption August 2, August 4, August 2, August 4, Operating lease cost Selling, general and administrative $ 193 $ 205 $ 388 $ 415 Finance lease cost: Amortization of leased assets Depreciation and amortization 36 22 67 43 Interest on lease liabilities Interest expense 26 23 52 46 Short-term lease cost Selling, general and administrative 19 18 37 43 Variable lease cost Selling, general and administrative 65 64 126 122 Sublease income Selling, general and administrative (4) (4) (7) (7) Net lease cost $ 335 $ 328 $ 663 $ 662 When the rate implicit in the contract is not readily determinable, we use a secured incremental borrowing rate as the discount rate for the present value of lease payments. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rates follow: August 2, February 2, Weighted Average Remaining Lease Term (Years): Operating leases 10 10 Finance leases 15 12 Weighted Average Discount Rate: Operating leases 3.0 % 3.1 % Finance leases 6.8 % 10.4 % The approximate future minimum lease payments under operating and finance leases as of August 2, 2020 follow: in millions Operating Finance Fiscal 2020 $ 490 $ 117 Fiscal 2021 937 239 Fiscal 2022 833 239 Fiscal 2023 733 234 Fiscal 2024 630 217 Thereafter 3,041 1,974 Total lease payments 6,664 3,020 Less imputed interest 938 836 Present value of lease liabilities $ 5,726 $ 2,184 ————— Note: Amounts presented do not include payments relating to immaterial leases excluded from the Consolidated Balance Sheets as a result of adopting certain practical expedients. Additionally, future minimum lease payments do not include approximately $1.1 billion of leases (undiscounted basis) that have not yet commenced. These leases will commence between fiscal 2020 and fiscal 2021 with lease terms of one Other lease information follows: Six Months Ended in millions August 2, August 4, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 505 $ 500 Operating cash flows - finance leases 52 46 Financing cash flows - finance leases 56 30 Lease assets obtained in exchange for new operating lease liabilities 296 520 Lease assets obtained in exchange for new finance lease liabilities 1,085 67
Property and Leases	PROPERTY AND LEASES Net Property and Equipment Net property and equipment includes accumulated depreciation and amortization of $22.9 billion as of August 2, 2020 and $22.1 billion as of February 2, 2020. Leases We lease certain retail locations, office space, warehouse and distribution space, equipment, and vehicles. We consider various factors such as market conditions and the terms of any renewal options that may exist to determine whether we will renew or replace the lease. A substantial majority of our leases have remaining lease terms of one Certain of our property lease agreements contain residual value guarantees, which generally become due at the expiration of the lease term and are estimated as the greater of the fair value of the leased asset or a set minimum value. These residual value guarantees are primarily related to leases of facilities whose construction was funded by industrial revenue bonds. Our lease agreements do not contain any material restrictive covenants. Further, certain lease agreements include rental payments based on an index or rate and others include rental payments based on a percentage of sales. The Consolidated Balance Sheet location of assets and liabilities related to operating and finance leases follow: in millions Consolidated Balance Sheet Caption August 2, February 2, Assets: Operating lease assets Operating lease right-of-use assets $ 5,436 $ 5,595 Finance lease assets (1) Net property and equipment 1,940 934 Total lease assets $ 7,376 $ 6,529 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 831 $ 828 Finance lease liabilities Current installments of long-term debt 128 84 Long-term: Operating lease liabilities Long-term operating lease liabilities 4,895 5,066 Finance lease liabilities Long-term debt, excluding current installments 2,056 1,081 Total lease liabilities $ 7,910 $ 7,059 ————— (1) Finance lease assets are recorded net of accumulated amortization of $707 million as of August 2, 2020 and $644 million as of February 2, 2020. The components of lease cost follow: Three Months Ended Six Months Ended in millions Consolidated Statement of Earnings Caption August 2, August 4, August 2, August 4, Operating lease cost Selling, general and administrative $ 193 $ 205 $ 388 $ 415 Finance lease cost: Amortization of leased assets Depreciation and amortization 36 22 67 43 Interest on lease liabilities Interest expense 26 23 52 46 Short-term lease cost Selling, general and administrative 19 18 37 43 Variable lease cost Selling, general and administrative 65 64 126 122 Sublease income Selling, general and administrative (4) (4) (7) (7) Net lease cost $ 335 $ 328 $ 663 $ 662 When the rate implicit in the contract is not readily determinable, we use a secured incremental borrowing rate as the discount rate for the present value of lease payments. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rates follow: August 2, February 2, Weighted Average Remaining Lease Term (Years): Operating leases 10 10 Finance leases 15 12 Weighted Average Discount Rate: Operating leases 3.0 % 3.1 % Finance leases 6.8 % 10.4 % The approximate future minimum lease payments under operating and finance leases as of August 2, 2020 follow: in millions Operating Finance Fiscal 2020 $ 490 $ 117 Fiscal 2021 937 239 Fiscal 2022 833 239 Fiscal 2023 733 234 Fiscal 2024 630 217 Thereafter 3,041 1,974 Total lease payments 6,664 3,020 Less imputed interest 938 836 Present value of lease liabilities $ 5,726 $ 2,184 ————— Note: Amounts presented do not include payments relating to immaterial leases excluded from the Consolidated Balance Sheets as a result of adopting certain practical expedients. Additionally, future minimum lease payments do not include approximately $1.1 billion of leases (undiscounted basis) that have not yet commenced. These leases will commence between fiscal 2020 and fiscal 2021 with lease terms of one Other lease information follows: Six Months Ended in millions August 2, August 4, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 505 $ 500 Operating cash flows - finance leases 52 46 Financing cash flows - finance leases 56 30 Lease assets obtained in exchange for new operating lease liabilities 296 520 Lease assets obtained in exchange for new finance lease liabilities 1,085 67

Debt and Derivative Instruments

Debt and Derivative Instruments	6 Months Ended
	Aug. 02, 2020
Debt Disclosure [Abstract]
Debt and Derivative Instruments	DEBT AND DERIVATIVE INSTRUMENTS Short-Term Debt In March 2020, we expanded our commercial paper programs from $3.0 billion to $6.0 billion. All of our short-term borrowings in the first six months of fiscal 2020 were under these commercial paper programs, and the maximum amount outstanding at any time was $1.0 billion. In connection with these programs, we have back-up credit facilities with a consortium of banks for borrowings of up to $6.5 billion, which consist of (1) a 364-day $3.5 billion credit facility that was entered into in March 2020 in connection with our expanded commercial paper program and is scheduled to expire in March 2021, (2) a five-year $2.0 billion credit facility scheduled to expire in December 2022, and (3) a 364-day $1.0 billion credit facility scheduled to expire in December 2020. Long-Term Debt March 2020 Issuance. In March 2020, we issued four tranches of senior notes. • The first tranche consisted of $750 million of 2.50% senior notes due April 15, 2027 (the “2027 notes”) at a discount of $4 million. Interest on the 2027 notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2020. • The second tranche consisted of $1.5 billion of 2.70% senior notes due April 15, 2030 (the “2030 notes”) at a discount of $8 million. Interest on the 2030 notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2020. • The third tranche consisted of $1.25 billion of 3.30% senior notes due April 15, 2040 (the "2040 notes") at a discount of $11 million. Interest on the 2040 notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2020. • The fourth tranche consisted of $1.5 billion of 3.35% senior notes due April 15, 2050 (the "2050 notes") at a discount of $17 million (together with the 2027 notes, the 2030 notes and the 2040 notes, the "March 2020 issuance"). Interest on the 2050 notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2020. • Issuance costs totaled $36 million. The net proceeds of the March 2020 issuance were used for general corporate purposes, which included the repayment of outstanding senior notes that matured in June 2020 and the repayment of outstanding senior notes that were scheduled to mature in September 2020. Redemption. The 2027 notes, 2030 notes, 2040 notes and 2050 notes may be redeemed by us 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, or (2) the sum of the present values of the remaining scheduled payments of principal and interest to the Par Call Date, as defined in the respective notes. Additionally, if a Change in Control Triggering Event, as defined in the notes, occurs, holders of all notes have the right to require us to redeem those notes at 101% of the aggregate principal amount of the notes plus accrued interest up to the redemption date. We are generally not limited under the indentures governing the notes in our ability to incur additional indebtedness or required to maintain financial ratios or specified levels of net worth or liquidity. The indentures governing the notes contain various customary covenants; however, none are expected to impact our liquidity or capital resources. Derivative Instruments We use derivative and nonderivative financial instruments in the management of our exposure to fluctuations in foreign currency exchange rates and interest rates on certain long-term debt. We had outstanding interest rate swap agreements with combined notional amounts of $2.9 billion at August 2, 2020 and $2.1 billion at February 2, 2020. These agreements were accounted for as fair value hedges that swap fixed for variable rate interest to hedge changes in the fair values of certain senior notes. The fair values of these agreements were $261 million at August 2, 2020 and $120 million at February 2, 2020. At August 2, 2020 and February 2, 2020, we had outstanding foreign currency forward contracts accounted for as cash flow hedges, which hedge the variability of forecasted cash flows associated with certain payments made in our foreign operations. The notional amounts and the fair values of these agreements were not material. We had outstanding foreign currency forward contracts accounted for as net investment hedges, with a combined notional amount of $1.2 billion at February 2, 2020. These agreements hedged against foreign currency exposure on our net investment in certain subsidiaries. At February 2, 2020, the fair values of these agreements were not material. These foreign currency forward contracts settled during the first quarter of fiscal 2020, resulting in an immaterial gain. In addition to our forward contracts, we also hedge a portion of our foreign currency risk by designating nonderivative foreign-currency-denominated intercompany debt as hedges of our net investment in certain of our foreign operations. We had outstanding intercompany debt with a combined notional value of $1.2 billion as of August 2, 2020 that was designated as hedges of our net investment in our foreign operations. For the three and six months ended August 2, 2020, respectively, $52 million of foreign currency losses and $23 million of foreign currency gains associated with this debt were recorded as foreign currency translation adjustments in accumulated other comprehensive income (loss). As of February 2, 2020, the notional value of our nonderivative hedges and related foreign currency translation adjustments were immaterial. We generally enter into master netting arrangements, which are designed to reduce credit risk by permitting net settlement of transactions with the same counterparty. To further limit our credit risk, we enter into collateral security arrangements that provide for collateral to be received or posted when the net fair value of certain derivative instruments exceeds or falls below contractually established thresholds. Derivative assets and derivative liabilities are presented at their gross fair values in the Consolidated Balance Sheets. As of August 2, 2020, the cash collateral received by the Company related to derivative instruments under our collateral security arrangements was $158 million, which was recorded in other current liabilities in the Consolidated Balance Sheets. We did not receive any cash collateral as of February 2, 2020 or have any cash collateral posted with counterparties as of August 2, 2020 or February 2, 2020.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Aug. 02, 2020
Equity [Abstract]
Stockholders' equity	STOCKHOLDERS' EQUITY Stock Rollforward A reconciliation of the number of shares of our common stock and dividends per share follows: shares in millions Three Months Ended Six Months Ended August 2, August 4, August 2, August 4, Common stock: Balance at beginning of period 1,788 1,784 1,786 1,782 Shares issued under employee stock plans — 1 2 3 Balance at end of period 1,788 1,785 1,788 1,785 Treasury stock: Balance at beginning of period (712) (683) (709) (677) Repurchases of common stock — (6) (3) (12) Balance at end of period (712) (689) (712) (689) Shares outstanding at end of period 1,076 1,096 1,076 1,096 Cash dividends per share $ 1.50 $ 1.36 $ 3.00 $ 2.72

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Aug. 02, 2020
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. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities that are measured at fair value on a recurring basis follow: Fair Value at August 2, 2020 Using Fair Value at February 2, 2020 Using in millions Quoted Prices in Active Markets for Identical Assets Significant Significant Quoted Prices in Active Markets for Identical Assets Significant Significant Derivative agreements – assets $ — $ 262 $ — $ — $ 133 $ — Derivative agreements – liabilities — — — — — — Total $ — $ 262 $ — $ — $ 133 $ — Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The carrying amounts of cash and cash equivalents, receivables, short-term debt, and accounts payable approximate fair value due to the short-term maturities of these financial instruments. Long-lived assets and other intangible assets are subject to nonrecurring fair value measurement for the assessment of impairment or as the result of business acquisitions. We did not have any material assets or liabilities that were measured at fair value on a nonrecurring basis as of August 2, 2020 or February 2, 2020, respectively. The aggregate fair values and carrying values of our senior notes follow: August 2, February 2, in millions Fair Value Carrying Fair Value Carrying Senior notes $ 40,941 $ 32,662 $ 34,102 $ 29,344

Weighted Average Common Shares

Weighted Average Common Shares	6 Months Ended
	Aug. 02, 2020
Earnings Per Share [Abstract]
Weighted Average Common Shares	WEIGHTED AVERAGE COMMON SHARES The reconciliation of our basic to diluted weighted average common shares follows: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Basic weighted average common shares 1,073 1,095 1,073 1,098 Effect of potentially dilutive securities 4 4 4 5 Diluted weighted average common shares 1,077 1,099 1,077 1,103 Anti-dilutive securities excluded from diluted weighted average common shares — — — 1

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Aug. 02, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	COMMITMENTS AND CONTINGENCIESWe are involved in litigation arising in the normal course of business. In management’s opinion, any such litigation is not expected to have a material adverse effect on our consolidated financial condition, results of operations or cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 02, 2020
Accounting Policies [Abstract]
Basis of presentation	Basis of Presentation The accompanying consolidated financial statements of The Home Depot, Inc. and its subsidiaries (the "Company," "Home Depot," "we," "our" or "us") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Results of operations for interim periods are not necessarily indicative of results for the entire year. As a result, these consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2019 Form 10-K.
Reclassifications	Reclassifications Effective February 3, 2020, we reclassified cash flows relating to book overdrafts from financing to operating activities for all periods presented in the Consolidated Statements of Cash Flows. The amounts of these reclassifications were not material.
Recently adopted and issued accounting pronouncements	Recently Adopted Accounting Pronouncements ASU No. 2018-15. In August 2018, the FASB issued ASU No. 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract,” which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. On February 3, 2020, we adopted ASU No. 2018-15 with no material impact to our consolidated financial position, results of operations or cash flows. ASU No. 2017-04. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment,” which simplifies how an entity is required to test goodwill for impairment. The amendments in ASU No. 2017-04 require goodwill impairment to be measured using the difference between the carrying amount and the fair value of the reporting unit and require the loss recognized to not exceed the total amount of goodwill allocated to that reporting unit. On February 3, 2020, we adopted ASU No. 2017-04 with no material impact to our consolidated financial position, results of operations or cash flows. ASU No. 2016-13. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which introduced an expected credit loss model for the impairment of financial assets measured at amortized cost. The model replaces the probable, incurred loss model for those assets and broadens the information an entity must consider in developing its expected credit loss estimate for assets measured at amortized cost. On February 3, 2020, we adopted ASU No. 2016-13 with no material impact to our consolidated financial position, results of operations or cash flows. Recently Issued Accounting Pronouncements ASU 2020-04. In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting,” which provides practical expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The expedients and exceptions provided by the amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London interbank offered rate (“LIBOR”) or another reference rate expected to be discontinued as a result of reference rate reform. These amendments are not applicable to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. ASU No. 2020-04 is effective as of March 12, 2020 through December 31, 2022 and may be applied to contract modifications and hedging relationships from the beginning of an interim period that includes or is subsequent to March 12, 2020. We will adopt this standard when LIBOR is discontinued. We are evaluating the impact the new standard will have on our consolidated financial statements and related disclosures but do not anticipate a material impact. Recent accounting pronouncements pending adoption not discussed above or in the 2019 Form 10-K are either not applicable or will not have or are not expected to have a material impact on our consolidated financial position, results of operations or cash flows.

Net Sales (Tables)

Net Sales (Tables)	6 Months Ended
	Aug. 02, 2020
Revenue from Contract with Customer [Abstract]
Summary of net sales, classified by geography	Net sales, classified by geography, follow: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Net sales – in the U.S. $ 35,205 $ 28,186 $ 61,623 $ 52,639 Net sales – outside the U.S. 2,848 2,653 4,690 4,581 Net sales $ 38,053 $ 30,839 $ 66,313 $ 57,220
Summary of net sales by products and services	Net sales by products and services follow: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Net sales – products $ 36,990 $ 29,480 $ 64,295 $ 54,712 Net sales – services 1,063 1,359 2,018 2,508 Net sales $ 38,053 $ 30,839 $ 66,313 $ 57,220
Summary of net sales by major product line	Major product lines and the related merchandising departments (and related services) follow: Major Product Line Merchandising Departments Building Materials Building Materials, Electrical/Lighting, Lumber, Millwork, and Plumbing Décor Appliances, Décor/Storage, Flooring, Kitchen and Bath, and Paint Hardlines Hardware, Indoor Garden, Outdoor Garden, and Tools Net sales by major product lines (and related services) follow: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Building Materials $ 12,556 $ 10,495 $ 22,372 $ 19,899 Décor 11,790 10,050 21,096 18,795 Hardlines 13,707 10,294 22,845 18,526 Net sales $ 38,053 $ 30,839 $ 66,313 $ 57,220

Property and Leases (Tables)

Property and Leases (Tables)	6 Months Ended
	Aug. 02, 2020
Leases [Abstract]
Schedule of assets and liabilities related to operating and finance leases	The Consolidated Balance Sheet location of assets and liabilities related to operating and finance leases follow: in millions Consolidated Balance Sheet Caption August 2, February 2, Assets: Operating lease assets Operating lease right-of-use assets $ 5,436 $ 5,595 Finance lease assets (1) Net property and equipment 1,940 934 Total lease assets $ 7,376 $ 6,529 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 831 $ 828 Finance lease liabilities Current installments of long-term debt 128 84 Long-term: Operating lease liabilities Long-term operating lease liabilities 4,895 5,066 Finance lease liabilities Long-term debt, excluding current installments 2,056 1,081 Total lease liabilities $ 7,910 $ 7,059 —————
Schedule of future minimum rental payments for operating leases	The approximate future minimum lease payments under operating and finance leases as of August 2, 2020 follow: in millions Operating Finance Fiscal 2020 $ 490 $ 117 Fiscal 2021 937 239 Fiscal 2022 833 239 Fiscal 2023 733 234 Fiscal 2024 630 217 Thereafter 3,041 1,974 Total lease payments 6,664 3,020 Less imputed interest 938 836 Present value of lease liabilities $ 5,726 $ 2,184 ————— Note: Amounts presented do not include payments relating to immaterial leases excluded from the Consolidated Balance Sheets as a result of adopting certain practical expedients. Additionally, future minimum lease payments do not include approximately $1.1 billion of leases (undiscounted basis) that have not yet commenced. These leases will commence between fiscal 2020 and fiscal 2021 with lease terms of one
Schedule of future minimum rental payments for financing leases	The approximate future minimum lease payments under operating and finance leases as of August 2, 2020 follow: in millions Operating Finance Fiscal 2020 $ 490 $ 117 Fiscal 2021 937 239 Fiscal 2022 833 239 Fiscal 2023 733 234 Fiscal 2024 630 217 Thereafter 3,041 1,974 Total lease payments 6,664 3,020 Less imputed interest 938 836 Present value of lease liabilities $ 5,726 $ 2,184 ————— Note: Amounts presented do not include payments relating to immaterial leases excluded from the Consolidated Balance Sheets as a result of adopting certain practical expedients. Additionally, future minimum lease payments do not include approximately $1.1 billion of leases (undiscounted basis) that have not yet commenced. These leases will commence between fiscal 2020 and fiscal 2021 with lease terms of one
Lease cost	The components of lease cost follow: Three Months Ended Six Months Ended in millions Consolidated Statement of Earnings Caption August 2, August 4, August 2, August 4, Operating lease cost Selling, general and administrative $ 193 $ 205 $ 388 $ 415 Finance lease cost: Amortization of leased assets Depreciation and amortization 36 22 67 43 Interest on lease liabilities Interest expense 26 23 52 46 Short-term lease cost Selling, general and administrative 19 18 37 43 Variable lease cost Selling, general and administrative 65 64 126 122 Sublease income Selling, general and administrative (4) (4) (7) (7) Net lease cost $ 335 $ 328 $ 663 $ 662 When the rate implicit in the contract is not readily determinable, we use a secured incremental borrowing rate as the discount rate for the present value of lease payments. We determine a secured rate on a quarterly basis and update the weighted average discount rate accordingly. Lease terms and discount rates follow: August 2, February 2, Weighted Average Remaining Lease Term (Years): Operating leases 10 10 Finance leases 15 12 Weighted Average Discount Rate: Operating leases 3.0 % 3.1 % Finance leases 6.8 % 10.4 % Other lease information follows: Six Months Ended in millions August 2, August 4, Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 505 $ 500 Operating cash flows - finance leases 52 46 Financing cash flows - finance leases 56 30 Lease assets obtained in exchange for new operating lease liabilities 296 520 Lease assets obtained in exchange for new finance lease liabilities 1,085 67

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Aug. 02, 2020
Equity [Abstract]
Reconciliation of the number of shares of common stock and dividends per share	A reconciliation of the number of shares of our common stock and dividends per share follows: shares in millions Three Months Ended Six Months Ended August 2, August 4, August 2, August 4, Common stock: Balance at beginning of period 1,788 1,784 1,786 1,782 Shares issued under employee stock plans — 1 2 3 Balance at end of period 1,788 1,785 1,788 1,785 Treasury stock: Balance at beginning of period (712) (683) (709) (677) Repurchases of common stock — (6) (3) (12) Balance at end of period (712) (689) (712) (689) Shares outstanding at end of period 1,076 1,096 1,076 1,096 Cash dividends per share $ 1.50 $ 1.36 $ 3.00 $ 2.72

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Aug. 02, 2020
Fair Value Disclosures [Abstract]
Assets and liabilities measured at fair value on a recurring basis	Assets and liabilities that are measured at fair value on a recurring basis follow: Fair Value at August 2, 2020 Using Fair Value at February 2, 2020 Using in millions Quoted Prices in Active Markets for Identical Assets Significant Significant Quoted Prices in Active Markets for Identical Assets Significant Significant Derivative agreements – assets $ — $ 262 $ — $ — $ 133 $ — Derivative agreements – liabilities — — — — — — Total $ — $ 262 $ — $ — $ 133 $ —
Assets and liabilities measured at fair value on a nonrecurring basis	The aggregate fair values and carrying values of our senior notes follow: August 2, February 2, in millions Fair Value Carrying Fair Value Carrying Senior notes $ 40,941 $ 32,662 $ 34,102 $ 29,344

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	6 Months Ended
	Aug. 02, 2020
Earnings Per Share [Abstract]
Schedule of weighted average number of shares	The reconciliation of our basic to diluted weighted average common shares follows: Three Months Ended Six Months Ended in millions August 2, August 4, August 2, August 4, Basic weighted average common shares 1,073 1,095 1,073 1,098 Effect of potentially dilutive securities 4 4 4 5 Diluted weighted average common shares 1,077 1,099 1,077 1,103 Anti-dilutive securities excluded from diluted weighted average common shares — — — 1

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Recently Adopted and Issued Accounting Pronouncements (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019	Feb. 02, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative	$ 6,355	$ 5,044	$ 12,184	$ 9,984
Accrued salaries and related expenses	2,402		2,402		$ 1,494
COVID-19 employee benefits
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Selling, general and administrative	479		1,300
Accrued salaries and related expenses	$ 393		$ 393

Net Sales (Details)

Net Sales (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 38,053	$ 30,839	$ 66,313	$ 57,220
Products
Disaggregation of Revenue [Line Items]
Net sales	36,990	29,480	64,295	54,712
Services
Disaggregation of Revenue [Line Items]
Net sales	1,063	1,359	2,018	2,508
Building Materials
Disaggregation of Revenue [Line Items]
Net sales	12,556	10,495	22,372	19,899
Décor
Disaggregation of Revenue [Line Items]
Net sales	11,790	10,050	21,096	18,795
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	13,707	10,294	22,845	18,526
In the U.S.
Disaggregation of Revenue [Line Items]
Net sales	35,205	28,186	61,623	52,639
Outside the U.S.
Disaggregation of Revenue [Line Items]
Net sales	$ 2,848	$ 2,653	$ 4,690	$ 4,581

Property and Leases - Narrative

Property and Leases - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 02, 2020	Feb. 02, 2020
Leases [Abstract]
Leases, not yet commenced	$ 1,100
Lessor, Lease, Description [Line Items]
Accumulated depreciation and amortization	$ 22,900	$ 22,100
Option to terminate	5 years
Maximum
Lessor, Lease, Description [Line Items]
Remaining lease terms	20 years
Option to extend	5 years
Minimum
Lessor, Lease, Description [Line Items]
Remaining lease terms	1 year

Property and Leases - Schedule

Property and Leases - Schedule of assets and liabilities related to operating and finance leases (Details) - USD ($) $ in Millions	Aug. 02, 2020	Feb. 02, 2020
Assets
Operating lease assets	$ 5,436	$ 5,595
Finance lease assets	1,940	934
Total lease assets	7,376	6,529
Current:
Operating lease liabilities	831	828
Finance lease liabilities	128	84
Long-term:
Operating lease liabilities	4,895	5,066
Finance lease liabilities	2,056	1,081
Total lease liabilities	7,910	7,059
Finance lease asset accumulated amortization	$ 707	$ 644

Property and Leases - Component

Property and Leases - Components of Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019
Lessee, Lease, Description [Line Items]
Amortization of leased assets	$ 36	$ 22	$ 67	$ 43
Interest on lease liabilities	26	23	52	46
Net lease cost	335	328	663	662
Selling, general and administrative
Lessee, Lease, Description [Line Items]
Operating lease cost	193	205	388	415
Short-term lease cost	19	18	37	43
Variable lease cost	65	64	126	122
Sublease income	$ (4)	$ (4)	$ (7)	$ (7)

Property and Leases - Schedul_2

Property and Leases - Schedule of Lease Terms and Discount Rates (Details)	Aug. 02, 2020	Feb. 02, 2020
Weighted Average Remaining Lease Term (Years):
Operating leases	10 years	10 years
Finance leases	15 years	12 years
Weighted Average Discount Rate:
Operating leases	3.00%	3.10%
Finance leases	6.80%	10.40%

Property and Leases - Schedules

Property and Leases - Schedules of Future Minimum Lease Payments Under Operating and Finance Leases (Details) $ in Millions	6 Months Ended
	Aug. 02, 2020USD ($)
Operating Leases
Fiscal 2020	$ 490
Fiscal 2021	937
Fiscal 2022	833
Fiscal 2023	733
Fiscal 2024	630
Thereafter	3,041
Total lease payments	6,664
Less imputed interest	938
Present value of lease liabilities	5,726
Finance Leases
Fiscal 2020	117
Fiscal 2021	239
Fiscal 2022	239
Fiscal 2023	234
Fiscal 2024	217
Thereafter	1,974
Total lease payments	3,020
Less imputed interest	836
Present value of lease liabilities	$ 2,184
Maximum
Finance Leases
Remaining lease terms	20 years
Minimum
Finance Leases
Remaining lease terms	1 year

Property and Leases - Other Lea

Property and Leases - Other Lease Information (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows - operating leases	$ 505	$ 500
Operating cash flows - finance leases	52	46
Financing cash flows - finance leases	56	30
Lease assets obtained in exchange for new operating lease liabilities	296	520
Lease assets obtained in exchange for new finance lease liabilities	$ 1,085	$ 67

Debt and Derivative Instrumen_2

Debt and Derivative Instruments - Short-term Debt (Details) - USD ($)	6 Months Ended
	Aug. 02, 2020	Mar. 31, 2020	Feb. 29, 2020
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility		$ 6,000,000,000	$ 3,000,000,000
Maximum amount outstanding during period	$ 1,000,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility	6,500,000,000
Revolving Credit Facility | Back-up Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility	3,500,000,000
Revolving Credit Facility | 5-year Back-up Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility	$ 1,000,000,000
Expiration period	364 days
Revolving Credit Facility | Five year back up credit facility expiring December 2020
Debt Instrument [Line Items]
Maximum borrowing capacity of credit facility	$ 2,000,000,000
Expiration period	5 years

Debt and Derivative Instrumen_3

Debt and Derivative Instruments - Long-term Debt (Details)	6 Months Ended
	Aug. 02, 2020	Mar. 31, 2020USD ($)tranche
Debt Instrument [Line Items]
Debt instrument redemption price (in percentage)	100.00%
Debt instrument change of control redemption price (in percentage)	101.00%
Senior notes
Debt Instrument [Line Items]
Number of tranches of senior notes | tranche		4
Issuance costs		$ 36,000,000
Senior notes | 2.50% Senior Notes Due April, 2027, First Tranche
Debt Instrument [Line Items]
Debt instrument face amount		$ 750,000,000
Debt instrument interest rate (in percentage)		2.50%
Debt instrument unamortized discount		$ 4,000,000
Senior notes | 2.70% Senior Notes Due April, 2030, Second Tranche
Debt Instrument [Line Items]
Debt instrument face amount		$ 1,500,000,000
Debt instrument interest rate (in percentage)		2.70%
Debt instrument unamortized discount		$ 8,000,000
Senior notes | 3.30% Senior Notes Due April, 2040, Third Tranche
Debt Instrument [Line Items]
Debt instrument face amount		$ 1,250,000,000
Debt instrument interest rate (in percentage)		3.30%
Debt instrument unamortized discount		$ 11,000,000
Senior notes | 3.35% Senior Notes Due April, 2050, Fourth Tranche
Debt Instrument [Line Items]
Debt instrument face amount		$ 1,500,000,000
Debt instrument interest rate (in percentage)		3.35%
Debt instrument unamortized discount		$ 17,000,000

Debt and Derivative Instrumen_4

Debt and Derivative Instruments - Derivative Instruments (Details) - USD ($)	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019	Feb. 02, 2020
Derivative [Line Items]
Other liabilities, current	$ 158,000,000		$ 158,000,000		$ 0
Foreign currency translation adjustments	141,000,000	$ 59,000,000	(278,000,000)	$ 16,000,000
Interest rate swap | Fair value hedging
Derivative [Line Items]
Notional amount	2,900,000,000		2,900,000,000		2,100,000,000
Fair value agreements	261,000,000		261,000,000		120,000,000
Forward Contracts | Net investment hedging
Derivative [Line Items]
Notional amount					$ 1,200,000,000
Foreign currency hedge | Net investment hedging
Derivative [Line Items]
Notional amount	1,200,000,000		1,200,000,000
Foreign currency translation adjustments	$ 52,000,000		$ 23,000,000

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Reconciliation of the Number of Shares of Common Stock and Dividends Per Share (Details) - $ / shares shares in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019	Feb. 02, 2020
Common stock:
Balance at beginning of period (in shares)	1,788	1,784	1,786	1,782
Shares issued under employee stock plans (in shares)	0	1	2	3
Balance at end of period (in shares)	1,788	1,785	1,788	1,785
Treasury stock:
Balance at beginning of period (in shares)	(712)	(683)	(709)	(677)
Repurchases of common stock (in shares)	0	(6)	(3)	(12)
Balance at end of period (in shares)	(712)	(689)	(712)	(689)
Shares outstanding at end of period (in shares)	1,076	1,096	1,076	1,096	1,077
Cash dividends per share (in usd per share)	$ 1.50	$ 1.36	$ 3	$ 2.72

Fair Value Measurements (Assets

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Fair value measurements recurring - USD ($) $ in Millions	Aug. 02, 2020	Feb. 02, 2020
Fair value inputs level 1
Fair Value, Assets and Liabilities Measured on a Recurring Basis [Line Items]
Derivative agreements – assets	$ 0	$ 0
Derivative agreements – liabilities	0	0
Total	0	0
Fair value inputs level 2
Fair Value, Assets and Liabilities Measured on a Recurring Basis [Line Items]
Derivative agreements – assets	262	133
Derivative agreements – liabilities	0	0
Total	262	133
Fair value inputs level 3
Fair Value, Assets and Liabilities Measured on a Recurring Basis [Line Items]
Derivative agreements – assets	0	0
Derivative agreements – liabilities	0	0
Total	$ 0	$ 0

Fair Value Measurements (Asse_2

Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis) (Details) - USD ($) $ in Millions	Aug. 02, 2020	Feb. 02, 2020
Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis [Line Items]
Carrying value of senior notes	$ 32,662	$ 29,344
Senior notes | Fair Value measurements nonrecurring | Fair value inputs level 1
Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis [Line Items]
Fair value of senior notes	$ 40,941	$ 34,102

Weighted Average Common Share_2

Weighted Average Common Shares (Reconciliation of Basic to Diluted Weighted Average Common Shares) (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2020	Aug. 04, 2019	Aug. 02, 2020	Aug. 04, 2019
Reconciliation of Basic to Diluted Weighted Average Common Shares:
Basic weighted average common shares (in shares)	1,073	1,095	1,073	1,098
Effect of potentially dilutive securities (in shares)	4	4	4	5
Diluted weighted average common shares (in shares)	1,077	1,099	1,077	1,103
Anti-dilutive securities excluded from diluted weighted average common shares (in shares)	0	0	0	1