Cover
Cover - shares | 9 Months Ended | |
Oct. 30, 2022 | Nov. 15, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 30, 2022 | |
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, $0.05 Par Value Per Share | |
Trading Symbol | HD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 1,019,186,022 | |
Entity Central Index Key | 0000354950 | |
Current Fiscal Year End Date | --01-29 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Oct. 30, 2022 | Jan. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,462 | $ 2,343 |
Receivables, net | 3,732 | 3,426 |
Merchandise inventories | 25,719 | 22,068 |
Other current assets | 1,768 | 1,218 |
Total current assets | 33,681 | 29,055 |
Net property and equipment | 25,240 | 25,199 |
Operating lease right-of-use assets | 6,523 | 5,968 |
Goodwill | 7,434 | 7,449 |
Other assets | 3,988 | 4,205 |
Total assets | 76,866 | 71,876 |
Current liabilities: | ||
Short-term debt | 0 | 1,035 |
Accounts payable | 12,402 | 13,462 |
Accrued salaries and related expenses | 1,934 | 2,426 |
Sales taxes payable | 640 | 848 |
Deferred revenue | 3,173 | 3,596 |
Current installments of long-term debt | 1,224 | 2,447 |
Current operating lease liabilities | 942 | 830 |
Other accrued expenses | 3,965 | 4,049 |
Total current liabilities | 24,280 | 28,693 |
Long-term debt, excluding current installments | 41,740 | 36,604 |
Long-term operating lease liabilities | 5,807 | 5,353 |
Other long-term liabilities | 3,741 | 2,922 |
Total liabilities | 75,568 | 73,572 |
Common stock, par value $0.05; authorized: 10,000 shares; issued: 1,793 shares at October 30, 2022 and 1,792 shares at January 30, 2022; outstanding: 1,020 shares at October 30, 2022 and 1,035 shares at January 30, 2022 | 90 | 90 |
Paid-in capital | 12,385 | 12,132 |
Retained earnings | 75,467 | 67,580 |
Accumulated other comprehensive loss | (856) | (704) |
Treasury stock, at cost, 773 shares at October 30, 2022 and 757 shares at January 30, 2022 | (85,788) | (80,794) |
Total stockholders’ equity (deficit) | 1,298 | (1,696) |
Total liabilities and stockholders’ equity | $ 76,866 | $ 71,876 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Millions | Oct. 30, 2022 | Jan. 30, 2022 |
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 | 10,000 |
Common stock, shares, issued (in shares) | 1,793 | 1,792 |
Common stock, shares outstanding (in shares) | 1,020 | 1,035 |
Treasury stock, shares (in shares) | 773 | 757 |
Consolidated Statements of Earn
Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2022 | Oct. 31, 2021 | Oct. 30, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | ||||
Net sales | $ 38,872 | $ 36,820 | $ 121,572 | $ 115,438 |
Cost of sales | 25,648 | 24,257 | 80,720 | 76,468 |
Gross profit | 13,224 | 12,563 | 40,852 | 38,970 |
Operating expenses: | ||||
Selling, general and administrative | 6,468 | 6,168 | 19,735 | 18,975 |
Depreciation and amortization | 608 | 600 | 1,830 | 1,780 |
Total operating expenses | 7,076 | 6,768 | 21,565 | 20,755 |
Operating income | 6,148 | 5,795 | 19,287 | 18,215 |
Interest and other (income) expense: | ||||
Interest income and other, net | (7) | (15) | (12) | (26) |
Interest expense | 413 | 341 | 1,166 | 1,006 |
Interest and other, net | 406 | 326 | 1,154 | 980 |
Earnings before provision for income taxes | 5,742 | 5,469 | 18,133 | 17,235 |
Provision for income taxes | 1,403 | 1,340 | 4,390 | 4,154 |
Net earnings | $ 4,339 | $ 4,129 | $ 13,743 | $ 13,081 |
Basic weighted average common shares (in shares) | 1,020 | 1,049 | 1,024 | 1,059 |
Basic earnings per share (in dollars per share) | $ 4.25 | $ 3.94 | $ 13.42 | $ 12.35 |
Diluted weighted average common shares (in shares) | 1,023 | 1,053 | 1,028 | 1,063 |
Diluted earnings per share (in dollars per share) | $ 4.24 | $ 3.92 | $ 13.37 | $ 12.31 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2022 | Oct. 31, 2021 | Oct. 30, 2022 | Oct. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 4,339 | $ 4,129 | $ 13,743 | $ 13,081 |
Other comprehensive income (loss), net of tax: | ||||
Foreign currency translation adjustments | (187) | (20) | (158) | 35 |
Cash flow hedges | 3 | 3 | 6 | 7 |
Other | 0 | 0 | 0 | 27 |
Total other comprehensive income (loss), net of tax | (184) | (17) | (152) | 69 |
Comprehensive income | $ 4,155 | $ 4,112 | $ 13,591 | $ 13,150 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Millions | Total | Common Stock | Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Balance at beginning of period at Jan. 31, 2021 | $ 89 | $ 11,540 | $ 58,134 | $ (671) | $ (65,793) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under employee stock plans | 1 | 50 | ||||
Stock-based compensation expense | 299 | |||||
Net earnings | $ 13,081 | 13,081 | ||||
Cash dividends | (5,264) | |||||
Foreign currency translation adjustments, net of tax | 35 | 35 | ||||
Cash flow hedges, net of tax | 7 | 7 | ||||
Other, net of tax | 27 | 27 | ||||
Repurchases of common stock | (10,500) | (10,500) | ||||
Balance at end of period at Oct. 31, 2021 | 1,035 | 90 | 11,889 | 65,951 | (602) | (76,293) |
Balance at beginning of period at Aug. 01, 2021 | 90 | 11,797 | 63,560 | (585) | (72,793) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under employee stock plans | 0 | 18 | ||||
Stock-based compensation expense | 74 | |||||
Net earnings | 4,129 | 4,129 | ||||
Cash dividends | (1,738) | |||||
Foreign currency translation adjustments, net of tax | (20) | (20) | ||||
Cash flow hedges, net of tax | 3 | 3 | ||||
Other, net of tax | 0 | 0 | ||||
Repurchases of common stock | (3,500) | (3,500) | ||||
Balance at end of period at Oct. 31, 2021 | 1,035 | 90 | 11,889 | 65,951 | (602) | (76,293) |
Balance at beginning of period at Jan. 30, 2022 | (1,696) | 90 | 12,132 | 67,580 | (704) | (80,794) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under employee stock plans | 0 | (21) | ||||
Stock-based compensation expense | 274 | |||||
Net earnings | 13,743 | 13,743 | ||||
Cash dividends | (5,856) | |||||
Foreign currency translation adjustments, net of tax | (158) | (158) | ||||
Cash flow hedges, net of tax | 6 | 6 | ||||
Other, net of tax | 0 | 0 | ||||
Repurchases of common stock | (4,994) | (4,994) | ||||
Balance at end of period at Oct. 30, 2022 | 1,298 | 90 | 12,385 | 75,467 | (856) | (85,788) |
Balance at beginning of period at Jul. 31, 2022 | 90 | 12,309 | 73,074 | (672) | (84,564) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Shares issued under employee stock plans | 0 | (2) | ||||
Stock-based compensation expense | 78 | |||||
Net earnings | 4,339 | 4,339 | ||||
Cash dividends | (1,946) | |||||
Foreign currency translation adjustments, net of tax | (187) | (187) | ||||
Cash flow hedges, net of tax | 3 | 3 | ||||
Other, net of tax | 0 | 0 | ||||
Repurchases of common stock | (1,224) | (1,224) | ||||
Balance at end of period at Oct. 30, 2022 | $ 1,298 | $ 90 | $ 12,385 | $ 75,467 | $ (856) | $ (85,788) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 30, 2022 | Oct. 31, 2021 | |
Cash Flows from Operating Activities: | ||
Net earnings | $ 13,743 | $ 13,081 |
Reconciliation of net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 2,216 | 2,128 |
Stock-based compensation expense | 286 | 312 |
Changes in receivables, net | (312) | (533) |
Changes in merchandise inventories | (3,748) | (3,871) |
Changes in other current assets | (568) | (375) |
Changes in accounts payable and accrued expenses | (1,568) | 1,918 |
Changes in deferred revenue | (413) | 672 |
Changes in income taxes payable | 30 | (10) |
Changes in deferred income taxes | 129 | (73) |
Other operating activities | 226 | 137 |
Net cash provided by operating activities | 10,021 | 13,386 |
Cash Flows from Investing Activities: | ||
Capital expenditures | (2,216) | (1,737) |
Payments for businesses acquired, net | 0 | (416) |
Other investing activities | (29) | 21 |
Net cash used in investing activities | (2,245) | (2,132) |
Cash Flows from Financing Activities: | ||
Repayments of short-term debt, net | (1,035) | 0 |
Proceeds from long-term debt, net of discounts | 6,942 | 2,979 |
Repayments of long-term debt | (2,423) | (1,480) |
Repurchases of common stock | (5,136) | (10,374) |
Proceeds from sales of common stock | 146 | 190 |
Cash dividends | (5,856) | (5,264) |
Other financing activities | (185) | (160) |
Net cash used in financing activities | (7,547) | (14,109) |
Change in cash and cash equivalents | 229 | (2,855) |
Effect of exchange rate changes on cash and cash equivalents | (110) | 27 |
Cash and cash equivalents at beginning of period | 2,343 | 7,895 |
Cash and cash equivalents at end of period | 2,462 | 5,067 |
Supplemental Disclosures: | ||
Cash paid for interest, net of interest capitalized | 1,160 | 1,021 |
Cash paid for income taxes | $ 4,173 | $ 4,170 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Oct. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business The Home Depot, Inc., together with its subsidiaries (the “Company,” “Home Depot,” “we,” “our” or “us”), is a home improvement retailer that sells a wide assortment of building materials, home improvement products, lawn and garden products, décor items, and facilities maintenance, repair and operations products, and provides a number of services, in stores and online. We operate in the U.S. (including the Commonwealth of Puerto Rico and the territories of the U.S. Virgin Islands and Guam), Canada, and Mexico, each representing one of our three operating segments, which we aggregate into one reportable segment due to the similar nature of their operations and economic characteristics. Basis of Presentation The accompanying consolidated financial statements of the Company 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 2021 Form 10-K. There were no significant changes to our significant accounting policies as disclosed in the 2021 Form 10-K. Recently Adopted Accounting Pronouncements We did not adopt any new accounting pronouncements during the first nine months of fiscal 2022 that had a material impact on our consolidated financial condition, results of operations or cash flows. Recently Issued Accounting Pronouncements ASU No. 2022-04. In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations,” to enhance the transparency of supplier finance programs used by an entity in connection with the purchase of goods and services. The standard requires entities that use supplier finance programs to disclose the key terms, including a description of payment terms, the confirmed amount outstanding under the program at the end of each reporting period, a description of where those obligations are presented on the balance sheet, and an annual rollforward, including the amount of obligations confirmed and the amount paid during the period. The guidance does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. ASU No. 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures . Recent accounting pronouncements pending adoption not discussed above or in the 2021 Form 10-K are either not applicable or will not have or are not expected to have a material impact on our consolidated financial condition, results of operations or cash flows. |
NET SALES
NET SALES | 9 Months Ended |
Oct. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Net Sales | NET SALES The following table presents net sales, classified by geography: Three Months Ended Nine Months Ended in millions October 30, October 31, October 30, October 31, Net sales – in the U.S. $ 35,784 $ 33,736 $ 111,834 $ 106,095 Net sales – outside the U.S. 3,088 3,084 9,738 9,343 Net sales $ 38,872 $ 36,820 $ 121,572 $ 115,438 The following table presents net sales by products and services: Three Months Ended Nine Months Ended in millions October 30, October 31, October 30, October 31, Net sales – products $ 37,448 $ 35,383 $ 117,261 $ 111,371 Net sales – services 1,424 1,437 4,311 4,067 Net sales $ 38,872 $ 36,820 $ 121,572 $ 115,438 The following table presents major product lines and the related merchandising departments (and related services): 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 The following table presents net sales by major product lines (and related services): Three Months Ended Nine Months Ended in millions October 30, October 31, October 30, October 31, Building Materials $ 15,343 $ 13,809 $ 46,095 $ 41,880 Décor 13,070 12,783 40,040 38,060 Hardlines 10,459 10,228 35,437 35,498 Net sales $ 38,872 $ 36,820 $ 121,572 $ 115,438 Deferred Revenue For products and services sold in stores or online, payment is typically due at the point of sale. When we receive 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 until the sale or service is complete. Such performance obligations are part of contracts with expected original durations of typically three months or less. As of October 30, 2022 and January 30, 2022, deferred revenue for products and services was $2.2 billion and $2.6 billion, respectively. We further record deferred revenue for the sale of gift cards and recognize the associated revenue upon the redemption of those gift cards, which generally occurs within six months of gift card issuance. As of both October 30, 2022 and January 30, 2022, our performance obligations for unredeemed gift cards were $1.0 billion. Gift card breakage income, which is our estimate of the portion of our gift card balance not expected to be redeemed, was immaterial during the three and nine months ended October 30, 2022 and October 31, 2021. |
PROPERTY AND LEASES
PROPERTY AND LEASES | 9 Months Ended |
Oct. 30, 2022 | |
Leases [Abstract] | |
Property and Leases | PROPERTY AND LEASES Net Property and Equipment Net property and equipment includes accumulated depreciation and finance lease amortization of $27.5 billion as of October 30, 2022 and $26.1 billion as of January 30, 2022. Leases The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases: in millions Consolidated Balance Sheet Classification October 30, January 30, Assets: Operating lease assets Operating lease right-of-use assets $ 6,523 $ 5,968 Finance lease assets (1) Net property and equipment 2,890 2,896 Total lease assets $ 9,413 $ 8,864 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 942 $ 830 Finance lease liabilities Current installments of long-term debt 224 198 Long-term: Operating lease liabilities Long-term operating lease liabilities 5,807 5,353 Finance lease liabilities Long-term debt, excluding current installments 3,038 3,038 Total lease liabilities $ 10,011 $ 9,419 ————— (1) Finance lease assets are recorded net of accumulated amortization of $1.2 billion as of October 30, 2022 and $1.0 billion as of January 30, 2022. The following table presents supplemental non-cash information related to leases: Nine Months Ended in millions October 30, October 31, Lease assets obtained in exchange for new operating lease liabilities $ 1,308 $ 637 Lease assets obtained in exchange for new finance lease liabilities 234 581 |
DEBT AND DERIVATIVE INSTRUMENTS
DEBT AND DERIVATIVE INSTRUMENTS | 9 Months Ended |
Oct. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt and Derivative Instruments | DEBT AND DERIVATIVE INSTRUMENTS Short-Term Debt In July 2022, we expanded our commercial paper program from $3.0 billion to $5.0 billion to further enhance our financial flexibility. All of our short-term borrowings in the first nine months of fiscal 2022 were under our commercial paper program, and the maximum amount outstanding at any time was $2.7 billion. In connection with our program, we have back-up credit facilities with a consortium of banks. In July 2022, we also expanded the borrowing capacity under these back-up facilities from $3.0 billion to $5.0 billion, by entering into a five-year $3.5 billion credit facility scheduled to expire in July 2027 and a 364-day $1.5 billion credit facility scheduled to expire in July 2023. These facilities replaced our previously existing five-year $2.0 billion credit facility, which was scheduled to expire in December 2023, and our 364-day $1.0 billion credit facility, which was scheduled to expire in December 2022. At October 30, 2022, we had no outstanding borrowings under our commercial paper program, and at January 30, 2022, we had $1.0 billion of outstanding borrowings under our commercial paper program. Long-Term Debt September 2022 Issuance. In September 2022, we issued three tranches of senior notes. • The first tranche consisted of $750 million of 4.00% senior notes due September 15, 2025 at a discount of $0.3 million. Interest on these notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2023. • The second tranche consisted of $1.25 billion of 4.50% senior notes due September 15, 2032 at a discount of $1 million. Interest on these notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2023. • The third tranche consisted of $1.0 billion of 4.95% senior notes due September 15, 2052 at a discount of $14 million. Interest on these notes is due semi-annually on March 15 and September 15 of each year, beginning March 15, 2023. • Issuance costs totaled $15 million. March 2022 Issuance. In March 2022, we issued four tranches of senior notes. • The first tranche consisted of $500 million of 2.70% senior notes due April 15, 2025 at a discount of $1 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. • The second tranche consisted of $750 million of 2.875% senior notes due April 15, 2027 at a discount of $4 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. • The third tranche consisted of $1.25 billion of 3.25% senior notes due April 15, 2032 at a discount of $6 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. • The fourth tranche consisted of $1.5 billion of 3.625% senior notes due April 15, 2052 at a discount of $32 million. Interest on these notes is due semi-annually on April 15 and October 15 of each year, beginning October 15, 2022. • Issuance costs totaled $22 million. Each of these senior 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. Prior to the Par Call Date, as defined in the notes, 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. On or after the Par Call Date, the redemption price is equal to 100% of the principal amount of the notes. Additionally, if a Change in Control Triggering Event occurs, as defined in the notes, holders of all such 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. The indenture governing the notes does not generally limit our ability to incur additional indebtedness or require us to maintain financial ratios or specified levels of net worth or liquidity. The indenture governing the notes contains various customary covenants; however, none are expected to impact our liquidity or capital resources. Repayments . In March 2022, we repaid our $700 million 3.25% senior notes and $300 million floating rate senior notes at maturity. In May 2022, we repaid our $1.25 billion 2.625% senior notes, which had a maturity date of June 2022, at the Par Call Date for the notes. Derivative Instruments and Hedging Activities We had outstanding interest rate swap agreements with combined notional amounts of $5.4 billion at both October 30, 2022 and January 30, 2022. These agreements are accounted for as fair value hedges that swap fixed for variable rate interest to hedge changes in the fair values of certain senior notes. At October 30, 2022, the fair values of these agreements totaled $1.0 billion, all of which is recognized within other long-term liabilities on the consolidated balance sheet. At January 30, 2022, the fair values of these agreements totaled $191 million, with $249 million recognized in other long-term liabilities and $58 million recognized in other assets on the consolidated balance sheet. All of our interest rate swap agreements designated as fair value hedges meet the shortcut method requirements under GAAP. Accordingly, the changes in the fair values of these agreements offset the changes in the fair value of the hedged long-term debt. There were no material changes to the other hedging arrangements disclosed in our 2021 Form 10-K, and all related activity was immaterial for the periods presented within this document. Collateral . 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. The cash collateral posted by the Company related to derivative instruments under our collateral security arrangements was $883 million as of October 30, 2022, which was recorded in other current assets on the consolidated balance sheet. We did not hold any cash collateral as of October 30, 2022, and cash collateral both held and posted was immaterial as of January 30, 2022. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Oct. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY Stock Rollforward The following table presents a reconciliation of the number of shares of our common stock outstanding and cash dividends per share: shares in millions Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Common stock: Balance at beginning of period 1,793 1,791 1,792 1,789 Shares issued under employee stock plans — — 1 2 Balance at end of period 1,793 1,791 1,793 1,791 Treasury stock: Balance at beginning of period (769) (735) (757) (712) Repurchases of common stock (4) (10) (16) (33) Balance at end of period (773) (745) (773) (745) Shares outstanding at end of period 1,020 1,046 1,020 1,046 Cash dividends per share $ 1.90 $ 1.65 $ 5.70 $ 4.95 Share Repurchases In August 2022, our Board of Directors approved a $15.0 billion share repurchase authorization that replaced the previous authorization of $20.0 billion, which was approved in May 2021. This new authorization does not have a prescribed expiration date. As of October 30, 2022, $14.0 billion of the $15.0 billion share repurchase authorization remained available. The following table presents information about our repurchases of common stock, all of which were completed through open market purchases: in millions Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Total number of shares repurchased 4 10 16 33 Total cost of shares repurchased $ 1,224 $ 3,500 $ 4,994 $ 10,500 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 9 Months Ended |
Oct. 30, 2022 | |
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. The levels of the fair value hierarchy are: • Level 1: observable inputs such as quoted prices in active markets for identical assets or liabilities; • Level 2: inputs other than quoted prices in active markets in Level 1 that are either directly or indirectly observable; and • Level 3: unobservable inputs for which little or no market data exists, therefore requiring management judgment to develop the Company’s own models with estimates and assumptions. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the assets and liabilities that are measured at fair value on a recurring basis: October 30, 2022 January 30, 2022 in millions Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative agreements – assets $ — $ — $ — $ — $ 58 $ — Derivative agreements – liabilities — (977) — — (249) — Total $ — $ (977) $ — $ — $ (191) $ — The fair values of our derivative instruments are determined using an income approach and Level 2 inputs, which include the respective interest rate or foreign currency forward curves and discount rates. Our derivative instruments are discussed further in Note 4 . Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Long-lived assets, goodwill, and other intangible assets are subject to nonrecurring fair value measurement for the assessment of impairment. During the third quarter of fiscal 2022, we completed our annual assessment of the recoverability of goodwill for our U.S., Canada and Mexico reporting units based on qualitative factors. We performed a qualitative assessment to determine if there were any indicators of impairment 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 that would indicate that it is more likely than not that the fair value of any of our reporting units were less than their carrying amounts. Additionally, during the third quarter of fiscal 2022, we completed our annual assessment of the recoverability of our indefinite-lived intangibles based on quantitative factors and concluded no impairment losses should be recognized. We did not have any material assets or liabilities that were measured at fair value on a nonrecurring basis during the three and nine months ended October 30, 2022 or October 31, 2021. Other Fair Value Disclosures The carrying amounts of cash and cash equivalents, receivables, accounts payable, and short-term debt approximate fair value due to their short-term nature. The following table presents the aggregate fair values and carrying values of our senior notes: October 30, 2022 January 30, 2022 in millions Fair Value Carrying Fair Value Carrying Senior notes $ 35,453 $ 39,702 $ 39,397 $ 35,815 |
WEIGHTED AVERAGE COMMON SHARES
WEIGHTED AVERAGE COMMON SHARES | 9 Months Ended |
Oct. 30, 2022 | |
Earnings Per Share [Abstract] | |
Weighted Average Common Shares | WEIGHTED AVERAGE COMMON SHARES The following table presents the reconciliation of our basic to diluted weighted average common shares: in millions Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Basic weighted average common shares 1,020 1,049 1,024 1,059 Effect of potentially dilutive securities (1) 3 4 4 4 Diluted weighted average common shares 1,023 1,053 1,028 1,063 Anti-dilutive securities excluded from diluted weighted average common shares 1 — 1 — ————— (1) Represents the dilutive impact of stock-based awards. |
CONTINGENCIES
CONTINGENCIES | 9 Months Ended |
Oct. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | 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) | 9 Months Ended |
Oct. 30, 2022 | |
Accounting Policies [Abstract] | |
Business | Business The Home Depot, Inc., together with its subsidiaries (the “Company,” “Home Depot,” “we,” “our” or “us”), is a home improvement retailer that sells a wide assortment of building materials, home improvement products, lawn and garden products, décor items, and facilities maintenance, repair and operations products, and provides a number of services, in stores and online. We operate in the U.S. (including the Commonwealth of Puerto Rico and the territories of the U.S. Virgin Islands and Guam), Canada, and Mexico, each representing one of our three operating segments, which we aggregate into one reportable segment due to the similar nature of their operations and economic characteristics. |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of the Company 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 2021 Form 10-K. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements We did not adopt any new accounting pronouncements during the first nine months of fiscal 2022 that had a material impact on our consolidated financial condition, results of operations or cash flows. Recently Issued Accounting Pronouncements ASU No. 2022-04. In September 2022, the FASB issued ASU No. 2022-04, “Liabilities—Supplier Finance Programs (Topic 405-50) - Disclosure of Supplier Finance Program Obligations,” to enhance the transparency of supplier finance programs used by an entity in connection with the purchase of goods and services. The standard requires entities that use supplier finance programs to disclose the key terms, including a description of payment terms, the confirmed amount outstanding under the program at the end of each reporting period, a description of where those obligations are presented on the balance sheet, and an annual rollforward, including the amount of obligations confirmed and the amount paid during the period. The guidance does not affect the recognition, measurement, or financial statement presentation of obligations covered by supplier finance programs. ASU No. 2022-04 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the requirement on rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures . Recent accounting pronouncements pending adoption not discussed above or in the 2021 Form 10-K are either not applicable or will not have or are not expected to have a material impact on our consolidated financial condition, results of operations or cash flows. |
NET SALES (Tables)
NET SALES (Tables) | 9 Months Ended |
Oct. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of net sales, classified by geography | The following table presents net sales, classified by geography: Three Months Ended Nine Months Ended in millions October 30, October 31, October 30, October 31, Net sales – in the U.S. $ 35,784 $ 33,736 $ 111,834 $ 106,095 Net sales – outside the U.S. 3,088 3,084 9,738 9,343 Net sales $ 38,872 $ 36,820 $ 121,572 $ 115,438 |
Summary of net sales by products and services | The following table presents net sales by products and services: Three Months Ended Nine Months Ended in millions October 30, October 31, October 30, October 31, Net sales – products $ 37,448 $ 35,383 $ 117,261 $ 111,371 Net sales – services 1,424 1,437 4,311 4,067 Net sales $ 38,872 $ 36,820 $ 121,572 $ 115,438 |
Summary of net sales by major product line | The following table presents major product lines and the related merchandising departments (and related services): 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 The following table presents net sales by major product lines (and related services): Three Months Ended Nine Months Ended in millions October 30, October 31, October 30, October 31, Building Materials $ 15,343 $ 13,809 $ 46,095 $ 41,880 Décor 13,070 12,783 40,040 38,060 Hardlines 10,459 10,228 35,437 35,498 Net sales $ 38,872 $ 36,820 $ 121,572 $ 115,438 |
PROPERTY AND LEASES (Tables)
PROPERTY AND LEASES (Tables) | 9 Months Ended |
Oct. 30, 2022 | |
Leases [Abstract] | |
Schedule of assets and liabilities related to operating and finance leases | The following table presents the consolidated balance sheet location of assets and liabilities related to operating and finance leases: in millions Consolidated Balance Sheet Classification October 30, January 30, Assets: Operating lease assets Operating lease right-of-use assets $ 6,523 $ 5,968 Finance lease assets (1) Net property and equipment 2,890 2,896 Total lease assets $ 9,413 $ 8,864 Liabilities: Current: Operating lease liabilities Current operating lease liabilities $ 942 $ 830 Finance lease liabilities Current installments of long-term debt 224 198 Long-term: Operating lease liabilities Long-term operating lease liabilities 5,807 5,353 Finance lease liabilities Long-term debt, excluding current installments 3,038 3,038 Total lease liabilities $ 10,011 $ 9,419 ————— |
Schedule of Cash Flow, Supplemental Disclosures | The following table presents supplemental non-cash information related to leases: Nine Months Ended in millions October 30, October 31, Lease assets obtained in exchange for new operating lease liabilities $ 1,308 $ 637 Lease assets obtained in exchange for new finance lease liabilities 234 581 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Oct. 30, 2022 | |
Equity [Abstract] | |
Schedule of reconciliation of the number of shares of common stock outstanding and cash dividends per share | The following table presents a reconciliation of the number of shares of our common stock outstanding and cash dividends per share: shares in millions Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Common stock: Balance at beginning of period 1,793 1,791 1,792 1,789 Shares issued under employee stock plans — — 1 2 Balance at end of period 1,793 1,791 1,793 1,791 Treasury stock: Balance at beginning of period (769) (735) (757) (712) Repurchases of common stock (4) (10) (16) (33) Balance at end of period (773) (745) (773) (745) Shares outstanding at end of period 1,020 1,046 1,020 1,046 Cash dividends per share $ 1.90 $ 1.65 $ 5.70 $ 4.95 |
Schedule of repurchases of common stock | The following table presents information about our repurchases of common stock, all of which were completed through open market purchases: in millions Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Total number of shares repurchased 4 10 16 33 Total cost of shares repurchased $ 1,224 $ 3,500 $ 4,994 $ 10,500 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended |
Oct. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The following table presents the assets and liabilities that are measured at fair value on a recurring basis: October 30, 2022 January 30, 2022 in millions Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Derivative agreements – assets $ — $ — $ — $ — $ 58 $ — Derivative agreements – liabilities — (977) — — (249) — Total $ — $ (977) $ — $ — $ (191) $ — |
Schedule of assets and liabilities measured at fair value on a nonrecurring basis | The following table presents the aggregate fair values and carrying values of our senior notes: October 30, 2022 January 30, 2022 in millions Fair Value Carrying Fair Value Carrying Senior notes $ 35,453 $ 39,702 $ 39,397 $ 35,815 |
WEIGHTED AVERAGE COMMON SHARES
WEIGHTED AVERAGE COMMON SHARES (Tables) | 9 Months Ended |
Oct. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of weighted average number of shares | The following table presents the reconciliation of our basic to diluted weighted average common shares: in millions Three Months Ended Nine Months Ended October 30, October 31, October 30, October 31, Basic weighted average common shares 1,020 1,049 1,024 1,059 Effect of potentially dilutive securities (1) 3 4 4 4 Diluted weighted average common shares 1,023 1,053 1,028 1,063 Anti-dilutive securities excluded from diluted weighted average common shares 1 — 1 — ————— (1) Represents the dilutive impact of stock-based awards. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | 9 Months Ended |
Oct. 30, 2022 segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 3 |
Number of reportable segments | 1 |
NET SALES (Details)
NET SALES (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2022 | Oct. 31, 2021 | Oct. 30, 2022 | Oct. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 38,872 | $ 36,820 | $ 121,572 | $ 115,438 |
Products | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 37,448 | 35,383 | 117,261 | 111,371 |
Services | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 1,424 | 1,437 | 4,311 | 4,067 |
Building Materials | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 15,343 | 13,809 | 46,095 | 41,880 |
Décor | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 13,070 | 12,783 | 40,040 | 38,060 |
Hardlines | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 10,459 | 10,228 | 35,437 | 35,498 |
In the U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | 35,784 | 33,736 | 111,834 | 106,095 |
Outside the U.S. | ||||
Disaggregation of Revenue [Line Items] | ||||
Net sales | $ 3,088 | $ 3,084 | $ 9,738 | $ 9,343 |
NET SALES - Narrative (Details)
NET SALES - Narrative (Details) - USD ($) $ in Billions | 9 Months Ended | |
Oct. 30, 2022 | Jan. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 2.2 | $ 2.6 |
General redemption period | 6 months | |
Gift card performance obligations | $ 1 | $ 1 |
PROPERTY AND LEASES - Narrative
PROPERTY AND LEASES - Narrative (Details) - USD ($) $ in Billions | Oct. 30, 2022 | Jan. 30, 2022 |
Leases [Abstract] | ||
Accumulated depreciation and amortization | $ 27.5 | $ 26.1 |
PROPERTY AND LEASES - Schedule
PROPERTY AND LEASES - Schedule of Assets and Liabilities Related to Operating and Finance Leases (Details) - USD ($) $ in Millions | Oct. 30, 2022 | Jan. 30, 2022 |
Assets | ||
Operating lease assets | $ 6,523 | $ 5,968 |
Finance lease assets | 2,890 | 2,896 |
Total lease assets | 9,413 | 8,864 |
Current: | ||
Operating lease liabilities | 942 | 830 |
Finance lease liabilities | 224 | 198 |
Long-term: | ||
Operating lease liabilities | 5,807 | 5,353 |
Finance lease liabilities | 3,038 | 3,038 |
Total lease liabilities | 10,011 | 9,419 |
Finance lease asset accumulated amortization | $ 1,200 | $ 1,000 |
PROPERTY AND LEASES - Other Lea
PROPERTY AND LEASES - Other Lease Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Oct. 30, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | ||
Lease assets obtained in exchange for new operating lease liabilities | $ 1,308 | $ 637 |
Lease assets obtained in exchange for new finance lease liabilities | $ 234 | $ 581 |
DEBT AND DERIVATIVE INSTRUMEN_2
DEBT AND DERIVATIVE INSTRUMENTS - Short-term Debt (Details) - USD ($) $ in Millions | 1 Months Ended | 5 Months Ended | 9 Months Ended | |
Jul. 31, 2022 | Jun. 30, 2022 | Oct. 30, 2022 | Jan. 30, 2022 | |
Debt Instrument [Line Items] | ||||
Short-term debt | $ 0 | $ 1,035 | ||
Commercial Paper | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 5,000 | $ 3,000 | ||
Maximum amount outstanding during period | $ 2,700 | |||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity of credit facility | 5,000 | 3,000 | ||
Revolving Credit Facility | Five Year Back Up Credit Facility Expiring July 2027 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 3,500 | |||
Expiration period | 5 years | |||
Revolving Credit Facility | Five year back up credit facility expiring December 2023 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 2,000 | |||
Expiration period | 5 years | |||
Revolving Credit Facility | 364-day Back-up Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity of credit facility | $ 1,500 | $ 1,000 | ||
Expiration period | 364 days | 364 days |
DEBT AND DERIVATIVE INSTRUMEN_3
DEBT AND DERIVATIVE INSTRUMENTS - Long-term Debt (Details) $ in Millions | 1 Months Ended | ||
Sep. 30, 2022 USD ($) tranche | May 31, 2022 USD ($) | Mar. 31, 2022 USD ($) tranche | |
Debt Instrument [Line Items] | |||
Number of tranches of senior notes | tranche | 3 | 4 | |
Senior notes | September 2022 Issuance | |||
Debt Instrument [Line Items] | |||
Issuance costs | $ 15 | ||
Debt instrument redemption price (in percentage) | 100% | ||
Debt instrument change of control redemption price (in percentage) | 101% | ||
Senior notes | Senior Notes Due September 2025, 4.00% First Tranche | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 750 | ||
Debt instrument interest rate (in percentage) | 4% | ||
Debt instrument unamortized discount | $ 0.3 | ||
Senior notes | Senior Notes Due September 2032, 4.5 % Second Tranche | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 1,250 | ||
Debt instrument interest rate (in percentage) | 4.50% | ||
Debt instrument unamortized discount | $ 1 | ||
Senior notes | Senior Notes Due September 2052, 4.95%, Third Tranche | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 1,000 | ||
Debt instrument interest rate (in percentage) | 4.95% | ||
Debt instrument unamortized discount | $ 14 | ||
Senior notes | March 2022 Issuance | |||
Debt Instrument [Line Items] | |||
Issuance costs | $ 22 | ||
Debt instrument redemption price (in percentage) | 100% | ||
Debt instrument change of control redemption price (in percentage) | 101% | ||
Senior notes | Senior Notes Due April 2025, 2.700%, First Tranche | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 500 | ||
Debt instrument interest rate (in percentage) | 2.70% | ||
Debt instrument unamortized discount | $ 1 | ||
Senior notes | Senior Notes Due April 2027, 2.875%, Second Tranche | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 750 | ||
Debt instrument interest rate (in percentage) | 2.875% | ||
Debt instrument unamortized discount | $ 4 | ||
Senior notes | Senior Notes Due April 2032, 3.250%, Third Tranche | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 1,250 | ||
Debt instrument interest rate (in percentage) | 3.25% | ||
Debt instrument unamortized discount | $ 6 | ||
Senior notes | Senior Notes Due April 2052, 3.625%, Fourth Tranche | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 1,500 | ||
Debt instrument interest rate (in percentage) | 3.625% | ||
Debt instrument unamortized discount | $ 32 | ||
Senior notes | 3.25% Senior Notes | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate (in percentage) | 3.25% | ||
Repayments of debt | $ 700 | ||
Senior notes | 2.625% Senior Notes Due June 2022 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest rate (in percentage) | 2.625% | ||
Repayments of debt | $ 1,250 | ||
Floating Rate Senior Notes | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 300 |
DEBT AND DERIVATIVE INSTRUMEN_4
DEBT AND DERIVATIVE INSTRUMENTS - Derivative Instruments (Details) - USD ($) $ in Millions | Oct. 30, 2022 | Jan. 30, 2022 |
Derivative [Line Items] | ||
Cash collateral received | $ 883 | |
Interest rate swap | Fair value hedging | ||
Derivative [Line Items] | ||
Notional amount | 5,400 | $ 5,400 |
Fair value agreements | $ 1,000 | 191 |
Interest rate swap | Fair value hedging | Other long-term liabilities | ||
Derivative [Line Items] | ||
Fair value agreements | 249 | |
Interest rate swap | Fair value hedging | Other assets | ||
Derivative [Line Items] | ||
Fair value agreements | $ 58 |
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 | 9 Months Ended | |||
Oct. 30, 2022 | Oct. 31, 2021 | Oct. 30, 2022 | Oct. 31, 2021 | Jan. 30, 2022 | |
Common stock: | |||||
Balance at beginning of period (in shares) | 1,793 | 1,791 | 1,792 | 1,789 | |
Shares issued under employee stock plans (in shares) | 0 | 0 | 1 | 2 | |
Balance at end of period (in shares) | 1,793 | 1,791 | 1,793 | 1,791 | |
Treasury stock: | |||||
Balance at beginning of period (in shares) | (769) | (735) | (757) | (712) | |
Repurchases of common stock (in shares) | (4) | (10) | (16) | (33) | |
Balance at end of period (in shares) | (773) | (745) | (773) | (745) | |
Shares outstanding at end of period (in shares) | 1,020 | 1,046 | 1,020 | 1,046 | 1,035 |
Cash dividends per share (in usd per share) | $ 1.90 | $ 1.65 | $ 5.70 | $ 4.95 |
STOCKHOLDERS' EQUITY - Narrativ
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($) $ in Billions | Oct. 30, 2022 | Aug. 31, 2022 | May 31, 2021 |
2022 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Share repurchase amount | $ 15 | ||
Remaining authorized repurchase amount | $ 14 | ||
2021 Share Repurchase Program | |||
Equity, Class of Treasury Stock [Line Items] | |||
Share repurchase amount | $ 20 |
STOCKHOLDERS' EQUITY - Repurcha
STOCKHOLDERS' EQUITY - Repurchases of Common Stock (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2022 | Oct. 31, 2021 | Oct. 30, 2022 | Oct. 31, 2021 | |
Equity [Abstract] | ||||
Total number of shares repurchased | 4 | 10 | 16 | 33 |
Total cost of shares repurchased | $ 1,224 | $ 3,500 | $ 4,994 | $ 10,500 |
FAIR VALUE MEASUREMENTS - Asset
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair value measurements recurring - USD ($) $ in Millions | Oct. 30, 2022 | Jan. 30, 2022 |
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 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on a Recurring Basis [Line Items] | ||
Derivative agreements – assets | 0 | 58 |
Derivative agreements – liabilities | (977) | (249) |
Total | (977) | (191) |
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 - Ass_2
FAIR VALUE MEASUREMENTS - Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Millions | Oct. 30, 2022 | Jan. 30, 2022 |
Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis [Line Items] | ||
Carrying value of senior notes | $ 39,702 | $ 35,815 |
Senior notes | Fair Value measurements nonrecurring | Fair Value (Level 1) | ||
Fair Value, Assets and Liabilities Measured on a Nonrecurring Basis [Line Items] | ||
Fair value of senior notes | $ 35,453 | $ 39,397 |
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 | 9 Months Ended | ||
Oct. 30, 2022 | Oct. 31, 2021 | Oct. 30, 2022 | Oct. 31, 2021 | |
Reconciliation of Basic to Diluted Weighted Average Common Shares: | ||||
Basic weighted average common shares (in shares) | 1,020 | 1,049 | 1,024 | 1,059 |
Effect of potentially dilutive securities (in shares) | 3 | 4 | 4 | 4 |
Diluted weighted average common shares (in shares) | 1,023 | 1,053 | 1,028 | 1,063 |
Anti-dilutive securities excluded from diluted weighted average common shares (in shares) | 1 | 0 | 1 | 0 |