Lowe's Companies (LOW) 10-Q 3 Jun 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	2-May-14	30-May-14
Document and Entity Information [Abstract]	'	'
Entity Registrant Name	'LOWES COMPANIES INC	'
Entity Central Index Key	'0000060667	'
Document Type	'10-Q	'
Document Period End Date	2-May-14	'
Amendment Flag	'false	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Current Fiscal Year End Date	'--01-30	'
Entity Well-known Seasoned Issuer	'Yes	'
Entity Voluntary Filers	'No	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	997,316,166

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	2-May-14	Jan. 31, 2014	3-May-13
In Millions, unless otherwise specified
Current assets:	'	'	'
Cash and cash equivalents	$658	$391	$1,081
Short-term investments	110	185	118
Merchandise inventory - net	10,515	9,127	10,274
Deferred income taxes - net	283	252	228
Other current assets	386	341	313
Total current assets	11,952	10,296	12,014
Property, less accumulated depreciation	20,617	20,834	21,257
Long-term investments	360	279	272
Other assets	1,300	1,323	1,188
Total assets	34,229	32,732	34,731
Current liabilities:	'	'	'
Short-term borrowings	0	386	0
Current maturities of long-term debt	47	49	47
Accounts payable	7,051	5,008	7,041
Accrued compensation and employee benefits	501	785	467
Deferred revenue	1,055	892	1,008
Other current liabilities	2,160	1,756	1,876
Total current liabilities	10,814	8,876	10,439
Long-term debt, excluding current maturities	10,080	10,086	9,026
Deferred income taxes - net	261	291	440
Deferred revenue - extended protection plans	730	730	717
Other liabilities	862	896	857
Total liabilities	22,747	20,879	21,479
Shareholders' equity:	'	'	'
Preferred stock - $5 par value, none issued	0	0	0
Common stock - $.50 par value; Shares issued and outstanding 1,012 at May 2, 2014, 1,088 at May 3, 2013, and 1,030 at January 31, 2014	506	515	544
Capital in excess of par value	0	0	38
Retained earnings	10,985	11,355	12,618
Accumulated other comprehensive (loss)/income	-9	-17	52
Total shareholders' equity	11,482	11,853	13,252
Total liabilities and shareholders' equity	$34,229	$32,732	$34,731

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	2-May-14	Jan. 31, 2014	3-May-13
Shareholders' equity:	'	'	'
Preferred stock, par value	$5	$5	$5
Preferred stock, shares issued	0	0	0
Common stock, par value	$0.50	$0.50	$0.50
Common stock, shares issued	1,012,000,000	1,030,000,000	1,088,000,000
Common stock, shares outstanding	1,012,000,000	1,030,000,000	1,088,000,000

Consolidated_Statements_of_Cur

Consolidated Statements of Current and Retained Earnings (Unaudited) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	2-May-14	3-May-13
Current Earnings	'	'
Net sales	$13,403	$13,088
Cost of sales	8,645	8,533
Gross margin	4,758	4,555
Expenses:	'	'
Selling, general and administrative	3,319	3,222
Depreciation	373	352
Interest - net	124	113
Total expenses	3,816	3,687
Pre-tax earnings	942	868
Income tax provision	318	328
Net earnings	624	540
Weighted average common shares outstanding - basic	1,015	1,088
Basic earnings per common share	$0.61	$0.49
Weighted average common shares outstanding - diluted	1,017	1,090
Diluted earnings per common share	$0.61	$0.49
Cash dividends per share	$0.18	$0.16
Retained Earnings	'	'
Balance at beginning of period	11,355	13,224
Net earnings	624	540
Cash dividends	-183	-174
Share repurchases	-811	-972
Balance at end of period	$10,985	$12,618

Consolidated_Statements_of_Cur1

Consolidated Statements of Current and Retained Earnings (Percents) (Unaudited)	3 Months Ended
	2-May-14	3-May-13
Current Earnings	'	'
Net sales	100.00%	100.00%
Cost of sales	64.50%	65.20%
Gross margin	35.50%	34.80%
Expenses:	'	'
Selling, general and administrative	24.76%	24.62%
Depreciation	2.78%	2.69%
Interest - net	0.93%	0.86%
Total expenses	28.47%	28.17%
Pre-tax earnings	7.03%	6.63%
Income tax provision	2.37%	2.50%
Net earnings	4.66%	4.13%

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Comprehensive Income	'	'
Net earnings	$624	$540
Foreign currency translation adjustments - net of tax	8	0
Other comprehensive income	8	0
Comprehensive income	$632	$540

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Percents) (Unaudited)	3 Months Ended
	2-May-14	3-May-13
Comprehensive Income	'	'
Net earnings	4.66%	4.13%
Foreign currency translation adjustments - net of tax	0.06%	0.00%
Other comprehensive income	0.06%	0.00%
Comprehensive income	4.72%	4.13%

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Cash flows from operating activities:	'	'
Net earnings	$624	$540
Adjustments to reconcile net earnings to net cash provided by operating activities:	'	'
Depreciation and amortization	398	376
Deferred income taxes	-67	-26
Loss on property and other assets - net	24	5
Loss on equity method investments	17	15
Share-based payment expense	28	18
Changes in operating assets and liabilities:	'	'
Merchandise inventory - net	-1,384	-1,674
Other operating assets	44	-5
Accounts payable	2,041	2,381
Other operating liabilities	269	362
Net cash provided by operating activities	1,994	1,992
Cash flows from investing activities:	'	'
Purchases of investments	-163	-84
Proceeds from sale/maturity of investments	157	89
Capital expenditures	-194	-196
Contributions to equity method investments - net	-91	-73
Proceeds from sale of property and other long-term assets	16	6
Other - net	-5	-5
Net cash used in investing activities	-280	-263
Cash flows from financing activities:	'	'
Net decrease in short-term borrowings	-386	0
Repayment of long-term debt	-12	-11
Proceeds from issuance of common stock under share-based payment plans	24	40
Cash dividend payments	-186	-178
Repurchase of common stock	-910	-1,046
Other - net	23	5
Net cash used in financing activities	-1,447	-1,190
Effect of exchange rate changes on cash	0	1
Net increase in cash and cash equivalents	267	540
Cash and cash equivalents, beginning of period	391	541
Cash and cash equivalents, end of period	$658	$1,081

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	2-May-14
Basis of Presentation	'
Basis of Presentation	'
	Note 1: Basis of Presentation - The accompanying consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America.  The consolidated financial statements (unaudited), in the opinion of management, contain all adjustments necessary to present fairly the financial position as of May 2, 2014, and May 3, 2013, and the results of operations, comprehensive income and cash flows for the three months ended May 2, 2014, and May 3, 2013.
	These interim consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe's Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 31, 2014 (the Annual Report).  The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	2-May-14
Fair Value Measurements	'
Fair Value Measurements	'
	Note 2: Fair Value Measurements - Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The authoritative guidance for fair value measurements establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.  The three levels of the hierarchy are defined as follows:
	•	Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities
	•	Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly
	•	Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities
	Assets and Liabilities that are Measured at Fair Value on a Recurring Basis
	The following tables present the Company’s financial assets measured at fair value on a recurring basis as of May 2, 2014, May 3, 2013, and January 31, 2014, classified by fair value hierarchy:
				Fair Value Measurements at Reporting Date Using
	(In millions)	May 2, 2014		Level 1			Level 2		Level 3
	Available-for-sale securities:
	Money market funds	$	51	$	51		$	—	$	—
	Certificates of deposit	21		21			—		—
	Municipal floating rate obligations	20		—			20		—
	Municipal obligations	18		—			18		—
	Total short-term investments	$	110	$	72		$	38	$	—
	Available-for-sale securities:
	Municipal floating rate obligations	$	347	$	—		$	347	$	—
	Municipal obligations	13		—			13		—
	Total long-term investments	$	360	$	—		$	360	$	—
				Fair Value Measurements at Reporting Date Using
	(In millions)	May 3, 2013		Level 1			Level 2		Level 3
	Available-for-sale securities:
	Money market funds	$	51	$	51		$	—	$	—
	Municipal floating rate obligations	15		—			15		—
	Municipal obligations	52		—			52		—
	Total short-term investments	$	118	$	51		$	67	$	—
	Available-for-sale securities:
	Municipal floating rate obligations	$	231	$	—		$	231	$	—
	Municipal obligations	41		—			41		—
	Total long-term investments	$	272	$	—		$	272	$	—
				Fair Value Measurements at Reporting Date Using
	(In millions)	January 31, 2014		Level 1			Level 2		Level 3
	Available-for-sale securities:
	Money market funds	$	128	$	128		$	—	$	—
	Certificates of deposit	21		21			—		—
	Municipal floating rate obligations	18		—			18		—
	Municipal obligations	18		—			18		—
	Total short-term investments	$	185	$	149		$	36	$	—
	Available-for-sale securities:
	Municipal floating rate obligations	$	265	$	—		$	265	$	—
	Municipal obligations	14		—			14		—
	Total long-term investments	$	279	$	—		$	279	$	—
	There were no transfers between Levels 1, 2 or 3 during any of the periods presented.
	When available, quoted prices were used to determine fair value.  When quoted prices in active markets were available, investments were classified within Level 1 of the fair value hierarchy.  When quoted prices in active markets were not available, fair values were determined using pricing models, and the inputs to those pricing models were based on observable market inputs.  The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others.
	Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis
	During the three months ended May 2, 2014 and May 3, 2013, the Company’s only significant assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition were certain assets subject to long-lived asset impairment.
	The Company reviews the carrying amounts of long-lived assets whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable.  With input from retail store operations, the Company’s accounting and finance personnel that organizationally report to the chief financial officer, assess the performance of retail stores quarterly against historical patterns and projections of future profitability for evidence of possible impairment.  An impairment loss is recognized when the carrying amount of the asset (disposal) group is not recoverable and exceeds its fair value.  The Company estimated the fair values of assets subject to long-lived asset impairment based on the Company’s own judgments about the assumptions that market participants would use in pricing the assets and on observable market data, when available.  The Company classified these fair value measurements as Level 3.
	In the determination of impairment for operating locations, the Company determined the fair values of individual operating locations using an income approach, which required discounting projected future cash flows.  When determining the stream of projected future cash flows associated with an individual operating location, management made assumptions, incorporating local market conditions and inputs from retail store operations, about key variables including the following unobservable inputs: sales growth rates, gross margin, controllable expenses, such as payroll and occupancy expense, and asset residual values.  In order to calculate the present value of those future cash flows, the Company discounted cash flow estimates at a rate commensurate with the risk that selected market participants would assign to the cash flows.  In general, the selected market participants represented a group of other retailers with a location footprint similar in size to the Company’s.
	During the three months ended May 2, 2014, four operating locations experienced a triggering event and were evaluated for recoverability. Two of these four operating locations were determined to be impaired due to a decline in cash flow trends and an unfavorable sales outlook at these two locations, resulting in an impairment loss of $23 million. The discounted cash flow model used to estimate the fair value of the two impaired operating locations assumed average annual sales growth rates ranging from 3.5% to 6.0% over the remaining lives of the locations and applied a discount rate of approximately 6.5%.
	The other two operating locations that experienced a triggering event during 2014 were determined to be recoverable and, therefore, were not impaired. For these two locations, the expected undiscounted cash flows substantially exceeded the net book value of each location's assets. A 10% reduction in projected sales used to estimate future cash flows at the latest date these two operating locations were evaluated for impairment would have resulted in their impairment and increased recognized impairment losses by $28 million.  We analyzed other assumptions made in estimating the future cash flows of these other two operating locations evaluated for impairment, but the sensitivity of those assumptions was not significant to the estimates.
	The following table presents the Company’s non-financial assets measured at estimated fair value on a nonrecurring basis and the resulting long-lived asset impairment losses included in earnings.  Because assets subject to long-lived asset impairment were not measured at fair value on a recurring basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at May 2, 2014 and May 3, 2013.
	Fair Value Measurements - Nonrecurring Basis
		Three Months Ended
		May 2, 2014					May 3, 2013
		Fair Value		Impairment			Fair Value		Impairment
	(In millions)	Measurements		Losses			Measurements		Losses
	Assets-held-for-use:
	Operating locations	$	9	$	(23	)	$	—	$	—
	Total	$	9	$	(23	)	$	—	$	—
	Fair Value of Financial Instruments
	The Company’s financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and long-term debt and are reflected in the financial statements at cost.  With the exception of long-term debt, cost approximates fair value for these items due to their short-term nature.  The fair values of the Company’s unsecured notes classified as Level 1 were estimated using quoted market prices.  The fair values of the Company’s mortgage notes classified as Level 2 were estimated using discounted cash flow analyses, based on the future cash outflows associated with these arrangements and discounted using the applicable risk-free borrowing rate.
	Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding capitalized lease obligations, are as follows:
		May 2, 2014					May 3, 2013
		Carrying		Fair			Carrying		Fair
(In millions)	Amount		Value			Amount		Value
Unsecured notes (Level 1)	$	9,617	$	10,777		$	8,628	$	10,089
Mortgage notes (Level 2)	17		19			18		22
Long-term debt (excluding capitalized lease obligations)	$	9,634	$	10,796		$	8,646	$	10,111

Restricted_Investment_Balances

Restricted Investment Balances	3 Months Ended
	2-May-14
Restricted Investment Balances	'
Restricted Investment Balances	'
	Note 3: Restricted Investment Balances - Short-term and long-term investments include restricted balances pledged as collateral primarily for the Company’s extended protection plan program.  Restricted balances included in short-term investments were $87 million at May 2, 2014, $116 million at May 3, 2013, and $162 million at January 31, 2014.
	Restricted balances included in long-term investments were $328 million at May 2, 2014, $265 million at May 3, 2013, and $268 million at January 31, 2014.

Property

Property	3 Months Ended
	2-May-14
Property	'
Property	'
	Note 4: Property - Property is shown net of accumulated depreciation of $14.6 billion at May 2, 2014, $13.4 billion at May 3, 2013, and $14.2 billion at January 31, 2014.

Extended_Protection_Plans

Extended Protection Plans	3 Months Ended
	2-May-14
Extended Protection Plans	'
Extended Protection Plans	'
	Note 5: Extended Protection Plans - The Company sells separately-priced extended protection plan contracts under a Lowe’s-branded program for which the Company is ultimately self-insured.  The Company recognizes revenue from extended protection plan sales on a straight-line basis over the respective contract term.  Extended protection plan contract terms primarily range from one to four years from the date of purchase or the end of the manufacturer’s warranty, as applicable. Changes in deferred revenue for extended protection plan contracts are summarized as follows:
		Three Months Ended
	(In millions)	May 2, 2014			May 3, 2013
	Deferred revenue - extended protection plans, beginning of period	$	730		$	715
	Additions to deferred revenue	75			70
	Deferred revenue recognized	(75		)	(68		)
	Deferred revenue - extended protection plans, end of period	$	730		$	717
	Incremental direct acquisition costs associated with the sale of extended protection plans are also deferred and recognized as expense on a straight-line basis over the respective contract term.  Deferred costs associated with extended protection plan contracts were $46 million at May 2, 2014, $83 million at May 3, 2013, and $53 million at January 31, 2014.  The Company’s extended protection plan deferred costs are included in other assets (noncurrent) on the consolidated balance sheets.  All other costs, such as costs of services performed under the contract, general and administrative expenses and advertising expenses are expensed as incurred.
	The liability for extended protection plan claims incurred is included in other current liabilities on the consolidated balance sheets.  Changes in the liability for extended protection plan claims are summarized as follows:
		Three Months Ended
	(In millions)	May 2, 2014			May 3, 2013
	Liability for extended protection plan claims, beginning of period	$	18		$	20
	Accrual for claims incurred	29			27
	Claim payments	(30		)	(27		)
	Liability for extended protection plan claims, end of period	$	17		$	20

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	2-May-14
Shareholders' Equity	'
Shareholders' Equity	'
	Note 6: Shareholders' Equity - The Company has a share repurchase program that is executed through purchases made from time to time either in the open market, which may be made under pre-set trading plans meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, or through private off-market transactions.  Shares purchased under the repurchase program are retired and returned to authorized and unissued status.  On February 1, 2013, the Company’s Board of Directors authorized a $5.0 billion share repurchase program with no expiration. On January 31, 2014, the Company's Board of Directors authorized an additional $5.0 billion share repurchase program with no expiration. As of May 2, 2014, the Company had total share repurchase authorization remaining available of $5.4 billion. We expect to repurchase $3.4 billion in shares during fiscal year 2014, spread evenly across the quarters.
	The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of restricted stock awards.
	Shares repurchased for the three months ended May 2, 2014, and May 3, 2013 were as follows:
		Three Months Ended
		2-May-14			3-May-13
	(In millions)	Shares	Cost 1		Shares	Cost 1
	Share repurchase program	17.9	$	850	23.5	$	1,010
	Shares withheld from employees	0.9	42		0.9	36
	Total share repurchases	18.8	$	892	24.4	$	1,046
	1 Reductions of $811 million and $972 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 2, 2014 and May 3, 2013, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	2-May-14
Income Taxes	'
Income Taxes	'
	Note 7: Income Taxes - The Company is subject to examination by various foreign and domestic taxing authorities.  During the three months ended May 2, 2014, the Company began participating in the Internal Revenue Service (IRS) Compliance Assurance Program, which enables the Company to work with the IRS in an effort to resolve issues relating to the Company’s current federal tax liability prior to the filing of the Company’s federal tax return.
	During the three months ended May 2, 2014, the Company resolved various federal items identified through a previous audit cycle, which resulted in the reduction of its unrecognized tax benefit by $57 million.  At May 2, 2014, the Company had remaining unrecognized tax benefits of $5 million.  The Company’s Canadian operations are currently under audit by the Canada Revenue Agency for fiscal years 2009 and 2010.  The Company also has ongoing U.S. state audits covering tax years 2006 through 2012.  It is reasonably possible that the Company will resolve $5 million in state related audit items within the next 12 months.  The Company believes appropriate provisions for all outstanding issues have been made for all jurisdictions and all open years.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	2-May-14
Earnings Per Share	'
Earnings Per Share	'
	Note 8: Earnings Per Share - The Company calculates basic and diluted earnings per common share using the two-class method.  Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed.  The Company’s participating securities consist of share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders.
	Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period.  Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares as of the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards.  The following table reconciles earnings per common share for the three months ended May 2, 2014, and May 3, 2013.
		Three Months Ended
	(In millions, except per share data)	2-May-14			3-May-13
	Basic earnings per common share:
	Net earnings	$	624		$	540
	Less: Net earnings allocable to participating securities	(4		)	(3		)
	Net earnings allocable to common shares	$	620		$	537
	Weighted-average common shares outstanding	1,015			1,088
	Basic earnings per common share	$	0.61		$	0.49
	Diluted earnings per common share:
	Net earnings	$	624		$	540
	Less: Net earnings allocable to participating securities	(4		)	(3		)
	Net earnings allocable to common shares	$	620		$	537
	Weighted-average common shares outstanding	1,015			1,088
	Dilutive effect of non-participating share-based awards	2			2
	Weighted-average common shares, as adjusted	1,017			1,090
	Diluted earnings per common share	$	0.61		$	0.49
	An insignificant number of stock options were anti-dilutive at May 2, 2014. Stock options to purchase 1.5 million shares of common stock for the three months ended May 3, 2013, were excluded from the computation of diluted earnings per common share because their effect would have been anti-dilutive.

Supplemental_Disclosure

Supplemental Disclosure	3 Months Ended
	2-May-14
Supplemental Disclosure	'
Supplemental Disclosure	'
	Note 9: Supplemental Disclosure
	Net interest expense is comprised of the following:
		Three Months Ended
	(In millions)	2-May-14			3-May-13
	Long-term debt	$	114		$	103
	Capitalized lease obligations	11			9
	Interest income	(1		)	(1		)
	Interest capitalized	—			(1		)
	Interest on tax uncertainties	(2		)	—
	Other	2			3
	Interest - net	$	124		$	113
	Supplemental disclosures of cash flow information:
		Three Months Ended
	(In millions)	2-May-14			3-May-13
	Cash paid for interest, net of amount capitalized	$	215		$	193
	Cash paid for income taxes - net	$	33		$	137
	Non-cash investing and financing activities:
	Non-cash property acquisitions, including assets acquired under capital lease	$	4		$	10
	Cash dividends declared but not paid	$	183		$	174

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	2-May-14
Recent Accounting Pronouncements	'
Recent Accounting Pronouncements	'
	Note 10: Recent Accounting Pronouncements - In April 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-08, Reporting Discontinued Operations and Disclosures of Components of an Entity. The ASU amends the definition of a discontinued operation and also provides new disclosure requirements for disposals meeting the definition, and for those that do not meet the definition, of a discontinued operation.  Under the new guidance, a discontinued operation may include a component or a group of components of an entity, or a business or nonprofit activity that has been disposed of or is classified as held for sale, and represents a strategic shift that has or will have a major effect on an entity's operations and financial results. The ASU also expands the scope to include the disposals of equity method investments and acquired businesses held for sale.
	The guidance will be effective prospectively for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The adoption of the guidance by the Company is not expected to have a material impact on its consolidated financial statements.

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	2-May-14
Summary of Significant Accounting Policies	'
Fair Value Measurements	'
	When available, quoted prices were used to determine fair value.  When quoted prices in active markets were available, investments were classified within Level 1 of the fair value hierarchy.  When quoted prices in active markets were not available, fair values were determined using pricing models, and the inputs to those pricing models were based on observable market inputs.  The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others.
	The Company reviews the carrying amounts of long-lived assets whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable.  With input from retail store operations, the Company’s accounting and finance personnel that organizationally report to the chief financial officer, assess the performance of retail stores quarterly against historical patterns and projections of future profitability for evidence of possible impairment.  An impairment loss is recognized when the carrying amount of the asset (disposal) group is not recoverable and exceeds its fair value.  The Company estimated the fair values of assets subject to long-lived asset impairment based on the Company’s own judgments about the assumptions that market participants would use in pricing the assets and on observable market data, when available.  The Company classified these fair value measurements as Level 3.
Extended Protection Plans	'
	The Company sells separately-priced extended protection plan contracts under a Lowe’s-branded program for which the Company is ultimately self-insured.  The Company recognizes revenue from extended protection plan sales on a straight-line basis over the respective contract term.  Extended protection plan contract terms primarily range from one to four years from the date of purchase or the end of the manufacturer’s warranty, as applicable.
	Incremental direct acquisition costs associated with the sale of extended protection plans are also deferred and recognized as expense on a straight-line basis over the respective contract term.
	The Company’s extended protection plan deferred costs are included in other assets (noncurrent) on the consolidated balance sheets.  All other costs, such as costs of services performed under the contract, general and administrative expenses and advertising expenses are expensed as incurred.
	The liability for extended protection plan claims incurred is included in other current liabilities on the consolidated balance sheets.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	2-May-14
Fair Value Measurements	'
Fair value measurements - recurring basis	'
	The following tables present the Company’s financial assets measured at fair value on a recurring basis as of May 2, 2014, May 3, 2013, and January 31, 2014, classified by fair value hierarchy:
				Fair Value Measurements at Reporting Date Using
	(In millions)	May 2, 2014		Level 1			Level 2		Level 3
	Available-for-sale securities:
	Money market funds	$	51	$	51		$	—	$	—
	Certificates of deposit	21		21			—		—
	Municipal floating rate obligations	20		—			20		—
	Municipal obligations	18		—			18		—
	Total short-term investments	$	110	$	72		$	38	$	—
	Available-for-sale securities:
	Municipal floating rate obligations	$	347	$	—		$	347	$	—
	Municipal obligations	13		—			13		—
	Total long-term investments	$	360	$	—		$	360	$	—
				Fair Value Measurements at Reporting Date Using
	(In millions)	May 3, 2013		Level 1			Level 2		Level 3
	Available-for-sale securities:
	Money market funds	$	51	$	51		$	—	$	—
	Municipal floating rate obligations	15		—			15		—
	Municipal obligations	52		—			52		—
	Total short-term investments	$	118	$	51		$	67	$	—
	Available-for-sale securities:
	Municipal floating rate obligations	$	231	$	—		$	231	$	—
	Municipal obligations	41		—			41		—
	Total long-term investments	$	272	$	—		$	272	$	—
				Fair Value Measurements at Reporting Date Using
	(In millions)	January 31, 2014		Level 1			Level 2		Level 3
	Available-for-sale securities:
	Money market funds	$	128	$	128		$	—	$	—
	Certificates of deposit	21		21			—		—
	Municipal floating rate obligations	18		—			18		—
	Municipal obligations	18		—			18		—
	Total short-term investments	$	185	$	149		$	36	$	—
	Available-for-sale securities:
	Municipal floating rate obligations	$	265	$	—		$	265	$	—
	Municipal obligations	14		—			14		—
	Total long-term investments	$	279	$	—		$	279	$	—
	There were no transfers between Levels 1, 2 or 3 during any of the periods presented.
Fair value measurements - nonrecurring basis	'
	The following table presents the Company’s non-financial assets measured at estimated fair value on a nonrecurring basis and the resulting long-lived asset impairment losses included in earnings.  Because assets subject to long-lived asset impairment were not measured at fair value on a recurring basis, certain fair value measurements presented in the table may reflect values at earlier measurement dates and may no longer represent the fair values at May 2, 2014 and May 3, 2013.
	Fair Value Measurements - Nonrecurring Basis
		Three Months Ended
		May 2, 2014					May 3, 2013
		Fair Value		Impairment			Fair Value		Impairment
	(In millions)	Measurements		Losses			Measurements		Losses
	Assets-held-for-use:
	Operating locations	$	9	$	(23	)	$	—	$	—
	Total	$	9	$	(23	)	$	—	$	—
Fair value of financial instruments	'
	Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding capitalized lease obligations, are as follows:
		May 2, 2014					May 3, 2013
		Carrying		Fair			Carrying		Fair
	(In millions)	Amount		Value			Amount		Value
	Unsecured notes (Level 1)	$	9,617	$	10,777		$	8,628	$	10,089
	Mortgage notes (Level 2)	17		19			18		22
	Long-term debt (excluding capitalized lease obligations)	$	9,634	$	10,796		$	8,646	$	10,111

Extended_Protection_Plans_Tabl

Extended Protection Plans (Tables)	3 Months Ended
	2-May-14
Extended Protection Plans	'
Changes in deferred revenue for extended protection plan contracts	'
	Changes in deferred revenue for extended protection plan contracts are summarized as follows:
		Three Months Ended
	(In millions)	May 2, 2014			May 3, 2013
	Deferred revenue - extended protection plans, beginning of period	$	730		$	715
	Additions to deferred revenue	75			70
	Deferred revenue recognized	(75		)	(68		)
	Deferred revenue - extended protection plans, end of period	$	730		$	717
Changes in the liability for extended protection plan claims	'
	Changes in the liability for extended protection plan claims are summarized as follows:
		Three Months Ended
	(In millions)	May 2, 2014			May 3, 2013
	Liability for extended protection plan claims, beginning of period	$	18		$	20
	Accrual for claims incurred	29			27
	Claim payments	(30		)	(27		)
	Liability for extended protection plan claims, end of period	$	17		$	20

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	2-May-14
Shareholders' Equity	'
Schedule of share repurchases	'
	Shares repurchased for the three months ended May 2, 2014, and May 3, 2013 were as follows:
		Three Months Ended
		2-May-14			3-May-13
	(In millions)	Shares	Cost 1		Shares	Cost 1
	Share repurchase program	17.9	$	850	23.5	$	1,010
	Shares withheld from employees	0.9	42		0.9	36
	Total share repurchases	18.8	$	892	24.4	$	1,046
	1 Reductions of $811 million and $972 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 2, 2014 and May 3, 2013, respectively.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	2-May-14
Earnings Per Share	'
Schedule of earnings per share, basic and diluted	'
	The following table reconciles earnings per common share for the three months ended May 2, 2014, and May 3, 2013.
		Three Months Ended
	(In millions, except per share data)	2-May-14			3-May-13
	Basic earnings per common share:
	Net earnings	$	624		$	540
	Less: Net earnings allocable to participating securities	(4		)	(3		)
	Net earnings allocable to common shares	$	620		$	537
	Weighted-average common shares outstanding	1,015			1,088
	Basic earnings per common share	$	0.61		$	0.49
	Diluted earnings per common share:
	Net earnings	$	624		$	540
	Less: Net earnings allocable to participating securities	(4		)	(3		)
	Net earnings allocable to common shares	$	620		$	537
	Weighted-average common shares outstanding	1,015			1,088
	Dilutive effect of non-participating share-based awards	2			2
	Weighted-average common shares, as adjusted	1,017			1,090
	Diluted earnings per common share	$	0.61		$	0.49

Supplemental_Disclosure_Tables

Supplemental Disclosure (Tables)	3 Months Ended
	2-May-14
Supplemental Disclosure	'
Net interest expense	'
	Net interest expense is comprised of the following:
		Three Months Ended
	(In millions)	2-May-14			3-May-13
	Long-term debt	$	114		$	103
	Capitalized lease obligations	11			9
	Interest income	(1		)	(1		)
	Interest capitalized	—			(1		)
	Interest on tax uncertainties	(2		)	—
	Other	2			3
	Interest - net	$	124		$	113
Supplemental disclosures of cash flow information	'
	Supplemental disclosures of cash flow information:
		Three Months Ended
	(In millions)	2-May-14			3-May-13
	Cash paid for interest, net of amount capitalized	$	215		$	193
	Cash paid for income taxes - net	$	33		$	137
	Non-cash investing and financing activities:
	Non-cash property acquisitions, including assets acquired under capital lease	$	4		$	10
	Cash dividends declared but not paid	$	183		$	174

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], Estimate of Fair Value [Member], USD $)	2-May-14	Jan. 31, 2014	3-May-13
In Millions, unless otherwise specified
Short-term Investments [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	$110	$185	$118
Short-term Investments [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	72	149	51
Short-term Investments [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	38	36	67
Short-term Investments [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Short-term Investments [Member] | Money Market Funds [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	51	128	51
Short-term Investments [Member] | Money Market Funds [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	51	128	51
Short-term Investments [Member] | Money Market Funds [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Short-term Investments [Member] | Money Market Funds [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Short-term Investments [Member] | Certificates Of Deposit [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	21	21	'
Short-term Investments [Member] | Certificates Of Deposit [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	21	21	'
Short-term Investments [Member] | Certificates Of Deposit [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	'
Short-term Investments [Member] | Certificates Of Deposit [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	'
Short-term Investments [Member] | Municipal Floating Rate Obligations [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	20	18	15
Short-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Short-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	20	18	15
Short-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Short-term Investments [Member] | Municipal Obligations [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	18	18	52
Short-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Short-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	18	18	52
Short-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Long-term Investments [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	360	279	272
Long-term Investments [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Long-term Investments [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	360	279	272
Long-term Investments [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Long-term Investments [Member] | Municipal Floating Rate Obligations [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	347	265	231
Long-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Long-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	347	265	231
Long-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Long-term Investments [Member] | Municipal Obligations [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	13	14	41
Long-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 1) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	0	0	0
Long-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 2) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	13	14	41
Long-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 3) [Member]	'	'	'
Available-for-sale Securities	'	'	'
Fair Value	$0	$0	$0

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (Fair Value, Measurements, Nonrecurring [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Fair Value Disclosures	'	'
Long-lived asset impairment losses	($23)	$0
Estimate of Fair Value [Member] | Fair Value (Level 3) [Member]	'	'
Fair Value Disclosures	'	'
Fair value measurement	9	0
Operating Locations [Member]	'	'
Assets Held-for-use	'	'
Long-lived asset impairment losses	-23	0
Operating Locations [Member] | Estimate of Fair Value [Member] | Fair Value (Level 3) [Member]	'	'
Assets Held-for-use	'	'
Fair value measurement	$9	$0

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 2) (USD $)	2-May-14	3-May-13
In Millions, unless otherwise specified
Financial Instruments	'	'
Long-term debt carrying value (excluding capitalized lease obligations)	$9,634	$8,646
Unsecured Notes [Member]	'	'
Financial Instruments	'	'
Long-term debt carrying value (excluding capitalized lease obligations)	9,617	8,628
Mortgage Notes [Member]	'	'
Financial Instruments	'	'
Long-term debt carrying value (excluding capitalized lease obligations)	17	18
Estimate of Fair Value [Member]	'	'
Financial Instruments	'	'
Long-term debt fair value (excluding capitalized lease obligations)	10,796	10,111
Estimate of Fair Value [Member] | Unsecured Notes [Member] | Fair Value (Level 1) [Member]	'	'
Financial Instruments	'	'
Long-term debt fair value (excluding capitalized lease obligations)	10,777	10,089
Estimate of Fair Value [Member] | Mortgage Notes [Member] | Fair Value (Level 2) [Member]	'	'
Financial Instruments	'	'
Long-term debt fair value (excluding capitalized lease obligations)	$19	$22

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details Textual) (Fair Value, Measurements, Nonrecurring [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Quantitative Disclosures of Fair Value Information	'	'
Impairment losses	$23	$0
Operating Locations [Member]	'	'
Quantitative Disclosures of Fair Value Information	'	'
Number of locations that experienced a triggering event	4	'
Number of locations impaired during the period	2	'
Impairment losses	23	'
Discount rate	6.50%	'
Number of locations that experienced a triggering event, not impaired	2	'
Number of locations that experienced a triggering event, not impaired, whose undiscounted cash flows substantially exceeded the net book value of the location's assets	2	'
Percentage reduction in inputs used to estimate fair value	10.00%	'
Number of locations that would have impaired as a result of a change in the projected sales used to estimate future cash flows, whose undiscounted cash flows substantially exceeded the net book value of the location's assets	2	'
Additional impairment losses that would have resulted from a change in inputs to a different amount for locations whose expected undiscounted cash flows substantially exceeded the net book value of the location's assets	$28	'
Operating Locations [Member] | Minimum [Member]	'	'
Quantitative Disclosures of Fair Value Information	'	'
Sales growth rate used in discounted cash flow model	3.50%	'
Operating Locations [Member] | Maximum [Member]	'	'
Quantitative Disclosures of Fair Value Information	'	'
Sales growth rate used in discounted cash flow model	6.00%	'

Restricted_Investment_Balances1

Restricted Investment Balances (Details) (USD $)	2-May-14	Jan. 31, 2014	3-May-13
In Millions, unless otherwise specified
Restricted Investment Balances	'	'	'
Restricted balances included in short-term investments	$87	$162	$116
Restricted balances included in long-term investments	$328	$268	$265

Property_Details

Property (Details) (USD $)	2-May-14	Jan. 31, 2014	3-May-13
In Billions, unless otherwise specified
Property	'	'	'
Accumulated depreciation	$14.60	$14.20	$13.40

Extended_Protection_Plans_Deta

Extended Protection Plans (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Changes in deferred revenue for extended protection plan contracts	'	'
Deferred revenue - extended protection plans, beginning of period	$730	$715
Additions to deferred revenue	75	70
Deferred revenue recognized	-75	-68
Deferred revenue - extended protection plans, end of period	$730	$717

Extended_Protection_Plans_Deta1

Extended Protection Plans (Details 1) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Changes in the liability for extended protection plan claims	'	'
Liability for extended protection plan claims, beginning of period	$18	$20
Accrual for claims incurred	29	27
Claim payments	-30	-27
Liability for extended protection plan claims, end of period	$17	$20

Extended_Protection_Plans_Deta2

Extended Protection Plans (Details Textual) (USD $)	2-May-14	Jan. 31, 2014	3-May-13
In Millions, unless otherwise specified
Extended Protection Plans	'	'	'
Deferred costs associated with extended protection plan contracts	$46	$53	$83

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14		3-May-13
Shareholders' Equity	'		'
Reduction in retained earnings	$811		$972
Share Repurchases	'		'
Share repurchases, value	892	[1]	1,046	[1]
Share repurchases, shares	18.8		24.4
Share Repurchase Program [Member]	'		'
Share Repurchases	'		'
Share repurchases, value	850	[1]	1,010	[1]
Share repurchases, shares	17.9		23.5
Shares Withheld from Employees [Member]	'		'
Share Repurchases	'		'
Share repurchases, value	$42	[1]	$36	[1]
Share repurchases, shares	0.9		0.9
[1]	Reductions of $811 million and $972 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended MayB 2, 2014 and MayB 3, 2013, respectively.

Shareholders_Equity_Details_Te

Shareholders' Equity (Details Textual) (USD $)	3 Months Ended
In Billions, unless otherwise specified	2-May-14	Feb. 01, 2013	Jan. 31, 2014
		February 1, 2013 Share Repurchase Program [Member]	January 31, 2014 Share Repurchase Program [Member]
Share Repurchases	'	'	'
Share repurchases authorized, value	'	$5	$5
Remaining share repurchases authorization, value	$5.40	'	'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14
Income Taxes	'
Reduction to unrecognized benefits	$57
Unrecognized tax benefits	5
Current Portion of Unrecognized Tax Benefit	$5
Canadian tax authority [Member] | Minimum [Member]	'
Income Taxes	'
Years under taxing authority examination	'2009
Canadian tax authority [Member] | Maximum [Member]	'
Income Taxes	'
Years under taxing authority examination	'2010
US state audits [Member] | Minimum [Member]	'
Income Taxes	'
Years under taxing authority examination	'2006
US state audits [Member] | Maximum [Member]	'
Income Taxes	'
Years under taxing authority examination	'2012

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	2-May-14	3-May-13
Basic earnings per common share:	'	'
Net earnings	$624	$540
Less: Net earnings allocable to participating securities	-4	-3
Net earnings allocable to common shares	620	537
Weighted-average common shares outstanding	1,015	1,088
Basic earnings per common share	$0.61	$0.49
Diluted earnings per common share:	'	'
Net earnings	624	540
Less: Net earnings allocable to participating securities	-4	-3
Net earnings allocable to common shares	$620	$537
Weighted-average common shares outstanding	1,015	1,088
Dilutive effect of non-participating share-based awards	2	2
Weighted-average common shares, as adjusted	1,017	1,090
Diluted earnings per common share	$0.61	$0.49

Earnings_Per_Share_Details_Tex

Earnings Per Share (Details Textual)	3 Months Ended
In Millions, unless otherwise specified	3-May-13
Earnings Per Share	'
Anti-dilutive securities	1.5

Supplemental_Disclosure_Detail

Supplemental Disclosure (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Net interest expense	'	'
Long-term debt	$114	$103
Capitalized lease obligations	11	9
Interest income	-1	-1
Interest capitalized	0	-1
Interest on tax uncertainties	-2	0
Other	2	3
Interest - net	$124	$113

Supplemental_Disclosure_Detail1

Supplemental Disclosure (Details 1) (USD $)	3 Months Ended
In Millions, unless otherwise specified	2-May-14	3-May-13
Supplemental disclosures of cash flow information	'	'
Cash paid for interest, net of amount capitalized	$215	$193
Cash paid for income taxes, net	33	137
Non-cash investing and financing activities:	'	'
Non-cash property acquisitions, including assets acquired under capital lease	4	10
Cash dividends declared but not paid	$183	$174