Lowe's Companies (LOW) 10-Q 2 Jun 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	1-May-15	29-May-15
Document and Entity Information [Abstract]
Entity Registrant Name	LOWES COMPANIES INC
Entity Central Index Key	60667
Document Type	10-Q
Document Period End Date	1-May-15
Amendment Flag	FALSE
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	-28
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		932,685,656

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	1-May-15	Jan. 30, 2015	2-May-14
In Millions, unless otherwise specified
Current assets:
Cash and cash equivalents	$1,434	$466	$658
Short-term investments	95	125	110
Merchandise inventory - net	10,614	8,911	10,515
Deferred income taxes - net	255	230	283
Other current assets	393	348	386
Total current assets	12,791	10,080	11,952
Property, less accumulated depreciation	19,892	20,034	20,617
Long-term investments	384	354	360
Other assets	1,355	1,359	1,300
Total assets	34,422	31,827	34,229
Current liabilities:
Current maturities of long-term debt	1,026	552	47
Accounts payable	8,023	5,124	7,051
Accrued compensation and employee benefits	555	773	501
Deferred revenue	1,153	979	1,055
Other current liabilities	2,213	1,920	2,160
Total current liabilities	12,970	9,348	10,814
Long-term debt, excluding current maturities	10,334	10,815	10,080
Deferred income taxes - net	98	97	261
Deferred revenue - extended protection plans	727	730	730
Other liabilities	816	869	862
Total liabilities	24,945	21,859	22,747
Shareholders' equity:
Preferred stock - $5 par value, none issued	0	0	0
Common stock - $.50 par value; Shares issued and outstanding 947 at May 1, 2015, 1,012 at May 2, 2014, and 960 at January 30, 2015	473	480	506
Capital in excess of par value	0	0	0
Retained earnings	9,085	9,591	10,985
Accumulated other comprehensive loss	-81	-103	-9
Total shareholders' equity	9,477	9,968	11,482
Total liabilities and shareholders' equity	$34,422	$31,827	$34,229

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	1-May-15	Jan. 30, 2015	2-May-14
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	947,000,000	960,000,000	1,012,000,000
Common stock, shares outstanding	947,000,000	960,000,000	1,012,000,000

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	1-May-15	2-May-14
Current Earnings
Net sales	$14,129	$13,403
Cost of sales	9,117	8,645
Gross margin	5,012	4,758
Expenses:
Selling, general and administrative	3,415	3,319
Depreciation	365	373
Interest - net	134	124
Total expenses	3,914	3,816
Pre-tax earnings	1,098	942
Income tax provision	425	318
Net earnings	673	624
Weighted-average common shares outstanding - basic	950	1,015
Basic earnings per common share	$0.70	$0.61
Weighted-average common shares outstanding - diluted	952	1,017
Diluted earnings per common share	$0.70	$0.61
Cash dividends per share	$0.23	$0.18
Retained Earnings
Balance at beginning of period	9,591	11,355
Net earnings	673	624
Cash dividends	-218	-183
Share repurchases	-961	-811
Balance at end of period	$9,085	$10,985

Consolidated_Statements_of_Cur1

Consolidated Statements of Current and Retained Earnings (Percents) (Unaudited)	3 Months Ended
	1-May-15	2-May-14
Current Earnings
Net sales	100.00%	100.00%
Cost of sales	64.53%	64.50%
Gross margin	35.47%	35.50%
Expenses:
Selling, general and administrative	24.16%	24.76%
Depreciation	2.59%	2.78%
Interest - net	0.95%	0.93%
Total expenses	27.70%	28.47%
Pre-tax earnings	7.77%	7.03%
Income tax provision	3.01%	2.37%
Net earnings	4.76%	4.66%

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Income (Unaudited) (USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14
Comprehensive Income
Net earnings	$673	$624
Foreign currency translation adjustments - net of tax	22	8
Other comprehensive income	22	8
Comprehensive income	$695	$632

Consolidated_Statements_of_Com1

Consolidated Statements of Comprehensive Income (Percents) (Unaudited)	3 Months Ended
	1-May-15	2-May-14
Comprehensive Income
Net earnings	4.76%	4.66%
Foreign currency translation adjustments - net of tax	0.16%	0.06%
Other comprehensive income	0.16%	0.06%
Comprehensive income	4.92%	4.72%

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14
Cash flows from operating activities:
Net earnings	$673	$624
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	391	398
Deferred income taxes	-38	-67
Loss on property and other assets - net	7	24
Loss on equity method investments	17	17
Share-based payment expense	29	28
Changes in operating assets and liabilities:
Merchandise inventory - net	-1,687	-1,384
Other operating assets	-48	44
Accounts payable	2,893	2,041
Other operating liabilities	241	269
Net cash provided by operating activities	2,478	1,994
Cash flows from investing activities:
Purchases of investments	-65	-163
Proceeds from sale/maturity of investments	64	157
Capital expenditures	-232	-194
Contributions to equity method investments - net	-11	-91
Proceeds from sale of property and other long-term assets	3	16
Other - net	0	-5
Net cash used in investing activities	-241	-280
Cash flows from financing activities:
Net decrease in short-term borrowings	0	-386
Repayment of long-term debt	-10	-12
Proceeds from issuance of common stock under share-based payment plans	21	24
Cash dividend payments	-222	-186
Repurchase of common stock	-1,109	-910
Other - net	50	23
Net cash used in financing activities	-1,270	-1,447
Effect of exchange rate changes on cash	1	0
Net increase in cash and cash equivalents	968	267
Cash and cash equivalents, beginning of period	466	391
Cash and cash equivalents, end of period	$1,434	$658

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	1-May-15
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 1, 2015, and May 2, 2014, and the results of operations, comprehensive income and cash flows for the three months ended May 1, 2015, and May 2, 2014.
	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 30, 2015 (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
	1-May-15
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 1, 2015, May 2, 2014, and January 30, 2015:
				Fair Value Measurements at
	(In millions)	Measurement Level		May 1, 2015				May 2, 2014				January 30, 2015
	Available-for-sale securities:
	Money market funds	Level 1		$	59			$	51			$	81
	Municipal obligations	Level 2		20				18				21
	Certificates of deposit	Level 1		16				21				17
	Municipal floating rate obligations	Level 2		—				20				6
	Total short-term investments			$	95			$	110			$	125
	Available-for-sale securities:
	Municipal floating rate obligations	Level 2		$	377			$	347			$	348
	Certificates of deposit	Level 1		5				$	—			$	4
	Municipal obligations	Level 2		2				13				2
	Total long-term investments			$	384			$	360			$	354
	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 1, 2015 and May 2, 2014, 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 1, 2015, one operating location experienced a triggering event and was determined to be impaired due to a decline in cash flow trends and an unfavorable sales outlook, resulting in an impairment loss of $5 million. The discounted cash flow model used to estimate the fair value of the impaired operating location assumed annual sales growth rates ranging from 2.7% to 7.0% over the remaining life of the location and applied a discount rate of approximately 6.2%.
	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 1, 2015 and May 2, 2014.
	Fair Value Measurements - Nonrecurring Basis
		Three Months Ended
		May 1, 2015								May 2, 2014
	(In millions)	Fair Value Measurements				Impairment Losses				Fair Value Measurements				Impairment Losses
	Assets-held-for-use:
	Operating locations	$	4			$	(5	)		$	9			$	(23	)
	Total	$	4			$	(5	)		$	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 were estimated using quoted market prices. The fair values of the Company’s mortgage notes were estimated using discounted cash flow analyses, based on the future cash outflows associated with these arrangements and discounted using the applicable incremental 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 1, 2015								May 2, 2014							January 30, 2015
	(In millions)	Carrying Amount				Fair Value				Carrying Amount				Fair Value			Carrying Amount		Fair Value
	Unsecured notes (Level 1)	$	10,861			$	12,231			$	9,617			$	10,777		$	10,860	$	12,739
	Mortgage notes (Level 2)	16				17				17				19			16		17
	Long-term debt (excluding capitalized lease obligations)	$	10,877			$	12,248			$	9,634			$	10,796		$	10,876	$	12,756

Restricted_Investment_Balances

Restricted Investment Balances	3 Months Ended
	1-May-15
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 $74 million at May 1, 2015, $87 million at May 2, 2014, and $99 million at January 30, 2015.
	Restricted balances included in long-term investments were $311 million at May 1, 2015, $328 million at May 2, 2014, and $305 million at January 30, 2015.

Property

Property	3 Months Ended
	1-May-15
Property
Property	Note 4: Property - Property is shown net of accumulated depreciation of $15.8 billion at May 1, 2015, $14.6 billion at May 2, 2014, and $15.4 billion at January 30, 2015.

Extended_Protection_Plans

Extended Protection Plans	3 Months Ended
	1-May-15
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 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 1, 2015			May 2, 2014
	Deferred revenue - extended protection plans, beginning of period	$	730		$	730
	Additions to deferred revenue	82			75
	Deferred revenue recognized	(85		)	(75		)
	Deferred revenue - extended protection plans, end of period	$	727		$	730
	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 $27 million at May 1, 2015, $46 million at May 2, 2014, and $30 million at January 30, 2015. 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 and was not material in any of the years presented. Expenses for claims are recognized when incurred and totaled $29 million for the three months ended May 1, 2015 and May 2, 2014.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	1-May-15
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 January 31, 2014, the Company's Board of Directors authorized a $5.0 billion share repurchase program with no expiration. On March 20, 2015, the Company's Board of Directors authorized an additional $5.0 billion share repurchase program with no expiration. As of May 1, 2015, the Company had $6.4 billion remaining in its share repurchase program.
	In March 2015, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase $500 million of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $500 million to the financial institution using cash on hand, and took delivery of 5.7 million shares. Prior to the end of the first quarter of fiscal 2015, the Company finalized the transaction and received an additional 1.1 million shares.
	Under the terms of the ASR agreement, upon settlement, the Company would either receive additional shares from the financial institution or be required to deliver additional shares or cash to the financial institution. The Company controlled its election to either deliver additional shares or cash to the financial institution and was subject to provisions which limited the number of shares the Company would be required to deliver.
	The final number of shares delivered upon settlement of the ASR agreement was determined with reference to the volume-weighted average price of the Company’s common stock over the term of the ASR agreement. The initial repurchase of shares under the agreement resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share.
	The ASR agreement was accounted for as a treasury stock transaction and forward stock purchase contract. The par value of the shares received was recorded as a reduction to common stock with the remainder recorded as a reduction to capital in excess of par value and retained earnings. The forward stock purchase contract was considered indexed to the Company’s own stock and was classified as an equity instrument.
	During the three months ended May 1, 2015, the Company also repurchased shares of its common stock through the open market totaling 6.8 million shares for a cost of $500 million.
	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 share-based awards.
	Shares repurchased for the three months ended May 1, 2015, and May 2, 2014 were as follows:
		Three Months Ended
		May 1, 2015			May 2, 2014
	(In millions)	Shares	Cost 1		Shares	Cost 1
	Share repurchase program	13.6	$	1,000	17.9	$	850
	Shares withheld from employees	0.8	62		0.9	42
	Total share repurchases	14.4	$	1,062	18.8	$	892
	1	Reductions of $961 million and $811 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 1, 2015 and May 2, 2014, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	1-May-15
Income Taxes
Income Taxes	Note 7: Income Taxes - The Company's effective income tax rates were 38.7% and 33.8% for the three months ended May 1, 2015 and May 2, 2014, respectively. The lower effective income tax rate for the three months ended May 2, 2014, was primarily attributable to the favorable settlement of certain federal tax matters.

Earnings_Per_Share

Earnings Per Share	3 Months Ended
	1-May-15
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 1, 2015, and May 2, 2014.
		Three Months Ended
	(In millions, except per share data)	May 1, 2015			May 2, 2014
	Basic earnings per common share:
	Net earnings	$	673		$	624
	Less: Net earnings allocable to participating securities	(3		)	(4		)
	Net earnings allocable to common shares, basic	$	670		$	620
	Weighted-average common shares outstanding	950			1,015
	Basic earnings per common share	$	0.7		$	0.61
	Diluted earnings per common share:
	Net earnings	$	673		$	624
	Less: Net earnings allocable to participating securities	(3		)	(4		)
	Net earnings allocable to common shares, diluted	$	670		$	620
	Weighted-average common shares outstanding	950			1,015
	Dilutive effect of non-participating share-based awards	2			2
	Weighted-average common shares, as adjusted	952			1,017
	Diluted earnings per common share	$	0.7		$	0.61
	No stock options were anti-dilutive for the three months ended May 1, 2015. An insignificant number of stock options were anti-dilutive for the three months ended May 2, 2014.

Supplemental_Disclosure

Supplemental Disclosure	3 Months Ended
	1-May-15
Supplemental Disclosure
Supplemental Disclosure	Note 9: Supplemental Disclosure
	Net interest expense is comprised of the following:
		Three Months Ended
	(In millions)	May 1, 2015			May 2, 2014
	Long-term debt	$	122		$	114
	Capitalized lease obligations	11			11
	Interest income	—			(1		)
	Interest capitalized	(1		)	—
	Interest on tax uncertainties	—			(2		)
	Other	2			2
	Interest - net	$	134		$	124
	Supplemental disclosures of cash flow information:
		Three Months Ended
	(In millions)	May 1, 2015			May 2, 2014
	Cash paid for interest, net of amount capitalized	$	233		$	215
	Cash paid for income taxes - net	$	166		$	33
	Non-cash investing and financing activities:
	Non-cash property acquisitions, including assets acquired under capital lease	$	4		$	4
	Cash dividends declared but not paid	$	218		$	183

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	1-May-15
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 10: Recent Accounting Pronouncements - Effective January 31, 2015, the Company adopted 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 adoption of the guidance by the Company did not have a material impact on its consolidated financial statements.
	In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The adoption of the guidance by the Company is not expected to have a material impact on its consolidated financial statements.
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Currently, the guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. However, the FASB issued an Exposure Draft proposing the deferral of the effective date for one year, with the option to adopt as of the original effective date. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating the transition methods and the impact of the standard on its consolidated financial statements.

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	1-May-15
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 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. Expenses for claims are recognized when incurred.
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.
	The ASR agreement was accounted for as a treasury stock transaction and forward stock purchase contract. The par value of the shares received was recorded as a reduction to common stock with the remainder recorded as a reduction to capital in excess of par value and retained earnings. The forward stock purchase contract was considered indexed to the Company’s own stock and was classified as an equity instrument.
Recent Accounting Pronouncements	Effective January 31, 2015, the Company adopted 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 adoption of the guidance by the Company did not have a material impact on its consolidated financial statements.
	In April 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-03, Simplifying the Presentation of Debt Issuance Costs. The ASU requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. This ASU is effective for fiscal years beginning after December 15, 2015 and interim periods within those fiscal years. The adoption of the guidance by the Company is not expected to have a material impact on its consolidated financial statements.
	In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers. The ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Currently, the guidance is effective for interim and annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. However, the FASB issued an Exposure Draft proposing the deferral of the effective date for one year, with the option to adopt as of the original effective date. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company is currently evaluating the transition methods and the impact of the standard on its consolidated financial statements.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	1-May-15
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 1, 2015, May 2, 2014, and January 30, 2015:
				Fair Value Measurements at
	(In millions)	Measurement Level		May 1, 2015				May 2, 2014				January 30, 2015
	Available-for-sale securities:
	Money market funds	Level 1		$	59			$	51			$	81
	Municipal obligations	Level 2		20				18				21
	Certificates of deposit	Level 1		16				21				17
	Municipal floating rate obligations	Level 2		—				20				6
	Total short-term investments			$	95			$	110			$	125
	Available-for-sale securities:
	Municipal floating rate obligations	Level 2		$	377			$	347			$	348
	Certificates of deposit	Level 1		5				$	—			$	4
	Municipal obligations	Level 2		2				13				2
	Total long-term investments			$	384			$	360			$	354
	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 1, 2015 and May 2, 2014.
	Fair Value Measurements - Nonrecurring Basis
		Three Months Ended
		May 1, 2015								May 2, 2014
	(In millions)	Fair Value Measurements				Impairment Losses				Fair Value Measurements				Impairment Losses
	Assets-held-for-use:
	Operating locations	$	4			$	(5	)		$	9			$	(23	)
	Total	$	4			$	(5	)		$	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 1, 2015								May 2, 2014							January 30, 2015
	(In millions)	Carrying Amount				Fair Value				Carrying Amount				Fair Value			Carrying Amount		Fair Value
	Unsecured notes (Level 1)	$	10,861			$	12,231			$	9,617			$	10,777		$	10,860	$	12,739
	Mortgage notes (Level 2)	16				17				17				19			16		17
	Long-term debt (excluding capitalized lease obligations)	$	10,877			$	12,248			$	9,634			$	10,796		$	10,876	$	12,756

Extended_Protection_Plans_Tabl

Extended Protection Plans (Tables)	3 Months Ended
	1-May-15
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 1, 2015			May 2, 2014
	Deferred revenue - extended protection plans, beginning of period	$	730		$	730
	Additions to deferred revenue	82			75
	Deferred revenue recognized	(85		)	(75		)
	Deferred revenue - extended protection plans, end of period	$	727		$	730

Shareholders_Equity_Tables

Shareholders' Equity (Tables)	3 Months Ended
	1-May-15
Shareholders' Equity
Schedule of share repurchases	Shares repurchased for the three months ended May 1, 2015, and May 2, 2014 were as follows:
		Three Months Ended
		May 1, 2015			May 2, 2014
	(In millions)	Shares	Cost 1		Shares	Cost 1
	Share repurchase program	13.6	$	1,000	17.9	$	850
	Shares withheld from employees	0.8	62		0.9	42
	Total share repurchases	14.4	$	1,062	18.8	$	892
	1	Reductions of $961 million and $811 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 1, 2015 and May 2, 2014, respectively.

Earnings_Per_Share_Tables

Earnings Per Share (Tables)	3 Months Ended
	1-May-15
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 1, 2015, and May 2, 2014.
		Three Months Ended
	(In millions, except per share data)	May 1, 2015			May 2, 2014
	Basic earnings per common share:
	Net earnings	$	673		$	624
	Less: Net earnings allocable to participating securities	(3		)	(4		)
	Net earnings allocable to common shares, basic	$	670		$	620
	Weighted-average common shares outstanding	950			1,015
	Basic earnings per common share	$	0.7		$	0.61
	Diluted earnings per common share:
	Net earnings	$	673		$	624
	Less: Net earnings allocable to participating securities	(3		)	(4		)
	Net earnings allocable to common shares, diluted	$	670		$	620
	Weighted-average common shares outstanding	950			1,015
	Dilutive effect of non-participating share-based awards	2			2
	Weighted-average common shares, as adjusted	952			1,017
	Diluted earnings per common share	$	0.7		$	0.61

Supplemental_Disclosure_Tables

Supplemental Disclosure (Tables)	3 Months Ended
	1-May-15
Supplemental Disclosure
Net interest expense	Net interest expense is comprised of the following:
		Three Months Ended
	(In millions)	May 1, 2015			May 2, 2014
	Long-term debt	$	122		$	114
	Capitalized lease obligations	11			11
	Interest income	—			(1		)
	Interest capitalized	(1		)	—
	Interest on tax uncertainties	—			(2		)
	Other	2			2
	Interest - net	$	134		$	124
Supplemental disclosures of cash flow information	Supplemental disclosures of cash flow information:
		Three Months Ended
	(In millions)	May 1, 2015			May 2, 2014
	Cash paid for interest, net of amount capitalized	$	233		$	215
	Cash paid for income taxes - net	$	166		$	33
	Non-cash investing and financing activities:
	Non-cash property acquisitions, including assets acquired under capital lease	$	4		$	4
	Cash dividends declared but not paid	$	218		$	183

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Fair Value, Measurements, Recurring [Member], Estimate of Fair Value [Member], USD $)	1-May-15	Jan. 30, 2015	2-May-14
In Millions, unless otherwise specified
Short-term Investments [Member]
Available-for-sale Securities
Fair Value	$95	$125	$110
Short-term Investments [Member] | Money Market Funds [Member] | Fair Value (Level 1) [Member]
Available-for-sale Securities
Fair Value	59	81	51
Short-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 2) [Member]
Available-for-sale Securities
Fair Value	20	21	18
Short-term Investments [Member] | Certificates Of Deposit [Member] | Fair Value (Level 1) [Member]
Available-for-sale Securities
Fair Value	16	17	21
Short-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 2) [Member]
Available-for-sale Securities
Fair Value	0	6	20
Long-term Investments [Member]
Available-for-sale Securities
Fair Value	384	354	360
Long-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 2) [Member]
Available-for-sale Securities
Fair Value	2	2	13
Long-term Investments [Member] | Certificates Of Deposit [Member] | Fair Value (Level 1) [Member]
Available-for-sale Securities
Fair Value	5	4	0
Long-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 2) [Member]
Available-for-sale Securities
Fair Value	$377	$348	$347

Fair_Value_Measurements_Detail1

Fair Value Measurements (Details 1) (Fair Value, Measurements, Nonrecurring [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14
Fair Value Disclosures
Long-lived asset impairment losses	($5)	($23)
Estimate of Fair Value [Member] | Fair Value (Level 3) [Member]
Fair Value Disclosures
Fair value measurement	4	9
Operating Locations [Member]
Assets held-for-use
Long-lived asset impairment losses	-5	-23
Operating Locations [Member] | Estimate of Fair Value [Member] | Fair Value (Level 3) [Member]
Assets held-for-use
Fair value measurement	$4	$9

Fair_Value_Measurements_Detail2

Fair Value Measurements (Details 2) (USD $)	1-May-15	Jan. 30, 2015	2-May-14
In Millions, unless otherwise specified
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	$10,877	$10,876	$9,634
Unsecured Notes [Member]
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	10,861	10,860	9,617
Mortgage Notes [Member]
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	16	16	17
Estimate of Fair Value [Member]
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	12,248	12,756	10,796
Estimate of Fair Value [Member] | Unsecured Notes [Member] | Fair Value (Level 1) [Member]
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	12,231	12,739	10,777
Estimate of Fair Value [Member] | Mortgage Notes [Member] | Fair Value (Level 2) [Member]
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	$17	$17	$19

Fair_Value_Measurements_Detail3

Fair Value Measurements (Details Textual) (Fair Value, Measurements, Nonrecurring [Member], USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14
Quantitative Disclosures of Fair Value Information
Impairment losses	$5	$23
Operating Locations [Member]
Quantitative Disclosures of Fair Value Information
Number of locations that experienced a triggering event	1
Number of locations impaired during the period	1
Impairment losses	$5
Discount rate	6.20%
Operating Locations [Member] | Minimum [Member]
Quantitative Disclosures of Fair Value Information
Sales growth rate used in discounted cash flow model	2.70%
Operating Locations [Member] | Maximum [Member]
Quantitative Disclosures of Fair Value Information
Sales growth rate used in discounted cash flow model	7.00%

Restricted_Investment_Balances1

Restricted Investment Balances (Details) (USD $)	1-May-15	Jan. 30, 2015	2-May-14
In Millions, unless otherwise specified
Restricted Investment Balances
Restricted balances included in short-term investments	$74	$99	$87
Restricted balances included in long-term investments	$311	$305	$328

Property_Details

Property (Details) (USD $)	1-May-15	Jan. 30, 2015	2-May-14
In Billions, unless otherwise specified
Property
Accumulated depreciation	$15.80	$15.40	$14.60

Extended_Protection_Plans_Deta

Extended Protection Plans (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14
Changes in deferred revenue for extended protection plan contracts
Deferred revenue - extended protection plans, beginning of period	$730	$730
Additions to deferred revenue	82	75
Deferred revenue recognized	-85	-75
Deferred revenue - extended protection plans, end of period	$727	$730

Extended_Protection_Plans_Deta1

Extended Protection Plans (Details Textual) (USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14	Jan. 30, 2015
Extended Protection Plans
Deferred costs associated with extended protection plan contracts	$27	$46	$30
Expenses for claims incurred	$29	$29

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	3 Months Ended
Share data in Millions, unless otherwise specified	1-May-15		2-May-14
Shareholders' Equity
Reduction in retained earnings	$961,000,000		$811,000,000
Share Repurchases
Share repurchases, value	1,062,000,000	[1]	892,000,000	[1]
Share repurchases, shares	14.4		18.8
Share Repurchase Program [Member]
Share Repurchases
Share repurchases, value	1,000,000,000	[1]	850,000,000	[1]
Share repurchases, shares	13.6		17.9
Shares Withheld from Employees [Member]
Share Repurchases
Share repurchases, value	$62,000,000	[1]	$42,000,000	[1]
Share repurchases, shares	0.8		0.9
[1]	Reductions of $961 million and $811 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended MayB 1, 2015 and MayB 2, 2014, respectively.

Shareholders_Equity_Details_Te

Shareholders' Equity (Details Textual) (USD $)	3 Months Ended				0 Months Ended
Share data in Millions, unless otherwise specified	1-May-15		2-May-14		Mar. 31, 2015	Jan. 31, 2014	Mar. 20, 2015
Share Repurchases
Share repurchases, value	$1,062,000,000	[1]	$892,000,000	[1]
Share repurchases, shares	14.4		18.8
Cash used to repurchase shares	1,109,000,000		910,000,000
Share Repurchase Program [Member]
Share Repurchases
Share repurchases, value	1,000,000,000	[1]	850,000,000	[1]
Share repurchases, shares	13.6		17.9
Remaining share repurchases authorization, value	6,400,000,000
January 31, 2014 Share Repurchase Program [Member]
Share Repurchases
Share repurchases authorized, value						5,000,000,000
March 20, 2015 Share Repurchase Program [Member]
Share Repurchases
Share repurchases authorized, value							5,000,000,000
March 2015 Accelerated Share Repurchase Agreement Purchases [Member]
Share Repurchases
Share repurchases, value					500,000,000
Share repurchases, shares	1.1				5.7
Cash used to repurchase shares					500,000,000
Open market purchases [Member]
Share Repurchases
Share repurchases, value	$500,000,000
Share repurchases, shares	6.8
[1]	Reductions of $961 million and $811 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended MayB 1, 2015 and MayB 2, 2014, respectively.

Income_Taxes_Details

Income Taxes (Details)	3 Months Ended
	1-May-15	2-May-14
Income Taxes
Effective income tax rate	38.70%	33.80%

Earnings_Per_Share_Details

Earnings Per Share (Details) (USD $)	3 Months Ended
In Millions, except Per Share data, unless otherwise specified	1-May-15	2-May-14
Basic earnings per common share:
Net earnings	$673	$624
Less: Net earnings allocable to participating securities	-3	-4
Net earnings allocable to common shares, basic	670	620
Weighted-average common shares outstanding	950	1,015
Basic earnings per common share	$0.70	$0.61
Diluted earnings per common share:
Net earnings	673	624
Less: Net earnings allocable to participating securities	-3	-4
Net earnings allocable to common shares, diluted	$670	$620
Weighted-average common shares outstanding	950	1,015
Dilutive effect of non-participating share-based awards	2	2
Weighted-average common shares, as adjusted	952	1,017
Diluted earnings per common share	$0.70	$0.61

Earnings_Per_Share_Details_Tex

Earnings Per Share (Details Textual)	3 Months Ended
	1-May-15
Earnings Per Share
Anti-dilutive securities	0

Supplemental_Disclosure_Detail

Supplemental Disclosure (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14
Net interest expense
Long-term debt	$122	$114
Capitalized lease obligations	11	11
Interest income	0	-1
Interest capitalized	-1	0
Interest on tax uncertainties	0	-2
Other	2	2
Interest - net	$134	$124

Supplemental_Disclosure_Detail1

Supplemental Disclosure (Details 1) (USD $)	3 Months Ended
In Millions, unless otherwise specified	1-May-15	2-May-14
Supplemental disclosures of cash flow information
Cash paid for interest, net of amount capitalized	$233	$215
Cash paid for income taxes, net	166	33
Non-cash investing and financing activities:
Non-cash property acquisitions, including assets acquired under capital lease	4	4
Cash dividends declared but not paid	$218	$183