Lowe's Companies (LOW) 10-Q 6 Jun 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 05, 2017	Jun. 02, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	LOWES COMPANIES INC
Entity Central Index Key	60,667
Document Type	10-Q
Document Period End Date	May 5, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-02
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		844,226,444

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	May 05, 2017	Feb. 03, 2017	Apr. 29, 2016
Current assets:
Cash and cash equivalents	$ 1,963	$ 558	$ 4,561
Short-term investments	84	100	174
Merchandise inventory - net	12,254	10,458	11,055
Other current assets	975	884	683
Total current assets	15,276	12,000	16,473
Property, less accumulated depreciation	19,748	19,949	19,463
Long-term investments	477	366	400
Deferred income taxes - net	272	222	154
Goodwill	1,081	1,082	154
Other assets	759	789	533
Total assets	37,613	34,408	37,177
Current liabilities:
Short-term borrowings	0	510	0
Current maturities of long-term debt	295	795	1,083
Accounts payable	9,905	6,651	8,821
Accrued compensation and employee benefits	725	790	615
Deferred revenue	1,415	1,253	1,233
Other current liabilities	2,346	1,975	2,369
Total current liabilities	14,686	11,974	14,121
Long-term debt, excluding current maturities	15,770	14,394	14,322
Deferred revenue - extended protection plans	769	763	726
Other liabilities	857	843	796
Total liabilities	32,082	27,974	29,965
Equity:
Preferred stock - $5 par value, none issued	0	0	0
Common stock - $.50 par value; Shares issued and outstanding 853 at May 5, 2017, 894 at April 29, 2016, and 866 at February 3, 2017	426	433	447
Capital in excess of par value	0	0	0
Retained earnings	5,346	6,241	7,074
Accumulated other comprehensive loss	(241)	(240)	(309)
Total equity	5,531	6,434	7,212
Total liabilities and equity	$ 37,613	$ 34,408	$ 37,177

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	May 05, 2017	Feb. 03, 2017	Apr. 29, 2016
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	853,000,000	866,000,000	894,000,000
Common stock, shares outstanding	853,000,000	866,000,000	894,000,000

Consolidated Statements of Curr

Consolidated Statements of Current and Retained Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Current Earnings
Net sales	$ 16,860	$ 15,234
Cost of sales	11,060	9,897
Gross margin	5,800	5,337
Expenses:
Selling, general and administrative	3,876	3,391
Depreciation and amortization	365	360
Operating income	1,559	1,586
Interest - net	161	156
Loss on extinguishment of debt	(464)	0
Pre-tax earnings	934	1,430
Income tax provision	332	546
Net earnings	$ 602	$ 884
Weighted-average common shares outstanding - basic	857	897
Basic earnings per common share	$ 0.70	$ 0.98
Weighted-average common shares outstanding - diluted	858	899
Diluted earnings per common share	$ 0.70	$ 0.98
Cash dividends per share	$ 0.35	$ 0.28
Retained Earnings
Balance at beginning of period	$ 6,241	$ 7,593
Net earnings	602	884
Cash dividends declared	(299)	(251)
Share repurchases	(1,198)	(1,152)
Balance at end of period	$ 5,346	$ 7,074

Consolidated Statements of Cur5

Consolidated Statements of Current and Retained Earnings (Percents) (Unaudited)	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Current Earnings
Net sales	100.00%	100.00%
Cost of sales	65.60%	64.96%
Gross margin	34.40%	35.04%
Expenses:
Selling, general and administrative	22.99%	22.26%
Depreciation and amortization	2.16%	2.36%
Operating income	9.25%	10.42%
Interest - net	0.96%	1.03%
Loss on extinguishment of debt	2.75%	0.00%
Pre-tax earnings	5.54%	9.39%
Income tax provision	1.97%	3.59%
Net earnings	3.57%	5.80%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Comprehensive Income
Net earnings	$ 602	$ 884
Foreign currency translation adjustments - net of tax	(1)	83
Other comprehensive income/(loss)	(1)	83
Comprehensive income	$ 601	$ 967

Consolidated Statements of Com7

Consolidated Statements of Comprehensive Income (Percents) (Unaudited)	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Comprehensive Income
Net earnings	3.57%	5.80%
Foreign currency translation adjustments - net of tax	0.00%	0.55%
Other comprehensive income/(loss)	0.00%	0.55%
Comprehensive income	3.57%	6.35%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Cash flows from operating activities:
Net earnings	$ 602	$ 884
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	389	383
Deferred income taxes	(64)	52
Loss on property and other assets - net	11	11
Loss on extinguishment of debt	464	0
Loss on cost method and equity method investments	(7)	(3)
Share-based payment expense	26	25
Changes in operating assets and liabilities:
Merchandise inventory - net	(1,808)	(1,556)
Other operating assets	(64)	(186)
Accounts payable	3,291	3,169
Other operating liabilities	441	435
Net cash provided by operating activities	3,295	3,220
Cash flows from investing activities:
Purchases of investments	(153)	(310)
Proceeds from sale/maturity of investments	59	264
Capital expenditures	(202)	(208)
Proceeds from sale of property and other long-term assets	6	11
Purchases of derivative instruments	0	(103)
Other - net	(1)	(3)
Net cash used in investing activities	(291)	(349)
Cash flows from financing activities:
Net change in short-term borrowings	(511)	(44)
Net proceeds from issuance of long-term debt	2,968	3,267
Repayment of long-term debt	(2,558)	(484)
Proceeds from issuance of common stock under share-based payment plans	38	20
Cash dividend payments	(304)	(255)
Repurchase of common stock	(1,237)	(1,253)
Other - net	(1)	33
Net cash provided by (used in) financing activities	(1,605)	1,284
Effect of exchange rate changes on cash	6	1
Net increase in cash and cash equivalents	1,405	4,156
Cash and cash equivalents, beginning of period	558	405
Cash and cash equivalents, end of period	$ 1,963	$ 4,561

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 05, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 1 : Summary of Significant Accounting Policies 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 (GAAP). The consolidated financial statements (unaudited), in the opinion of management, contain all adjustments necessary to present fairly the financial position as of May 5, 2017 , and April 29, 2016 , and the results of operations, comprehensive income and cash flows for the three months ended May 5, 2017 , and April 29, 2016 . 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 February 3, 2017 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year. Reclassifications Certain prior period amounts have been reclassified to conform to current presentation. Recent Accounting Pronouncements Effective February 4, 2017, the Company adopted Accounting Standards Update (ASU 2016-09), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . Upon adoption of the ASU, all excess tax benefits or deficiencies related to share-based payments are recognized in the provision for income taxes, which will increase the volatility within our provision for income taxes, as these amounts were previously reported within equity. As a result of the adoption, we recognized $23 million of excess tax benefits in our provision for income taxes for the three months ended May 5, 2017 . The recognition of these benefits contributed $0.03 to diluted earnings per share. Excess tax benefits were historically reflected as a financing activity in the statements of cash flows, and after adoption, are included within operating activities. Cash paid to tax authorities by the Company when directly withholding shares for tax purposes continue to be classified as a financing activity in the statement of cash flows. Share-based payment expense will continue to reflect estimated forfeitures of share-based payment awards. The Company has adopted the applicable provisions of the ASU prospectively. Effective February 4, 2017, the Company adopted ASU 2015-11, Simplifying the Measurement of Inventory. The ASU requires entities using the first-in, first-out (FIFO) inventory costing method to subsequently value inventory at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350) . The ASU eliminates Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation to the identified assets and liabilities of the reporting unit to measure goodwill impairment. Under the amendments in this update, a goodwill impairment test is performed by comparing the fair value of the reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The adoption of this guidance by the Company is not expected to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements but expects the ASU to have a material impact on its consolidated balance sheets, as a result of the requirement to recognize right-of-use assets and lease liabilities. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities . The ASU requires, among other things, that entities measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value, with changes in fair value recognized in net income. Under this ASU, entities will no longer be able to recognize unrealized holding gains and losses on available-for-sale equity securities in other comprehensive income, and they will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. The guidance for classifying and measuring investments in debt securities and loans is not impacted. The ASU eliminates certain disclosure requirements related to financial instruments measured at amortized cost and adds disclosures related to the measurement categories of financial assets and financial liabilities. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted for only certain portions of the ASU. The adoption of this 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. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company continues to evaluate the impact of adopting of this standard and its subsequent related amendments and interpretations. However, based on our preliminary assessment, we do not expect the standard to materially affect our consolidated financial statements. We have determined the adoption of the guidance will impact the timing of recognition of our stored value card breakage. Currently, breakage is recognized using the remote method and will be recognized using the proportional method upon adoption of the guidance. The Company is also evaluating principal verses agent conclusions as it relates to certain arrangements with third parties that could impact the presentation of revenue on a gross or net basis. We do not intend to early adopt the guidance, and based on our initial assessment of potential impacts to our consolidated financial statements, we expect to use a modified retrospective approach to adoption.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 05, 2017
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 table presents the Company’s financial assets measured at fair value on a recurring basis as of May 5, 2017 , April 29, 2016 , and February 3, 2017 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level May 5, 2017 April 29, 2016 February 3, 2017 Short-term investments: Available-for-sale securities Money market funds Level 1 $ 70 $ 28 $ 81 Certificates of deposit Level 1 12 97 15 Municipal obligations Level 2 2 34 4 Municipal floating rate obligations Level 2 — 15 — Total short-term investments $ 84 $ 174 $ 100 Other current assets: Foreign exchange options Level 2 $ — $ 263 $ — Long-term investments: Available-for-sale securities Municipal floating rate obligations Level 2 $ 472 $ 392 $ 359 Certificates of deposit Level 1 3 4 2 Municipal obligations Level 2 2 4 5 Total long-term investments $ 477 $ 400 $ 366 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, foreign currency exchange rates, reported trades, broker-dealer quotes, issuer spreads and benchmark securities, among others. Derivative Instruments To manage the foreign currency exchange rate risk of the Company’s acquisition of RONA in the prior year, the Company entered into an option to purchase 3.2 billion Canadian dollars expiring November 1, 2016, which was not eligible to be accounted for as a hedging instrument. For the three months ended April 29, 2016 , the Company recorded a net unrealized gain of $160 million in SG&A expense. The premium paid for this option of $103 million is shown within cash flows from investing activities in the consolidated statements of cash flows. Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis During the three months ended May 5, 2017 and April 29, 2016 , the Company had no significant measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. 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 5, 2017 April 29, 2016 February 3, 2017 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 15,203 $ 15,948 $ 14,863 $ 16,532 $ 14,321 $ 15,305 Mortgage notes (Level 2) 7 7 7 8 7 7 Long-term debt (excluding capitalized lease obligations) $ 15,210 $ 15,955 $ 14,870 $ 16,540 $ 14,328 $ 15,312

Restricted Investment Balances

Restricted Investment Balances	3 Months Ended
	May 05, 2017
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 $70 million at May 5, 2017 , $70 million at April 29, 2016 , and $81 million at February 3, 2017 . Restricted balances included in long-term investments were $340 million at May 5, 2017 , $303 million at April 29, 2016 , and $354 million at February 3, 2017 .

Property

Property	3 Months Ended
	May 05, 2017
Property
Property	Note 4 : Property - Property is shown net of accumulated depreciation of $16.9 billion at May 5, 2017 , $16.6 billion at April 29, 2016 , and $17.0 billion at February 3, 2017 .

Extended Protection Plans

Extended Protection Plans	3 Months Ended
	May 05, 2017
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 5, 2017 April 29, 2016 Deferred revenue - extended protection plans, beginning of period $ 763 $ 729 Additions to deferred revenue 96 86 Deferred revenue recognized (90 ) (89 ) Deferred revenue - extended protection plans, end of period $ 769 $ 726 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 $18 million for all periods presented. 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 periods presented. Expenses for claims are recognized when incurred and totaled $36 million and $30 million for the three months ended May 5, 2017 and April 29, 2016 , respectively.

Long-Term Debt

Long-Term Debt	3 Months Ended
	May 05, 2017
Long-Term Debt
Long-term Debt	Note 6 : Long-Term Debt - During the first quarter, the Company issued $3.0 billion of unsecured notes as follows: Issue Date Principal Amount (in millions) Maturity Date Fixed vs. Floating Interest Rate Discount (in millions) May 3, 2017 $ 1,500 May 2027 Fixed 3.100% $ 9 May 3, 2017 $ 1,500 May 2047 Fixed 4.050% $ 23 Interest on the notes issued in 2017 is payable semiannually in arrears in May and November of each year until maturity. The indenture governing the notes issued in 2017 contains a provision that allows the Company to redeem these notes at any time, in whole or in part, at specified redemption prices, plus accrued and unpaid interest, to the date of redemption. The indenture also contains a provision that allows the holders of the notes to require the Company to repurchase all or any part of their notes if a change of control triggering event occurs. If elected under the change of control provisions, the repurchase of the notes will occur at a purchase price of 101% of the principal amount, plus accrued and unpaid interest, if any, on such notes to the date of purchase. The indenture governing the notes does not limit the aggregate principal amount of debt securities that the Company may issue and does not require the Company to maintain specified financial ratios or levels of net worth or liquidity. However, the indenture includes various restrictive covenants, none of which is expected to impact the Company’s liquidity or capital resources. Also during the first quarter, the Company completed a cash tender offer to purchase and retire $1.6 billion combined aggregate principal amount of our outstanding notes and recognized a loss on extinguishment of debt of $464 million .

Equity

Equity	3 Months Ended
	May 05, 2017
Equity
Equity	Note 7 : 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 27, 2017, the Company’s Board of Directors authorized a $5.0 billion share repurchase program with no expiration, which was announced on the same day. As of May 5, 2017 , the Company had $3.8 billion remaining in its share repurchase program. In March 2017, 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 5.3 million shares. The Company finalized the transaction and received an additional 0.8 million shares prior to the end of the quarter. 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 received 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 5, 2017 , the Company also repurchased shares of its common stock through the open market totaling 9.1 million shares for a cost of $750 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 5, 2017 , and April 29, 2016 were as follows: Three Months Ended May 5, 2017 April 29, 2016 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 15.2 $ 1,250 15.9 $ 1,200 Shares withheld from employees 0.2 14 0.7 52 Total share repurchases 15.4 $ 1,264 16.6 $ 1,252 1 Reductions of $1.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 5, 2017 and April 29, 2016 .

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 05, 2017
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 5, 2017 , and April 29, 2016 : Three Months Ended (In millions, except per share data) May 5, 2017 April 29, 2016 Basic earnings per common share: Net earnings $ 602 $ 884 Less: Net earnings allocable to participating securities (2 ) (4 ) Net earnings allocable to common shares, basic $ 600 $ 880 Weighted-average common shares outstanding 857 897 Basic earnings per common share $ 0.70 $ 0.98 Diluted earnings per common share: Net earnings $ 602 $ 884 Less: Net earnings allocable to participating securities (2 ) (4 ) Net earnings allocable to common shares, diluted $ 600 $ 880 Weighted-average common shares outstanding 857 897 Dilutive effect of non-participating share-based awards 1 2 Weighted-average common shares, as adjusted 858 899 Diluted earnings per common share $ 0.70 $ 0.98 Stock options to purchase 0.8 million shares of common stock were anti-dilutive for the three months ended May 5, 2017 and April 29, 2016 .

Income Taxes

Income Taxes	3 Months Ended
	May 05, 2017
Income Taxes
Income Taxes	Note 9 : Income Taxes - The Company’s effective income tax rates were 35.5% and 38.2% for the three months ended May 5, 2017 and April 29, 2016 , respectively. The lower effective rate for the three months ended May 5, 2017 was primarily due to the recognition of excess tax benefits related to share-based payments after the adoption of ASU 2016-09. See Note 1 to the consolidated financial statements included herein for more information regarding ASU 2016-09.

Supplemental Disclosure

Supplemental Disclosure	3 Months Ended
	May 05, 2017
Supplemental Disclosure
Supplemental Disclosure	Note 10 : Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended (In millions) May 5, 2017 April 29, 2016 Long-term debt $ 145 $ 134 Capitalized lease obligations 14 11 Interest income (3 ) (2 ) Interest capitalized (1 ) (1 ) Interest on tax uncertainties — 2 Other 6 12 Interest - net $ 161 $ 156 Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 5, 2017 April 29, 2016 Cash paid for interest, net of amount capitalized $ 285 $ 259 Cash paid for income taxes - net $ 43 $ 52 Non-cash investing and financing activities: Non-cash property acquisitions, including assets acquired under capital lease $ 3 $ 17 Cash dividends declared but not paid $ 299 $ 251

Subsequent Events

Subsequent Events	3 Months Ended
	May 05, 2017
Subsequent Events
Subsequent Events	Note 11 : Subsequent Events - On May 12, 2017, t he Company entered into a definitive agreement to acquire Maintenance Supply Headquarters for a total transaction price of approximately $512 million . Maintenance Supply Headquarters is a leading distributor of maintenance, repair and operations products to the multifamily housing industry. The acquisition is expected to be completed in Lowe’s second quarter of 2017, following the receipt of regulatory approval.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 05, 2017
Summary of Significant Accounting Policies
Basis of Presentation	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 (GAAP). The consolidated financial statements (unaudited), in the opinion of management, contain all adjustments necessary to present fairly the financial position as of May 5, 2017 , and April 29, 2016 , and the results of operations, comprehensive income and cash flows for the three months ended May 5, 2017 , and April 29, 2016 . 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 February 3, 2017 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Effective February 4, 2017, the Company adopted Accounting Standards Update (ASU 2016-09), Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting . Upon adoption of the ASU, all excess tax benefits or deficiencies related to share-based payments are recognized in the provision for income taxes, which will increase the volatility within our provision for income taxes, as these amounts were previously reported within equity. As a result of the adoption, we recognized $23 million of excess tax benefits in our provision for income taxes for the three months ended May 5, 2017 . The recognition of these benefits contributed $0.03 to diluted earnings per share. Excess tax benefits were historically reflected as a financing activity in the statements of cash flows, and after adoption, are included within operating activities. Cash paid to tax authorities by the Company when directly withholding shares for tax purposes continue to be classified as a financing activity in the statement of cash flows. Share-based payment expense will continue to reflect estimated forfeitures of share-based payment awards. The Company has adopted the applicable provisions of the ASU prospectively. Effective February 4, 2017, the Company adopted ASU 2015-11, Simplifying the Measurement of Inventory. The ASU requires entities using the first-in, first-out (FIFO) inventory costing method to subsequently value inventory at the lower of cost and net realizable value. The ASU defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. In January 2017, the Financial Accounting Standards Board (FASB) issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350) . The ASU eliminates Step 2 of the goodwill impairment test, which requires a hypothetical purchase price allocation to the identified assets and liabilities of the reporting unit to measure goodwill impairment. Under the amendments in this update, a goodwill impairment test is performed by comparing the fair value of the reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. This ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years, with early adoption permitted. The adoption of this guidance by the Company is not expected to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . The guidance in this ASU supersedes the leasing guidance in Topic 840, Leases . Under the new guidance, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election by class of underlying asset not to recognize lease assets and lease liabilities. If a lessee makes this election, it should recognize lease expense for such leases generally on a straight-line basis over the lease term. This ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements but expects the ASU to have a material impact on its consolidated balance sheets, as a result of the requirement to recognize right-of-use assets and lease liabilities. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Liabilities . The ASU requires, among other things, that entities measure equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) at fair value, with changes in fair value recognized in net income. Under this ASU, entities will no longer be able to recognize unrealized holding gains and losses on available-for-sale equity securities in other comprehensive income, and they will no longer be able to use the cost method of accounting for equity securities that do not have readily determinable fair values. The guidance for classifying and measuring investments in debt securities and loans is not impacted. The ASU eliminates certain disclosure requirements related to financial instruments measured at amortized cost and adds disclosures related to the measurement categories of financial assets and financial liabilities. The guidance is effective for annual periods beginning after December 15, 2017. Early adoption is permitted for only certain portions of the ASU. The adoption of this 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. In August 2015, the FASB issued ASU 2015-14, which deferred the effective date of the ASU to fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2016. Companies may use either a full retrospective or a modified retrospective approach to adopt this ASU. The Company continues to evaluate the impact of adopting of this standard and its subsequent related amendments and interpretations. However, based on our preliminary assessment, we do not expect the standard to materially affect our consolidated financial statements. We have determined the adoption of the guidance will impact the timing of recognition of our stored value card breakage. Currently, breakage is recognized using the remote method and will be recognized using the proportional method upon adoption of the guidance. The Company is also evaluating principal verses agent conclusions as it relates to certain arrangements with third parties that could impact the presentation of revenue on a gross or net basis. We do not intend to early adopt the guidance, and based on our initial assessment of potential impacts to our consolidated financial statements, we expect to use a modified retrospective approach to adoption.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 05, 2017
Fair Value Measurements
Fair value measurements - recurring basis	The following table presents the Company’s financial assets measured at fair value on a recurring basis as of May 5, 2017 , April 29, 2016 , and February 3, 2017 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level May 5, 2017 April 29, 2016 February 3, 2017 Short-term investments: Available-for-sale securities Money market funds Level 1 $ 70 $ 28 $ 81 Certificates of deposit Level 1 12 97 15 Municipal obligations Level 2 2 34 4 Municipal floating rate obligations Level 2 — 15 — Total short-term investments $ 84 $ 174 $ 100 Other current assets: Foreign exchange options Level 2 $ — $ 263 $ — Long-term investments: Available-for-sale securities Municipal floating rate obligations Level 2 $ 472 $ 392 $ 359 Certificates of deposit Level 1 3 4 2 Municipal obligations Level 2 2 4 5 Total long-term investments $ 477 $ 400 $ 366 There were no transfers between Levels 1, 2 or 3 during any of the periods presented.
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 5, 2017 April 29, 2016 February 3, 2017 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 15,203 $ 15,948 $ 14,863 $ 16,532 $ 14,321 $ 15,305 Mortgage notes (Level 2) 7 7 7 8 7 7 Long-term debt (excluding capitalized lease obligations) $ 15,210 $ 15,955 $ 14,870 $ 16,540 $ 14,328 $ 15,312

Extended Protection Plans (Tabl

Extended Protection Plans (Tables)	3 Months Ended
	May 05, 2017
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 5, 2017 April 29, 2016 Deferred revenue - extended protection plans, beginning of period $ 763 $ 729 Additions to deferred revenue 96 86 Deferred revenue recognized (90 ) (89 ) Deferred revenue - extended protection plans, end of period $ 769 $ 726

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	May 05, 2017
Long-Term Debt
Schedule of unsecured notes issued in fiscal 2017	During the first quarter, the Company issued $3.0 billion of unsecured notes as follows: Issue Date Principal Amount (in millions) Maturity Date Fixed vs. Floating Interest Rate Discount (in millions) May 3, 2017 $ 1,500 May 2027 Fixed 3.100% $ 9 May 3, 2017 $ 1,500 May 2047 Fixed 4.050% $ 23

Equity (Tables)

Equity (Tables)	3 Months Ended
	May 05, 2017
Equity
Schedule of share repurchases	Shares repurchased for the three months ended May 5, 2017 , and April 29, 2016 were as follows: Three Months Ended May 5, 2017 April 29, 2016 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 15.2 $ 1,250 15.9 $ 1,200 Shares withheld from employees 0.2 14 0.7 52 Total share repurchases 15.4 $ 1,264 16.6 $ 1,252 1 Reductions of $1.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 5, 2017 and April 29, 2016 .

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 05, 2017
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 5, 2017 , and April 29, 2016 : Three Months Ended (In millions, except per share data) May 5, 2017 April 29, 2016 Basic earnings per common share: Net earnings $ 602 $ 884 Less: Net earnings allocable to participating securities (2 ) (4 ) Net earnings allocable to common shares, basic $ 600 $ 880 Weighted-average common shares outstanding 857 897 Basic earnings per common share $ 0.70 $ 0.98 Diluted earnings per common share: Net earnings $ 602 $ 884 Less: Net earnings allocable to participating securities (2 ) (4 ) Net earnings allocable to common shares, diluted $ 600 $ 880 Weighted-average common shares outstanding 857 897 Dilutive effect of non-participating share-based awards 1 2 Weighted-average common shares, as adjusted 858 899 Diluted earnings per common share $ 0.70 $ 0.98

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	3 Months Ended
	May 05, 2017
Supplemental Disclosure
Net interest expense	Net interest expense is comprised of the following: Three Months Ended (In millions) May 5, 2017 April 29, 2016 Long-term debt $ 145 $ 134 Capitalized lease obligations 14 11 Interest income (3 ) (2 ) Interest capitalized (1 ) (1 ) Interest on tax uncertainties — 2 Other 6 12 Interest - net $ 161 $ 156
Supplemental disclosures of cash flow information	Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 5, 2017 April 29, 2016 Cash paid for interest, net of amount capitalized $ 285 $ 259 Cash paid for income taxes - net $ 43 $ 52 Non-cash investing and financing activities: Non-cash property acquisitions, including assets acquired under capital lease $ 3 $ 17 Cash dividends declared but not paid $ 299 $ 251

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax provision	$ 332	$ 546
Diluted earnings per common share	$ 0.70	$ 0.98
Accounting Standards Update 2016-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax provision	$ (23)
Diluted earnings per common share	$ 0.03

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring [Member] - Estimate of Fair Value [Member] - USD ($) $ in Millions	May 05, 2017	Feb. 03, 2017	Apr. 29, 2016
Short-term Investments [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	$ 84	$ 100	$ 174
Short-term Investments [Member] | Money Market Funds [Member] | Fair Value (Level 1) [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	70	81	28
Short-term Investments [Member] | Certificates Of Deposit [Member] | Fair Value (Level 1) [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	12	15	97
Short-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 2) [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	2	4	34
Short-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 2) [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	0	0	15
Other Current Assets [Member] | Fair Value (Level 2) [Member]
Assets, Fair Value Disclosure
Foreign exchange options, fair value	0	0	263
Long-term Investments [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	477	366	400
Long-term Investments [Member] | Certificates Of Deposit [Member] | Fair Value (Level 1) [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	3	2	4
Long-term Investments [Member] | Municipal Obligations [Member] | Fair Value (Level 2) [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	2	5	4
Long-term Investments [Member] | Municipal Floating Rate Obligations [Member] | Fair Value (Level 2) [Member]
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	$ 472	$ 359	$ 392

Fair Value Measurements (Deta29

Fair Value Measurements (Details 1) - USD ($) $ in Millions	May 05, 2017	Feb. 03, 2017	Apr. 29, 2016
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	$ 15,210	$ 14,328	$ 14,870
Unsecured Notes [Member]
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	15,203	14,321	14,863
Mortgage Notes [Member]
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	7	7	7
Estimate of Fair Value [Member]
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	15,955	15,312	16,540
Estimate of Fair Value [Member] | Unsecured Notes [Member] | Fair Value (Level 1) [Member]
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	15,948	15,305	16,532
Estimate of Fair Value [Member] | Mortgage Notes [Member] | Fair Value (Level 2) [Member]
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	$ 7	$ 7	$ 8

Fair Value Measurements (Deta30

Fair Value Measurements (Details Textual) $ in Millions, CAD in Billions	3 Months Ended
	May 05, 2017USD ($)	Apr. 29, 2016USD ($)	Apr. 29, 2016CAD
Derivatives, Fair Value [Line Items]
Purchases of derivative instruments, investing activities	$ 0	$ 103
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member]
Derivatives, Fair Value [Line Items]
Derivative asset, notional amount | CAD			CAD 3.2
Gain (loss) on derivative, net		160
Purchases of derivative instruments, investing activities		$ 103

Restricted Investment Balances

Restricted Investment Balances (Details) - USD ($) $ in Millions	May 05, 2017	Feb. 03, 2017	Apr. 29, 2016
Restricted Investment Balances
Restricted balances included in short-term investments	$ 70	$ 81	$ 70
Restricted balances included in long-term investments	$ 340	$ 354	$ 303

Property (Details)

Property (Details) - USD ($) $ in Billions	May 05, 2017	Feb. 03, 2017	Apr. 29, 2016
Property
Accumulated depreciation	$ 16.9	$ 17	$ 16.6

Extended Protection Plans (Deta

Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Changes in deferred revenue for extended protection plan contracts
Deferred revenue - extended protection plans, beginning of period	$ 763	$ 729
Additions to deferred revenue	96	86
Deferred revenue recognized	(90)	(89)
Deferred revenue - extended protection plans, end of period	$ 769	$ 726

Extended Protection Plans (De34

Extended Protection Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016	Feb. 03, 2017
Extended Protection Plans
Deferred costs associated with extended protection plan contracts	$ 18	$ 18	$ 18
Expenses for claims incurred	$ 36	$ 30

Long-Term Debt (Details)

Long-Term Debt (Details) $ in Millions	3 Months Ended
	May 05, 2017USD ($)
Long-Term Debt
Unsecured notes, issued	$ 3,000
2027 Fixed Rate Notes [Member]
Long-Term Debt
Unsecured notes, issued	$ 1,500
Unsecured notes, maturity date	May 31, 2027
Unsecured notes, interest rate	3.10%
Unamortized discount	$ 9
2047 Fixed Rate Notes [Member]
Long-Term Debt
Unsecured notes, issued	$ 1,500
Unsecured notes, maturity date	May 31, 2047
Unsecured notes, interest rate	4.05%
Unamortized discount	$ 23

Long-Term Debt (Details Textual

Long-Term Debt (Details Textual) - USD ($) $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Long-Term Debt
Debt instrument, repurchased face amount	$ 1,600
Loss on extinguishment of debt	$ 464	$ 0
2017 Debt Issuance [Member]
Long-Term Debt
Debt instrument, redemption price, percentage	101.00%

Equity (Details)

Equity (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended
		May 05, 2017	Apr. 29, 2016
Equity
Reduction in retained earnings		$ 1,198	$ 1,152
Share Repurchases
Share repurchases, value	[1]	$ 1,264	$ 1,252
Share repurchases, shares		15.4	16.6
Share Repurchase Program [Member]
Share Repurchases
Share repurchases, value	[1]	$ 1,250	$ 1,200
Share repurchases, shares		15.2	15.9
Shares Withheld from Employees [Member]
Share Repurchases
Share repurchases, value	[1]	$ 14	$ 52
Share repurchases, shares		0.2	0.7
[1]	Reductions of $1.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 5, 2017 and April 29, 2016.

Equity (Details Textual)

Equity (Details Textual) - USD ($) shares in Millions		Mar. 31, 2017	May 05, 2017	Apr. 29, 2016	Jan. 27, 2017
Share Repurchases
Share repurchases, value	[1]		$ 1,264,000,000	$ 1,252,000,000
Share repurchases, shares			15.4	16.6
Cash used to repurchase shares			$ 1,237,000,000	$ 1,253,000,000
Share Repurchase Program [Member]
Share Repurchases
Share repurchases, value	[1]		$ 1,250,000,000	$ 1,200,000,000
Share repurchases, shares			15.2	15.9
Remaining share repurchases authorization, value			$ 3,800,000,000
January 27, 2017 Share Repurchase Authorization [Member]
Share Repurchases
Share repurchases authorized, value					$ 5,000,000,000
March 2017 Accelerated Share Repurchase Agreement Purchases [Member]
Share Repurchases
Share repurchases, value		$ 500,000,000
Share repurchases, shares		5.3	0.8
Cash used to repurchase shares		$ 500,000,000
Open market purchases [Member]
Share Repurchases
Share repurchases, value			$ 750,000,000
Share repurchases, shares			9.1
[1]	Reductions of $1.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 5, 2017 and April 29, 2016.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Basic earnings per common share:
Net earnings	$ 602	$ 884
Less: Net earnings allocable to participating securities	(2)	(4)
Net earnings allocable to common shares, basic	$ 600	$ 880
Weighted-average common shares outstanding	857	897
Basic earnings per common share	$ 0.70	$ 0.98
Diluted earnings per common share:
Net earnings	$ 602	$ 884
Less: Net earnings allocable to participating securities	(2)	(4)
Net earnings allocable to common shares, diluted	$ 600	$ 880
Weighted-average common shares outstanding	857	897
Dilutive effect of non-participating share-based awards	1	2
Weighted-average common shares, as adjusted	858	899
Diluted earnings per common share	$ 0.70	$ 0.98

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Earnings Per Share
Anti-dilutive securities	0.8	0.8

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Income Taxes
Effective income tax rate	35.50%	38.20%

Supplemental Disclosure (Detail

Supplemental Disclosure (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Net interest expense
Long-term debt	$ 145	$ 134
Capitalized lease obligations	14	11
Interest income	(3)	(2)
Interest capitalized	(1)	(1)
Interest on tax uncertainties	0	2
Other	6	12
Interest - net	$ 161	$ 156

Supplemental Disclosure (Deta43

Supplemental Disclosure (Details 1) - USD ($) $ in Millions	3 Months Ended
	May 05, 2017	Apr. 29, 2016
Supplemental disclosures of cash flow information
Cash paid for interest, net of amount capitalized	$ 285	$ 259
Cash paid for income taxes, net	43	52
Non-cash investing and financing activities:
Non-cash property acquisitions, including assets acquired under capital lease	3	17
Cash dividends declared but not paid	$ 299	$ 251

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	May 12, 2017USD ($)
Subsequent Event [Member] | Maintenance Supply Headquarters [Member] | Scenario, Forecast [Member]
Subsequent Events
Payments to acquire business, gross	$ 512