Lowe's Companies (LOW) 10-Q 5 Sep 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 04, 2017	Sep. 01, 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	Aug. 4, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		832,812,179

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 04, 2017	Feb. 03, 2017	Jul. 29, 2016
Current assets:
Cash and cash equivalents	$ 1,696	$ 558	$ 1,988
Short-term investments	119	100	168
Merchandise inventory - net	11,407	10,458	10,604
Other current assets	811	884	591
Total current assets	14,033	12,000	13,351
Property, less accumulated depreciation	19,762	19,949	20,274
Long-term investments	360	366	604
Deferred income taxes - net	328	222	250
Goodwill	1,255	1,082	1,074
Other assets	930	789	918
Total assets	36,668	34,408	36,471
Current liabilities:
Short-term borrowings	0	510	0
Current maturities of long-term debt	296	795	1,193
Accounts payable	8,649	6,651	7,696
Accrued compensation and employee benefits	665	790	750
Deferred revenue	1,450	1,253	1,285
Other current liabilities	2,565	1,975	2,259
Total current liabilities	13,625	11,974	13,183
Long-term debt, excluding current maturities	15,788	14,394	14,618
Deferred revenue - extended protection plans	790	763	744
Other liabilities	929	843	904
Total liabilities	31,132	27,974	29,449
Equity:
Preferred stock - $5 par value, none issued	0	0	0
Common stock - $0.50 par value; Shares issued and outstanding 837 at August 4, 2017, 881 at July 29, 2016, and 866 at February 3, 2017	419	433	440
Capital in excess of par value	0	0	0
Retained earnings	5,253	6,241	6,839
Accumulated other comprehensive loss	(136)	(240)	(366)
Total Lowe's Companies, Inc. shareholders' equity	5,536	6,434	6,913
Noncontrolling interest	0	0	109
Total equity	5,536	6,434	7,022
Total liabilities and equity	$ 36,668	$ 34,408	$ 36,471

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 04, 2017	Feb. 03, 2017	Jul. 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	837,000,000	866,000,000	881,000,000
Common stock, shares outstanding	837,000,000	866,000,000	881,000,000

Consolidated Statements of Curr

Consolidated Statements of Current and Retained Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Current Earnings
Net sales	$ 19,495	$ 18,260	$ 36,355	$ 33,494
Cost of sales	12,825	11,972	23,885	21,868
Gross margin	6,670	6,288	12,470	11,626
Expenses:
Selling, general and administrative	3,931	3,866	7,807	7,257
Depreciation and amortization	357	371	722	731
Operating income	2,382	2,051	3,941	3,638
Interest - net	159	166	319	323
Loss on extinguishment of debt	0	0	464	0
Pre-tax earnings	2,223	1,885	3,158	3,315
Income tax provision	804	718	1,137	1,264
Net earnings	$ 1,419	$ 1,167	$ 2,021	$ 2,051
Weighted-average common shares outstanding - basic	841	883	849	890
Basic earnings per common share	$ 1.68	$ 1.32	$ 2.37	$ 2.29
Weighted-average common shares outstanding - diluted	842	885	850	892
Diluted earnings per common share	$ 1.68	$ 1.31	$ 2.37	$ 2.29
Cash dividends per share	$ 0.41	$ 0.35	$ 0.76	$ 0.63
Retained Earnings
Balance at beginning of period	$ 5,346	$ 7,074	$ 6,241	$ 7,593
Net earnings	1,419	1,167	2,021	2,051
Cash dividends declared	(344)	(309)	(643)	(560)
Share repurchases	(1,168)	(1,093)	(2,366)	(2,245)
Balance at end of period	$ 5,253	$ 6,839	$ 5,253	$ 6,839

Consolidated Statements of Cur5

Consolidated Statements of Current and Retained Earnings (Percents) (Unaudited)	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Current Earnings
Net sales	100.00%	100.00%	100.00%	100.00%
Cost of sales	65.79%	65.56%	65.70%	65.29%
Gross margin	34.21%	34.44%	34.30%	34.71%
Expenses:
Selling, general and administrative	20.16%	21.17%	21.47%	21.67%
Depreciation and amortization	1.83%	2.03%	1.99%	2.18%
Operating income	12.22%	11.24%	10.84%	10.86%
Interest - net	0.81%	0.91%	0.87%	0.96%
Loss on extinguishment of debt	0.00%	0.00%	1.28%	0.00%
Pre-tax earnings	11.41%	10.33%	8.69%	9.90%
Income tax provision	4.13%	3.94%	3.13%	3.78%
Net earnings	7.28%	6.39%	5.56%	6.12%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Comprehensive Income
Net earnings	$ 1,419	$ 1,167	$ 2,021	$ 2,051
Foreign currency translation adjustments - net of tax	106	(56)	105	27
Other comprehensive income/(loss)	106	(56)	105	27
Comprehensive income	$ 1,525	$ 1,111	$ 2,126	$ 2,078

Consolidated Statements of Com7

Consolidated Statements of Comprehensive Income (Percents) (Unaudited)	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Comprehensive Income
Net earnings	7.28%	6.39%	5.56%	6.12%
Foreign currency translation adjustments - net of tax	0.54%	(0.30%)	0.29%	0.09%
Other comprehensive income/(loss)	0.54%	(0.30%)	0.29%	0.09%
Comprehensive income	7.82%	6.09%	5.85%	6.21%

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016
Cash flows from operating activities:
Net earnings	$ 2,021	$ 2,051
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	768	778
Deferred income taxes	(87)	(25)
(Gain) Loss on property and other assets - net	13	(51)
Loss on extinguishment of debt	464	0
(Gain) Loss on cost method and equity method investments	(87)	5
Share-based payment expense	55	49
Changes in operating assets and liabilities:
Merchandise inventory - net	(850)	(310)
Other operating assets	166	84
Accounts payable	2,031	1,723
Other operating liabilities	580	324
Net cash provided by operating activities	5,074	4,628
Cash flows from investing activities:
Purchases of investments	(624)	(675)
Proceeds from sale/maturity of investments	789	431
Capital expenditures	(476)	(490)
Proceeds from sale of property and other long-term assets	10	17
Purchases of derivative instruments	0	(103)
Proceeds from settlement of derivative instruments	0	179
Acquisition of business - net	(505)	(2,284)
Other - net	10	(9)
Net cash used in investing activities	(796)	(2,934)
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	(2,574)	(495)
Proceeds from issuance of common stock under share-based payment plans	80	82
Cash dividend payments	(603)	(506)
Repurchase of common stock	(2,503)	(2,454)
Other - net	(9)	40
Net cash used in financing activities	(3,152)	(110)
Effect of exchange rate changes on cash	12	(1)
Net increase in cash and cash equivalents	1,138	1,583
Cash and cash equivalents, beginning of period	558	405
Cash and cash equivalents, end of period	$ 1,696	$ 1,988

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 04, 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 August 4, 2017 , and July 29, 2016 , and the results of operations, comprehensive income for the three and six months ended August 4, 2017 , and July 29, 2016 , and cash flows for the six months ended August 4, 2017 and July 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. Accounting Pronouncements Recently Adopted 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 have recognized $1 million and $24 million of excess tax benefits in our provision for income taxes for the three and six months ended August 4, 2017 , respectively. The recognition of these benefits contributed $0.03 to diluted earnings per share for the six months ended August 4, 2017. 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 will 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. Accounting Pronouncements Not Yet Adopted 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 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 this standard and its subsequent related amendments and interpretations. However, based on our preliminary assessment, the Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. The Company has determined the adoption of the guidance will impact the timing of recognition of its 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 versus agent conclusions as it relates to certain arrangements with third parties that could impact the presentation of revenue on a gross or net basis. The Company plans to adopt this ASU in the first quarter of fiscal 2018, and based on its initial assessment of potential impacts to its consolidated financial statements, the Company expects to use a modified retrospective approach to adoption.

Acquisitions

Acquisitions	6 Months Ended
	Aug. 04, 2017
Acquisitions
Acquisitions	Note 2 : Acquisitions - On June 23, 2017, the Company completed its acquisition of Maintenance Supply Headquarters, a leading distributor of maintenance, repair and operations (MRO) products serving the multifamily housing industry. The aggregate purchase price of this acquisition was $513 million , inclusive of cash acquired and $4 million of deferred components, and is included in the investing section of the consolidated statements of cash flows. The acquisition is expected to enable the Company to deepen and broaden its relationship with Pro customers and better serve their needs. Acquisition-related costs were expensed as incurred and were not significant. The following table summarizes the preliminary purchase price allocation: (In millions) June 23, 2017 Allocation: Cash acquired $ 4 Merchandise inventory - net 68 Other current assets 36 Property 12 Goodwill 160 Other assets 260 Accounts payable (18 ) Other current liabilities (9 ) Net assets acquired $ 513 Intangible assets acquired totaled $259 million , and include a trademark of $34 million with a useful life of 15 years and a customer list of $225 million with a useful life of 20 years, each of which are included in other assets in the accompanying consolidated balance sheets. The goodwill of $160 million is primarily attributable to the synergies expected to arise after the acquisition and is deductible for tax purposes.

Investment in Australian Joint

Investment in Australian Joint Venture	6 Months Ended
	Aug. 04, 2017
Investment in Australian Joint Venture
Investment in Australian Joint Venture	Note 3 : Investment in Australian Joint Venture - During the second quarter of fiscal 2017, the Company completed the sale of our interest in the Australian joint venture with Woolworths Limited and received proceeds of $199 million , which is included in cash flows from investing activities in the accompanying consolidated statements of cash flows. The proceeds from the sale exceeded the carrying value of the investment and resulted in a gain of $96 million . The carrying value prior to the sale reflected the non-cash impairment charges taken in fiscal years 2015 and 2016. The gain is included in selling, general and administrative expense in the accompanying consolidated statements of current and retained earnings.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Aug. 04, 2017
Fair Value Measurements
Fair Value Measurements	Note 4 : 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 August 4, 2017 , July 29, 2016 , and February 3, 2017 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level August 4, 2017 July 29, 2016 February 3, 2017 Short-term investments: Available-for-sale securities Money market funds Level 1 $ 105 $ 25 $ 81 Certificates of deposit Level 1 14 95 15 Municipal obligations Level 2 — 42 4 Municipal floating rate obligations Level 2 — 6 — Total short-term investments $ 119 $ 168 $ 100 Long-term investments: Available-for-sale securities Municipal floating rate obligations Level 2 $ 357 $ 598 $ 359 Certificates of deposit Level 1 3 2 2 Municipal obligations Level 2 — 4 5 Total long-term investments $ 360 $ 604 $ 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, 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 and six months ended August 4, 2017 and July 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: August 4, 2017 July 29, 2016 February 3, 2017 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 15,206 $ 16,212 $ 14,956 $ 17,284 $ 14,321 $ 15,305 Mortgage notes (Level 2) 7 7 10 11 7 7 Long-term debt (excluding capitalized lease obligations) $ 15,213 $ 16,219 $ 14,966 $ 17,295 $ 14,328 $ 15,312

Restricted Investment Balances

Restricted Investment Balances	6 Months Ended
	Aug. 04, 2017
Restricted Investment Balances
Restricted Investment Balances	Note 5 : 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 $106 million at August 4, 2017 , $60 million at July 29, 2016 , and $81 million at February 3, 2017 . Restricted balances included in long-term investments were $350 million at August 4, 2017 , $332 million at July 29, 2016 , and $354 million at February 3, 2017 .

Property

Property	6 Months Ended
	Aug. 04, 2017
Property
Property	Note 6 : Property - Property is shown net of accumulated depreciation of $17.0 billion at August 4, 2017 , $16.8 billion at July 29, 2016 , and $17.0 billion at February 3, 2017 .

Extended Protection Plans

Extended Protection Plans	6 Months Ended
	Aug. 04, 2017
Extended Protection Plans
Extended Protection Plans	Note 7 : 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 Six Months Ended (In millions) August 4, 2017 July 29, 2016 August 4, 2017 July 29, 2016 Deferred revenue - extended protection plans, beginning of period $ 769 $ 726 $ 763 $ 729 Additions to deferred revenue 112 106 208 192 Deferred revenue recognized (91 ) (88 ) (181 ) (177 ) Deferred revenue - extended protection plans, end of period $ 790 $ 744 $ 790 $ 744 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 $19 million at August 4, 2017 , $18 million at July 29, 2016 , and $18 million at February 3, 2017 . The Company’s extended protection plan deferred costs are included in other assets (noncurrent) on the accompanying 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 $40 million and $76 million for the three and six months ended August 4, 2017 , respectively, and $38 million and $68 million for the three and six months ended July 29, 2016 , respectively.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Aug. 04, 2017
Long-Term Debt
Long-Term Debt	Note 8 : Long-Term Debt - During the first quarter of fiscal 2017, 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, if any, 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 its outstanding notes and recognized a loss on extinguishment of debt of $464 million .

Equity

Equity	6 Months Ended
	Aug. 04, 2017
Equity
Equity	Note 9 : 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 August 4, 2017 , the Company had $2.6 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 first quarter. In May 2017, the Company entered into an 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 5.2 million shares. The Company finalized the transaction and received an additional 1.2 million shares prior to the end of the second quarter. Under the terms of each of the ASR agreements, 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 each of the ASR agreements was determined with reference to the volume-weighted average price of the Company’s common stock over the term of the respective ASR agreement. The initial repurchase of shares under each of the agreements 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. Each of the ASR agreements 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 and six months ended August 4, 2017 , the Company also repurchased shares of its common stock through the open market totaling 9.4 million and 18.5 million shares, respectively, for a cost of $750 million and $1.5 billion , respectively. 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 and six months ended August 4, 2017 , and July 29, 2016 were as follows: Three Months Ended August 4, 2017 July 29, 2016 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 15.8 $ 1,250 14.8 $ 1,200 Shares withheld from employees — — — 1 Total share repurchases 15.8 $ 1,250 14.8 $ 1,201 1 Reductions of $1.2 billion and $1.1 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended August 4, 2017 and July 29, 2016 , respectively. Six Months Ended August 4, 2017 July 29, 2016 (In millions) Shares Cost 2 Shares Cost 2 Share repurchase program 31.0 $ 2,500 30.7 $ 2,399 Shares withheld from employees 0.2 15 0.7 53 Total share repurchases 31.2 $ 2,515 31.4 $ 2,452 2 Reductions of $2.4 billion and $2.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the six months ended August 4, 2017 and July 29, 2016 , respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Aug. 04, 2017
Earnings Per Share
Earnings Per Share	Note 10 : 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 and six months ended August 4, 2017 and July 29, 2016 : Three Months Ended Six Months Ended (In millions, except per share data) August 4, 2017 July 29, 2016 August 4, 2017 July 29, 2016 Basic earnings per common share: Net earnings $ 1,419 $ 1,167 $ 2,021 $ 2,051 Less: Net earnings allocable to participating securities (6 ) (5 ) (8 ) (8 ) Net earnings allocable to common shares, basic $ 1,413 $ 1,162 $ 2,013 $ 2,043 Weighted-average common shares outstanding 841 883 849 890 Basic earnings per common share $ 1.68 $ 1.32 $ 2.37 $ 2.29 Diluted earnings per common share: Net earnings $ 1,419 $ 1,167 $ 2,021 $ 2,051 Less: Net earnings allocable to participating securities (6 ) (5 ) (8 ) (8 ) Net earnings allocable to common shares, diluted $ 1,413 $ 1,162 $ 2,013 $ 2,043 Weighted-average common shares outstanding 841 883 849 890 Dilutive effect of non-participating share-based awards 1 2 1 2 Weighted-average common shares, as adjusted 842 885 850 892 Diluted earnings per common share $ 1.68 $ 1.31 $ 2.37 $ 2.29 Stock options to purchase 1.0 million and 0.9 million shares of common stock were anti-dilutive for the three and six months ended August 4, 2017 , respectively. Stock options to purchase 0.7 million and 0.8 million shares of common stock were anti-dilutive for the three and six months ended July 29, 2016 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Aug. 04, 2017
Income Taxes
Income Taxes	Note 11 : Income Taxes - The Company’s effective income tax rates were 36.2% and 36.0% for the three and six months ended August 4, 2017 , respectively, and 38.1% for both the three and six months ended July 29, 2016 . The lower effective income tax rates for the three and six months ended August 4, 2017 were primarily driven by the recognized gain on the sale of our interest in the Australian joint venture, which did not result in tax expense due to the reduction of a previously established deferred tax valuation allowance associated with previous losses on this investment. The lower effective income tax rate for the six months ended August 4, 2017 was also driven by 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	6 Months Ended
	Aug. 04, 2017
Supplemental Disclosure
Supplemental Disclosure	Note 12 : Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended Six Months Ended (In millions) August 4, 2017 July 29, 2016 August 4, 2017 July 29, 2016 Long-term debt $ 147 $ 152 $ 292 $ 286 Capitalized lease obligations 14 15 27 27 Interest income (5 ) (4 ) (8 ) (6 ) Interest capitalized (1 ) (1 ) (2 ) (2 ) Interest on tax uncertainties (1 ) — (1 ) 2 Other 5 4 11 16 Interest - net $ 159 $ 166 $ 319 $ 323 Supplemental disclosures of cash flow information: Six Months Ended (In millions) August 4, 2017 July 29, 2016 Cash paid for interest, net of amount capitalized $ 324 $ 298 Cash paid for income taxes - net $ 563 $ 1,028 Non-cash investing and financing activities: Non-cash property acquisitions, including assets acquired under capital lease $ 34 $ 47 Cash dividends declared but not paid $ 344 $ 309

Derivative Instruments

Derivative Instruments	6 Months Ended
	Aug. 04, 2017
Derivative Instruments
Derivative Instruments	Note 13 : Derivative Instruments - In February 2016, the Company entered into an option to purchase 3.2 billion Canadian dollars in order to manage the foreign currency exchange rate risk on the consideration to be paid for the acquisition of RONA inc. This option contract was not eligible to be accounted for as a hedging instrument, and gains and losses resulting from changes in fair value and settlement were included in selling, general and administrative expense in the accompanying consolidated statements of current and retained earnings. The cash flows related to this option were included within investing activities in the accompanying consolidated statements of cash flows. The premium paid for the foreign currency exchange option contract was $103 million , and the option contract was settled for $179 million during the three months ended July 29, 2016. The Company recorded a loss of $84 million during the three months ended July 29, 2016, which represented the decrease from the fair value recorded at April 29, 2016, and a total realized gain of $76 million on the foreign currency exchange option contract during the six months ended July 29, 2016 . The Company’s other derivative instruments and related activity were not material in any of the periods presented.

Summary of Significant Accoun22

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 04, 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 August 4, 2017 , and July 29, 2016 , and the results of operations, comprehensive income for the three and six months ended August 4, 2017 , and July 29, 2016 , and cash flows for the six months ended August 4, 2017 and July 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	Accounting Pronouncements Recently Adopted 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 have recognized $1 million and $24 million of excess tax benefits in our provision for income taxes for the three and six months ended August 4, 2017 , respectively. The recognition of these benefits contributed $0.03 to diluted earnings per share for the six months ended August 4, 2017. 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 will 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. Accounting Pronouncements Not Yet Adopted 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 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 this standard and its subsequent related amendments and interpretations. However, based on our preliminary assessment, the Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements. The Company has determined the adoption of the guidance will impact the timing of recognition of its 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 versus agent conclusions as it relates to certain arrangements with third parties that could impact the presentation of revenue on a gross or net basis. The Company plans to adopt this ASU in the first quarter of fiscal 2018, and based on its initial assessment of potential impacts to its consolidated financial statements, the Company expects to use a modified retrospective approach to adoption.

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
	Aug. 04, 2017
Acquisitions
Acquisitions	The following table summarizes the preliminary purchase price allocation: (In millions) June 23, 2017 Allocation: Cash acquired $ 4 Merchandise inventory - net 68 Other current assets 36 Property 12 Goodwill 160 Other assets 260 Accounts payable (18 ) Other current liabilities (9 ) Net assets acquired $ 513

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Aug. 04, 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 August 4, 2017 , July 29, 2016 , and February 3, 2017 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level August 4, 2017 July 29, 2016 February 3, 2017 Short-term investments: Available-for-sale securities Money market funds Level 1 $ 105 $ 25 $ 81 Certificates of deposit Level 1 14 95 15 Municipal obligations Level 2 — 42 4 Municipal floating rate obligations Level 2 — 6 — Total short-term investments $ 119 $ 168 $ 100 Long-term investments: Available-for-sale securities Municipal floating rate obligations Level 2 $ 357 $ 598 $ 359 Certificates of deposit Level 1 3 2 2 Municipal obligations Level 2 — 4 5 Total long-term investments $ 360 $ 604 $ 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: August 4, 2017 July 29, 2016 February 3, 2017 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 15,206 $ 16,212 $ 14,956 $ 17,284 $ 14,321 $ 15,305 Mortgage notes (Level 2) 7 7 10 11 7 7 Long-term debt (excluding capitalized lease obligations) $ 15,213 $ 16,219 $ 14,966 $ 17,295 $ 14,328 $ 15,312

Extended Protection Plans (Tabl

Extended Protection Plans (Tables)	6 Months Ended
	Aug. 04, 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 Six Months Ended (In millions) August 4, 2017 July 29, 2016 August 4, 2017 July 29, 2016 Deferred revenue - extended protection plans, beginning of period $ 769 $ 726 $ 763 $ 729 Additions to deferred revenue 112 106 208 192 Deferred revenue recognized (91 ) (88 ) (181 ) (177 ) Deferred revenue - extended protection plans, end of period $ 790 $ 744 $ 790 $ 744

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Aug. 04, 2017
Long-Term Debt
Schedule of unsecured notes issued in fiscal 2017	During the first quarter of fiscal 2017, 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)	6 Months Ended
	Aug. 04, 2017
Equity
Schedule of share repurchases	Shares repurchased for the three and six months ended August 4, 2017 , and July 29, 2016 were as follows: Three Months Ended August 4, 2017 July 29, 2016 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 15.8 $ 1,250 14.8 $ 1,200 Shares withheld from employees — — — 1 Total share repurchases 15.8 $ 1,250 14.8 $ 1,201 1 Reductions of $1.2 billion and $1.1 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended August 4, 2017 and July 29, 2016 , respectively. Six Months Ended August 4, 2017 July 29, 2016 (In millions) Shares Cost 2 Shares Cost 2 Share repurchase program 31.0 $ 2,500 30.7 $ 2,399 Shares withheld from employees 0.2 15 0.7 53 Total share repurchases 31.2 $ 2,515 31.4 $ 2,452 2 Reductions of $2.4 billion and $2.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the six months ended August 4, 2017 and July 29, 2016 , respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Aug. 04, 2017
Earnings Per Share
Schedule of earnings per share, basic and diluted	The following table reconciles earnings per common share for the three and six months ended August 4, 2017 and July 29, 2016 : Three Months Ended Six Months Ended (In millions, except per share data) August 4, 2017 July 29, 2016 August 4, 2017 July 29, 2016 Basic earnings per common share: Net earnings $ 1,419 $ 1,167 $ 2,021 $ 2,051 Less: Net earnings allocable to participating securities (6 ) (5 ) (8 ) (8 ) Net earnings allocable to common shares, basic $ 1,413 $ 1,162 $ 2,013 $ 2,043 Weighted-average common shares outstanding 841 883 849 890 Basic earnings per common share $ 1.68 $ 1.32 $ 2.37 $ 2.29 Diluted earnings per common share: Net earnings $ 1,419 $ 1,167 $ 2,021 $ 2,051 Less: Net earnings allocable to participating securities (6 ) (5 ) (8 ) (8 ) Net earnings allocable to common shares, diluted $ 1,413 $ 1,162 $ 2,013 $ 2,043 Weighted-average common shares outstanding 841 883 849 890 Dilutive effect of non-participating share-based awards 1 2 1 2 Weighted-average common shares, as adjusted 842 885 850 892 Diluted earnings per common share $ 1.68 $ 1.31 $ 2.37 $ 2.29

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	6 Months Ended
	Aug. 04, 2017
Supplemental Disclosure
Net interest expense	Net interest expense is comprised of the following: Three Months Ended Six Months Ended (In millions) August 4, 2017 July 29, 2016 August 4, 2017 July 29, 2016 Long-term debt $ 147 $ 152 $ 292 $ 286 Capitalized lease obligations 14 15 27 27 Interest income (5 ) (4 ) (8 ) (6 ) Interest capitalized (1 ) (1 ) (2 ) (2 ) Interest on tax uncertainties (1 ) — (1 ) 2 Other 5 4 11 16 Interest - net $ 159 $ 166 $ 319 $ 323
Supplemental disclosures of cash flow information	Supplemental disclosures of cash flow information: Six Months Ended (In millions) August 4, 2017 July 29, 2016 Cash paid for interest, net of amount capitalized $ 324 $ 298 Cash paid for income taxes - net $ 563 $ 1,028 Non-cash investing and financing activities: Non-cash property acquisitions, including assets acquired under capital lease $ 34 $ 47 Cash dividends declared but not paid $ 344 $ 309

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax provision	$ 804	$ 718	$ 1,137	$ 1,264
Diluted earnings per common share	$ 1.68	$ 1.31	$ 2.37	$ 2.29
Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax provision	$ (1)		$ (24)
Diluted earnings per common share			$ 0.03

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	Aug. 04, 2017	Jun. 23, 2017	Feb. 03, 2017	Jul. 29, 2016
Allocation:
Goodwill	$ 1,255		$ 1,082	$ 1,074
Maintenance Supply Headquarters
Allocation:
Cash acquired		$ 4
Merchandise inventory - net		68
Other current assets		36
Property		12
Goodwill		160
Other assets		260
Accounts payable		(18)
Other current liabilities		(9)
Net assets acquired		$ 513

Acquisitions (Details Textual)

Acquisitions (Details Textual) - Maintenance Supply Headquarters $ in Millions	Jun. 23, 2017USD ($)
Business Acquisition [Line Items]
Consideration transferred	$ 513
Deferred payment of consideration in cash	4
Intangible assets acquired	259
Goodwill expected to be tax deductible	160
Trademark
Business Acquisition [Line Items]
Intangible assets acquired	$ 34
Useful life of intangible assets acquired	15 years
Customer List
Business Acquisition [Line Items]
Intangible assets acquired	$ 225
Useful life of intangible assets acquired	20 years

Investment in Australian Join33

Investment in Australian Joint Venture (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 04, 2017	Aug. 04, 2017	Jul. 29, 2016
Investment in Australian Joint Venture
Proceeds from sale/maturity of investments		$ 789	$ 431
Hydrox Holdings Pty Ltd.
Investment in Australian Joint Venture
Proceeds from sale/maturity of investments	$ 199
Cost method investments, realized gains	$ 96

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fair Value, Measurements, Recurring - Estimate of Fair Value - USD ($) $ in Millions	Aug. 04, 2017	Feb. 03, 2017	Jul. 29, 2016
Short-term Investments
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	$ 119	$ 100	$ 168
Short-term Investments | Money Market Funds | Fair Value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	105	81	25
Short-term Investments | Certificates Of Deposit | Fair Value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	14	15	95
Short-term Investments | Municipal Obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	0	4	42
Short-term Investments | Municipal Floating Rate Obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	0	0	6
Long-term Investments
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	360	366	604
Long-term Investments | Certificates Of Deposit | Fair Value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	3	2	2
Long-term Investments | Municipal Obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	0	5	4
Long-term Investments | Municipal Floating Rate Obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale securities, fair value	$ 357	$ 359	$ 598

Fair Value Measurements (Deta35

Fair Value Measurements (Details 1) - USD ($) $ in Millions	Aug. 04, 2017	Feb. 03, 2017	Jul. 29, 2016
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	$ 15,213	$ 14,328	$ 14,966
Unsecured Notes
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	15,206	14,321	14,956
Mortgage Notes
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	7	7	10
Estimate of Fair Value
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	16,219	15,312	17,295
Estimate of Fair Value | Unsecured Notes | Fair Value (Level 1)
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	16,212	15,305	17,284
Estimate of Fair Value | Mortgage Notes | Fair Value (Level 2)
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	$ 7	$ 7	$ 11

Restricted Investment Balances

Restricted Investment Balances (Details) - USD ($) $ in Millions	Aug. 04, 2017	Feb. 03, 2017	Jul. 29, 2016
Restricted Investment Balances
Restricted balances included in short-term investments	$ 106	$ 81	$ 60
Restricted balances included in long-term investments	$ 350	$ 354	$ 332

Property (Details)

Property (Details) - USD ($) $ in Billions	Aug. 04, 2017	Feb. 03, 2017	Jul. 29, 2016
Property
Accumulated depreciation	$ 17	$ 17	$ 16.8

Extended Protection Plans (Deta

Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Changes in deferred revenue for extended protection plan contracts
Deferred revenue - extended protection plans, beginning of period	$ 769	$ 726	$ 763	$ 729
Additions to deferred revenue	112	106	208	192
Deferred revenue recognized	(91)	(88)	(181)	(177)
Deferred revenue - extended protection plans, end of period	$ 790	$ 744	$ 790	$ 744

Extended Protection Plans (De39

Extended Protection Plans (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016	Feb. 03, 2017
Extended Protection Plans
Deferred costs associated with extended protection plan contracts	$ 19	$ 18	$ 19	$ 18	$ 18
Expenses for claims incurred	$ 40	$ 38	$ 76	$ 68

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
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
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			6 Months Ended
	Aug. 04, 2017	May 05, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Long-Term Debt
Debt instrument, repurchased face amount		$ 1,600
Loss on extinguishment of debt	$ 0	$ 464	$ 0	$ 464	$ 0
2017 Debt Issuance
Long-Term Debt
Debt instrument, redemption price, percentage		101.00%

Equity (Details)

Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Aug. 04, 2017		Jul. 29, 2016		Aug. 04, 2017		Jul. 29, 2016
Equity
Reduction in retained earnings	$ 1,168		$ 1,093		$ 2,366		$ 2,245
Share Repurchases
Share repurchases, value	$ 1,250	[1]	$ 1,201	[1]	$ 2,515	[2]	$ 2,452	[2]
Share repurchases, shares	15.8		14.8		31.2		31.4
Share Repurchase Program
Share Repurchases
Share repurchases, value	$ 1,250	[1]	$ 1,200	[1]	$ 2,500	[2]	$ 2,399	[2]
Share repurchases, shares	15.8		14.8		31		30.7
Shares Withheld from Employees
Share Repurchases
Share repurchases, value	$ 0	[1]	$ 1	[1]	$ 15	[2]	$ 53	[2]
Share repurchases, shares	0		0		0.2		0.7
[1]	Reductions of $1.2 billion and $1.1 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended August 4, 2017 and July 29, 2016, respectively.
[2]	Reductions of $2.4 billion and $2.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the six months ended August 4, 2017 and July 29, 2016, respectively.

Equity (Details Textual)

Equity (Details Textual) - USD ($) shares in Millions	May 31, 2017	Mar. 31, 2017	Aug. 04, 2017		May 05, 2017	Jul. 29, 2016		Aug. 04, 2017		Jul. 29, 2016		Jan. 27, 2017
Share Repurchases
Share repurchases, value			$ 1,250,000,000	[1]		$ 1,201,000,000	[1]	$ 2,515,000,000	[2]	$ 2,452,000,000	[2]
Share repurchases, shares			15.8			14.8		31.2		31.4
Cash used to repurchase shares								$ 2,503,000,000		$ 2,454,000,000
Share Repurchase Program
Share Repurchases
Share repurchases, value			$ 1,250,000,000	[1]		$ 1,200,000,000	[1]	$ 2,500,000,000	[2]	$ 2,399,000,000	[2]
Share repurchases, shares			15.8			14.8		31		30.7
Remaining share repurchases authorization, value			$ 2,600,000,000					$ 2,600,000,000
January 27, 2017 Share Repurchase Authorization
Share Repurchases
Share repurchases authorized, value												$ 5,000,000,000
March 2017 Accelerated Share Repurchase Agreement Purchases
Share Repurchases
Share repurchases, value		$ 500,000,000
Share repurchases, shares		5.3			0.8
Cash used to repurchase shares		$ 500,000,000
May 2017 Accelerated Share Repurchase Agreement Purchases
Share Repurchases
Share repurchases, value	$ 500,000,000
Share repurchases, shares	5.2		1.2
Cash used to repurchase shares	$ 500,000,000
Open market purchases
Share Repurchases
Share repurchases, value			$ 750,000,000					$ 1,500,000,000
Share repurchases, shares			9.4					18.5
[1]	Reductions of $1.2 billion and $1.1 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended August 4, 2017 and July 29, 2016, respectively.
[2]	Reductions of $2.4 billion and $2.2 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the six months ended August 4, 2017 and July 29, 2016, respectively.

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Basic earnings per common share:
Net earnings	$ 1,419	$ 1,167	$ 2,021	$ 2,051
Less: Net earnings allocable to participating securities	(6)	(5)	(8)	(8)
Net earnings allocable to common shares, basic	$ 1,413	$ 1,162	$ 2,013	$ 2,043
Weighted-average common shares outstanding	841	883	849	890
Basic earnings per common share	$ 1.68	$ 1.32	$ 2.37	$ 2.29
Diluted earnings per common share:
Net earnings	$ 1,419	$ 1,167	$ 2,021	$ 2,051
Less: Net earnings allocable to participating securities	(6)	(5)	(8)	(8)
Net earnings allocable to common shares, diluted	$ 1,413	$ 1,162	$ 2,013	$ 2,043
Weighted-average common shares outstanding	841	883	849	890
Dilutive effect of non-participating share-based awards	1	2	1	2
Weighted-average common shares, as adjusted	842	885	850	892
Diluted earnings per common share	$ 1.68	$ 1.31	$ 2.37	$ 2.29

Earnings Per Share (Details Tex

Earnings Per Share (Details Textual) - shares shares in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Earnings Per Share
Anti-dilutive securities	1	0.7	0.9	0.8

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Income Taxes
Effective income tax rate	36.20%	38.10%	36.00%	38.10%

Supplemental Disclosure (Detail

Supplemental Disclosure (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016	Aug. 04, 2017	Jul. 29, 2016
Net interest expense
Long-term debt	$ 147	$ 152	$ 292	$ 286
Capitalized lease obligations	14	15	27	27
Interest income	(5)	(4)	(8)	(6)
Interest capitalized	(1)	(1)	(2)	(2)
Interest on tax uncertainties	(1)	0	(1)	2
Other	5	4	11	16
Interest - net	$ 159	$ 166	$ 319	$ 323

Supplemental Disclosure (Deta48

Supplemental Disclosure (Details 1) - USD ($) $ in Millions	6 Months Ended
	Aug. 04, 2017	Jul. 29, 2016
Supplemental disclosures of cash flow information
Cash paid for interest, net of amount capitalized	$ 324	$ 298
Cash paid for income taxes, net	563	1,028
Non-cash investing and financing activities:
Non-cash property acquisitions, including assets acquired under capital lease	34	47
Cash dividends declared but not paid	$ 344	$ 309

Derivative Instruments (Details

Derivative Instruments (Details) $ in Millions, CAD in Billions	3 Months Ended	6 Months Ended
	Jul. 29, 2016USD ($)	Aug. 04, 2017USD ($)	Jul. 29, 2016USD ($)	Feb. 29, 2016CAD
Derivative Instruments
Purchases of derivative instruments		$ 0	$ 103
Proceeds from settlement of derivative instruments		$ 0	179
Foreign Exchange Option | Not Designated as Hedging Instrument
Derivative Instruments
Derivative asset, notional amount | CAD				CAD 3.2
Purchases of derivative instruments			103
Proceeds from settlement of derivative instruments			179
Gain (loss) on derivative, net	$ (84)		$ 76