Lowe's Companies (LOW) 10-Q 3 Sep 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Aug. 02, 2019	Aug. 30, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 2, 2019
Document Transition Report	false
Entity File Number	1-7898
Entity Registrant Name	LOWES COMPANIES INC
Entity Incorporation, State or Country Code	NC
Entity Tax Identification Number	56-0578072
Entity Address, Address Line One	1000 Lowe’s Blvd.
Entity Address, City or Town	Mooresville,
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28117
City Area Code	(704)
Local Phone Number	758-1000
Title of each class	Common Stock, par value $0.50 per share
Trading Symbol	LOW
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity small business	false
Entity emerging growth company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		771,798,638
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--01-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 02, 2019	Feb. 01, 2019	Aug. 03, 2018
Current assets:
Cash and cash equivalents	$ 1,796	$ 511	$ 2,251
Short-term investments	275	218	391
Merchandise inventory - net	13,730	12,561	11,885
Other current assets	995	938	956
Total current assets	16,796	14,228	15,483
Property, less accumulated depreciation	18,203	18,432	19,172
Operating lease right-of-use assets	3,967
Long-term investments	179	256	87
Deferred income taxes - net	512	294	249
Goodwill	303	303	1,271
Other assets	735	995	843
Total assets	40,695	34,508	37,105
Current liabilities:
Short-term borrowings	0	722	0
Current maturities of long-term debt	1,009	1,110	894
Current operating lease liabilities	492
Accounts payable	9,499	8,279	8,984
Accrued compensation and employee benefits	717	662	671
Deferred revenue	1,324	1,299	1,449
Other current liabilities	2,794	2,425	2,583
Total current liabilities	15,835	14,497	14,581
Long-term debt, excluding current maturities	16,538	14,391	14,937
Noncurrent operating lease liabilities	4,055
Deferred revenue - extended protection plans	868	827	828
Other liabilities	759	1,149	978
Total liabilities	38,055	30,864	31,324
Shareholders' equity:
Preferred stock - $5 par value, none issued	0	0	0
Common stock - $0.50 par value; Shares issued and outstanding, 776 at August 2, 2019, 811 at August 3, 2018, and 801 at February 1, 2019	388	401	406
Capital in excess of par value	0	0	0
Retained earnings	2,439	3,452	5,517
Accumulated other comprehensive loss	(187)	(209)	(142)
Total shareholders' equity	2,640	3,644	5,781
Total liabilities and shareholders' equity	$ 40,695	$ 34,508	$ 37,105

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 02, 2019	Feb. 01, 2019	Aug. 03, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 5	$ 5	$ 5
Preferred stock, shares issued	0	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, shares issued	776,000,000	801,000,000	811,000,000
Common stock, shares outstanding	776,000,000	801,000,000	811,000,000

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. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Current Earnings
Net sales	$ 20,992	$ 20,888	$ 38,733	$ 38,247
Cost of sales	14,252	14,003	26,412	25,615
Gross margin	6,740	6,885	12,321	12,632
Expenses:
Selling, general and administrative	4,048	4,386	7,909	8,319
Depreciation and amortization	311	336	614	685
Operating income	2,381	2,163	3,798	3,628
Interest - net	169	153	331	313
Pre-tax earnings	2,212	2,010	3,467	3,315
Income tax provision	536	490	745	806
Net earnings	$ 1,676	$ 1,520	$ 2,722	$ 2,509
Weighted-average common shares outstanding - basic (in shares)	781	813	788	819
Basic earnings per common share (in dollars per share)	$ 2.14	$ 1.86	$ 3.44	$ 3.05
Weighted-average common shares outstanding - diluted (in shares)	781	814	789	820
Diluted earnings per common share (in dollars per share)	$ 2.14	$ 1.86	$ 3.44	$ 3.05
Cash dividends per share (in dollars per share)	$ 0.55	$ 0.48	$ 1.03	$ 0.89
Retained Earnings
Balance at beginning of period	$ 3,095	$ 5,405	$ 3,452	$ 5,425
Net earnings	1,676	1,520	2,722	2,509
Cash dividends declared	(428)	(390)	(810)	(728)
Share repurchases	(1,904)	(1,018)	(2,662)	(1,722)
Balance at end of period	$ 2,439	$ 5,517	$ 2,439	$ 5,517

Consolidated Statements of Cu_2

Consolidated Statements of Current and Retained Earnings (Percents) (Unaudited)	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Current Earnings
Net sales	100.00%	100.00%	100.00%	100.00%
Cost of sales	67.89%	67.04%	68.19%	66.97%
Gross margin	32.11%	32.96%	31.81%	33.03%
Expenses:
Selling, general and administrative	19.29%	20.99%	20.42%	21.75%
Depreciation and amortization	1.48%	1.61%	1.58%	1.79%
Operating income	11.34%	10.36%	9.81%	9.49%
Interest - net	0.80%	0.74%	0.86%	0.82%
Pre-tax earnings	10.54%	9.62%	8.95%	8.67%
Income tax provision	2.56%	2.34%	1.92%	2.11%
Net earnings	7.98%	7.28%	7.03%	6.56%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Comprehensive Income
Net earnings	$ 1,676	$ 1,520	$ 2,722	$ 2,509
Foreign currency translation adjustments - net of tax	69	(70)	36	(154)
Other	0	0	(14)	0
Other comprehensive income/(loss)	69	(70)	22	(154)
Comprehensive income	$ 1,745	$ 1,450	$ 2,744	$ 2,355

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Percents) (Unaudited)	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Comprehensive Income
Net earnings	7.98%	7.28%	7.03%	6.56%
Foreign currency translation adjustments - net of tax	0.33%	(0.34%)	0.09%	(0.40%)
Other	0.00%	0.00%	(0.04%)	0.00%
Other comprehensive income/(loss)	0.33%	(0.34%)	0.05%	(0.40%)
Comprehensive income	8.31%	6.94%	7.08%	6.16%

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Total Lowe’s Companies, Inc. Shareholders’ Equity	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income/(Loss)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 33	$ 33			$ 33
Balance at Feb. 02, 2018		5,873	$ 415	$ 22	5,425	$ 11
Balance (in shares) at Feb. 02, 2018			830
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		2,509			2,509
Other comprehensive income	(154)	(153)				(153)
Cash dividends declared	$ (728)	(728)			(728)
Share-based payment expense		61		61
Repurchase of common stock		(1,864)	$ (10)	(132)	(1,722)
Repurchase of common stock (in shares)	(20.3)		(20)
Issuance of common stock under share-based payment plans		50	$ 1	49
Issuance of common stock under share-based payment plans (in shares)			1
Balance at Aug. 03, 2018		5,781	$ 406	0	5,517	(142)
Balance (in shares) at Aug. 03, 2018	811		811
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 0
Balance at May. 04, 2018		5,745	$ 411	0	5,405	(71)
Balance (in shares) at May. 04, 2018			822
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		1,520			1,520
Other comprehensive income	(70)	(71)				(71)
Cash dividends declared	$ (390)	(390)			(390)
Share-based payment expense		40		40
Repurchase of common stock		(1,105)	$ (5)	(82)	(1,018)
Repurchase of common stock (in shares)	(11.5)		(11)
Issuance of common stock under share-based payment plans		42	$ 0	42
Issuance of common stock under share-based payment plans (in shares)			0
Balance at Aug. 03, 2018		5,781	$ 406	0	5,517	(142)
Balance (in shares) at Aug. 03, 2018	811		811
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ (263)	(263)			(263)
Balance at Feb. 01, 2019		3,644	$ 401	0	3,452	(209)
Balance (in shares) at Feb. 01, 2019	801		801
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		2,722			2,722
Other comprehensive income	$ 22	22				22
Cash dividends declared	$ (810)	(810)			(810)
Share-based payment expense		52		52
Repurchase of common stock		(2,797)	$ (14)	(121)	(2,662)
Repurchase of common stock (in shares)	(27.7)		(28)
Issuance of common stock under share-based payment plans		70	$ 1	69
Issuance of common stock under share-based payment plans (in shares)			3
Balance at Aug. 02, 2019		2,640	$ 388	0	2,439	(187)
Balance (in shares) at Aug. 02, 2019	776		776
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect of accounting change	$ 0
Balance at May. 03, 2019		3,236	$ 397	0	3,095	(256)
Balance (in shares) at May. 03, 2019			795
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings		1,676			1,676
Other comprehensive income	69	69				69
Cash dividends declared	$ (428)	(428)			(428)
Share-based payment expense		13		13
Repurchase of common stock		(1,964)	$ (9)	(51)	(1,904)
Repurchase of common stock (in shares)	(19.6)		(20)
Issuance of common stock under share-based payment plans		38	$ 0	38
Issuance of common stock under share-based payment plans (in shares)			1
Balance at Aug. 02, 2019		$ 2,640	$ 388	$ 0	$ 2,439	$ (187)
Balance (in shares) at Aug. 02, 2019	776		776

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 0.55	$ 0.48	$ 1.03	$ 0.89

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018
Cash flows from operating activities:
Net earnings	$ 2,722	$ 2,509
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	684	751
Noncash lease expense	228	0
Deferred income taxes	(121)	(75)
Loss on property and other assets - net	38	261
Loss on cost method and equity method investments	12	3
Share-based payment expense	51	62
Changes in operating assets and liabilities:
Merchandise inventory - net	(1,153)	(549)
Other operating assets	(116)	(140)
Accounts payable	1,202	2,408
Other operating liabilities	36	557
Net cash provided by operating activities	3,583	5,787
Cash flows from investing activities:
Purchases of investments	(245)	(980)
Proceeds from sale/maturity of investments	272	1,012
Capital expenditures	(526)	(543)
Proceeds from sale of property and other long-term assets	42	30
Other - net	(1)	1
Net cash used in investing activities	(458)	(480)
Cash flows from financing activities:
Net change in short-term borrowings	(722)	(1,137)
Net proceeds from issuance of long-term debt	2,972	0
Repayment of long-term debt	(629)	(24)
Proceeds from issuance of common stock under share-based payment plans	72	50
Cash dividend payments	(767)	(678)
Repurchase of common stock	(2,770)	(1,846)
Other - net	(7)	(2)
Net cash used in financing activities	(1,851)	(3,637)
Effect of exchange rate changes on cash	(1)	(7)
Net increase in cash and cash equivalents, including cash classified within current assets held for sale	1,273	1,663
Less: Net decrease in cash classified within current assets held for sale	12	0
Net increase in cash and cash equivalents	1,285	1,663
Cash and cash equivalents, beginning of period	511	588
Cash and cash equivalents, end of period	$ 1,796	$ 2,251

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 02, 2019
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	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 2, 2019 , and August 3, 2018 , the results of operations and comprehensive income for the three and six months ended August 2, 2019 , and August 3, 2018 , and cash flows for the six months ended August 2, 2019 and August 3, 2018 . 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 1, 2019 (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 classifications. Accounting Pronouncements Recently Adopted Effective February 2, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), and all related amendments, using the optional transition approach and recognized the cumulative impact of adoption in the opening balance of retained earnings. Under ASU 2016-02, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The Company adopted the standard utilizing the transition election to not restate comparative periods for the impact of adopting the standard and recognizing the cumulative impact of adoption in the opening balance of retained earnings. The Company elected the package of transition expedients available for expired or existing contracts, which allowed the carry-forward of historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. Adoption of the standard resulted in the recording of additional net lease-related assets and lease-related liabilities of approximately $3.6 billion and $3.9 billion , respectively, as of February 2, 2019. The difference between the additional lease assets and lease liabilities, net of the $87 million deferred tax impact, was $263 million and was recorded as an adjustment to retained earnings. This adjustment to retained earnings primarily represents the write-off of right-of-use assets associated with closed locations, net of previously established store closing lease obligations as well as the derecognition of build-to-suit leases. The adoption of this standard by the Company did not have a material impact on its consolidated statements of earnings, comprehensive income or cash flows and will have no impact on the Company’s debt covenant compliance under its current agreements. See Note 3 for additional details of the Company’s leases. Accounting Pronouncements Not Yet Adopted

Change in Accounting Principle

Change in Accounting Principle	6 Months Ended
	Aug. 02, 2019
Accounting Changes and Error Corrections [Abstract]
Change in Accounting Principle	Change in Accounting Principle - During the fourth quarter of fiscal 2018, the Company changed its method of accounting for shipping and handling costs from the Company’s stores, distribution centers, and other locations to customers. Under the new accounting principle, shipping and handling costs related to the delivery of products from the Company to customers are included in costs of sales, whereas previously, they were included in SG&A expense as well as depreciation and amortization. In connection with the change in presentation, the Company also changed its definition of shipping and handling costs to include all direct and indirect costs associated with delivering product to a customer, including expenses associated with the central delivery terminals and depreciation and amortization of delivery assets. Under the previous definition of shipping and handling costs, the Company only included third-party delivery costs, salaries, and vehicle operations expenses relating to the delivery of product from stores and distribution centers to customers. The impact of this change in definition was not material. The Company believes including these expenses in cost of sales is preferable, as it better aligns these costs with the related revenue in the gross profit calculation and is consistent with the practices of other retailers. This change in accounting principle has been applied retrospectively, and the consolidated statements of earnings reflect the effect of this accounting principle change in all years presented. This reclassification had no impact on operating income, net earnings or diluted earnings per share. The consolidated balance sheets, the consolidated statements of comprehensive income, consolidated statements of shareholders’ equity, and the consolidated statements of cash flows were not impacted by this accounting principle change. The consolidated statements of earnings for the three and six months ended August 3, 2018 have been adjusted to reflect this change in accounting principle. The impact of the adjustment for the three months ended August 3, 2018 was an increase of $314 million to cost of sales and a corresponding decrease to SG&A expense of $304 million and depreciation and amortization expense of $10 million . The impact of the adjustment for the six months ended August 3, 2018 was an increase of $579 million to cost of sales and a corresponding decrease to SG&A expense for $559 million and depreciation and amortization expense of $20 million

Leases

Leases	6 Months Ended
	Aug. 02, 2019
Leases [Abstract]
Leases	Leases - During the first quarter of fiscal 2019, the Company adopted ASU 2016-02, Leases (Topic 842) , which requires leases to be recognized on the balance sheet. Leases with an original term of 12 months or less are not recognized on the Company’s balance sheet, and the lease expense related to those short-term leases is recognized over the lease term. The Company does not account for lease and non-lease (e.g. common area maintenance) components of contracts separately for any underlying asset class. The Company leases certain retail stores, warehouses, distribution centers, office space, land and equipment under finance and operating leases. Lease commencement occurs on the date the Company takes possession or control of the property or equipment. Original terms for our facility-related leases are generally between five and 20 years. These leases generally contain provisions for four to six renewal options of five years each. Original terms for equipment-related leases, primarily material handling equipment and vehicles, are generally between one and seven years. Some of the Company’s leases also include rental escalation clauses and/or termination provisions. Renewal options and termination options are included in the determination of lease payments when appropriate based on management’s assessment of the probability that the options will be exercised, considering the facility’s financial performance, strategic importance and/or invested capital. If readily determinable, the rate implicit in the lease is used to discount lease payments to present value; however, substantially all of the Company’s leases do not provide a readily determinable implicit rate. When the implicit rate is not determinable, the Company’s estimated incremental borrowing rate is utilized, determined on a collateralized basis, to discount lease payments based on information available at lease commencement. Some lease agreements also provide for contingent rentals based on sales performance in excess of specified minimums or on changes in the consumer price index. Contingent rentals, which are based on future performance or changes in indices, are excluded from the determination of lease payments and were not significant for any of the periods presented. The Company’s lease agreements do not contain any material restrictions or covenants or any material residual value guarantees. The Company subleases certain properties that are not used in its operations. Sublease income was not significant for any of the periods presented. The table below presents the lease-related assets and liabilities recorded on the balance sheet. Leases (In millions) Classification August 2, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 3,967 Finance lease assets Property, less accumulated depreciation 1 303 Total lease assets 4,270 Liabilities Current Operating Current operating lease liabilities 492 Finance Current maturities of long-term debt 35 Noncurrent Operating Noncurrent operating lease liabilities 4,055 Finance Long-term debt, excluding current maturities 382 Total lease liabilities $ 4,964 1 Finance lease assets are recorded net of accumulated amortization of $17 million as of August 2, 2019 . The table below presents the lease costs for finance and operating leases for the three and six months ended August 2, 2019 : Lease Cost (In millions) Three Months Ended August 2, 2019 Six Months Ended August 2, 2019 Finance lease cost Amortization of leased assets $ 9 $ 17 Interest on lease liabilities 7 14 Operating lease cost 1 176 339 Total lease cost $ 192 $ 370 1 Includes short-term leases, variable lease costs, and sublease income, which are immaterial. The future minimum rental payments required under operating and finance lease obligations as of August 2, 2019 having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows: Maturity of lease liabilities (In millions) Operating Leases 1 Finance Leases 2 Total 2019 $ 289 $ 27 $ 316 2020 675 61 736 2021 654 60 714 2022 659 63 722 2023 570 58 628 After 2023 3,010 321 3,331 Total lease payments 5,857 590 6,447 Less: interest 3 (1,310 ) (173 ) (1,483 ) Present value of lease liabilities 4 $ 4,547 $ 417 $ 4,964 1 Operating lease payments include $275 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $294 million of minimum lease payments for leases signed but not yet commenced. 2 Finance lease payments include $19 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $329 million of minimum lease payments for leases signed but not yet commenced. 3 Calculated using the lease-specific incremental borrowing rate. 4 Includes the current portion of $492 million for operating leases and $35 million for finance leases. Lease Term and Discount Rate August 2, 2019 Weighted-average remaining lease term (years) Operating leases 10.45 Finance leases 10.80 Weighted-average discount rate Operating leases 4.23 % Finance leases 7.38 % Other Information (In millions) Six Months Ended August 2, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 432 Operating cash flows used for finance leases 14 Financing cash flows used for finance leases 27 Leased assets obtained in exchange for new finance lease liabilities 31 Leased assets obtained in exchange for new operating lease liabilities 317 Prior Period Disclosures As a result of the adoption of ASC 842, Leases , on February 2, 2019, the Company is required to present future minimum lease payments for operating and finance lease obligations having initial or remaining non-cancelable lease terms in excess of one year. These future minimum lease payments were previously disclosed in our 2018 Annual Report on Form 10-K and accounted for under previous lease guidance. Commitments as of February 1, 2019 were as follows: February 1, 2019 Fiscal Year (In millions) Operating Leases Capitalized Lease Obligations Total 2019 $ 595 $ 133 $ 728 2020 605 87 692 2021 564 90 654 2022 519 87 606 2023 473 86 559 Later years 2,609 783 3,392 Total minimum lease payments $ 5,365 $ 1,266 $ 6,631 Less amount representing interest (492 ) Present value of minimum lease payments 774 Less current maturities (65 ) Present value of minimum lease payments, less current maturities $ 709
Leases	Leases - During the first quarter of fiscal 2019, the Company adopted ASU 2016-02, Leases (Topic 842) , which requires leases to be recognized on the balance sheet. Leases with an original term of 12 months or less are not recognized on the Company’s balance sheet, and the lease expense related to those short-term leases is recognized over the lease term. The Company does not account for lease and non-lease (e.g. common area maintenance) components of contracts separately for any underlying asset class. The Company leases certain retail stores, warehouses, distribution centers, office space, land and equipment under finance and operating leases. Lease commencement occurs on the date the Company takes possession or control of the property or equipment. Original terms for our facility-related leases are generally between five and 20 years. These leases generally contain provisions for four to six renewal options of five years each. Original terms for equipment-related leases, primarily material handling equipment and vehicles, are generally between one and seven years. Some of the Company’s leases also include rental escalation clauses and/or termination provisions. Renewal options and termination options are included in the determination of lease payments when appropriate based on management’s assessment of the probability that the options will be exercised, considering the facility’s financial performance, strategic importance and/or invested capital. If readily determinable, the rate implicit in the lease is used to discount lease payments to present value; however, substantially all of the Company’s leases do not provide a readily determinable implicit rate. When the implicit rate is not determinable, the Company’s estimated incremental borrowing rate is utilized, determined on a collateralized basis, to discount lease payments based on information available at lease commencement. Some lease agreements also provide for contingent rentals based on sales performance in excess of specified minimums or on changes in the consumer price index. Contingent rentals, which are based on future performance or changes in indices, are excluded from the determination of lease payments and were not significant for any of the periods presented. The Company’s lease agreements do not contain any material restrictions or covenants or any material residual value guarantees. The Company subleases certain properties that are not used in its operations. Sublease income was not significant for any of the periods presented. The table below presents the lease-related assets and liabilities recorded on the balance sheet. Leases (In millions) Classification August 2, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 3,967 Finance lease assets Property, less accumulated depreciation 1 303 Total lease assets 4,270 Liabilities Current Operating Current operating lease liabilities 492 Finance Current maturities of long-term debt 35 Noncurrent Operating Noncurrent operating lease liabilities 4,055 Finance Long-term debt, excluding current maturities 382 Total lease liabilities $ 4,964 1 Finance lease assets are recorded net of accumulated amortization of $17 million as of August 2, 2019 . The table below presents the lease costs for finance and operating leases for the three and six months ended August 2, 2019 : Lease Cost (In millions) Three Months Ended August 2, 2019 Six Months Ended August 2, 2019 Finance lease cost Amortization of leased assets $ 9 $ 17 Interest on lease liabilities 7 14 Operating lease cost 1 176 339 Total lease cost $ 192 $ 370 1 Includes short-term leases, variable lease costs, and sublease income, which are immaterial. The future minimum rental payments required under operating and finance lease obligations as of August 2, 2019 having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows: Maturity of lease liabilities (In millions) Operating Leases 1 Finance Leases 2 Total 2019 $ 289 $ 27 $ 316 2020 675 61 736 2021 654 60 714 2022 659 63 722 2023 570 58 628 After 2023 3,010 321 3,331 Total lease payments 5,857 590 6,447 Less: interest 3 (1,310 ) (173 ) (1,483 ) Present value of lease liabilities 4 $ 4,547 $ 417 $ 4,964 1 Operating lease payments include $275 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $294 million of minimum lease payments for leases signed but not yet commenced. 2 Finance lease payments include $19 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $329 million of minimum lease payments for leases signed but not yet commenced. 3 Calculated using the lease-specific incremental borrowing rate. 4 Includes the current portion of $492 million for operating leases and $35 million for finance leases. Lease Term and Discount Rate August 2, 2019 Weighted-average remaining lease term (years) Operating leases 10.45 Finance leases 10.80 Weighted-average discount rate Operating leases 4.23 % Finance leases 7.38 % Other Information (In millions) Six Months Ended August 2, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 432 Operating cash flows used for finance leases 14 Financing cash flows used for finance leases 27 Leased assets obtained in exchange for new finance lease liabilities 31 Leased assets obtained in exchange for new operating lease liabilities 317 Prior Period Disclosures As a result of the adoption of ASC 842, Leases , on February 2, 2019, the Company is required to present future minimum lease payments for operating and finance lease obligations having initial or remaining non-cancelable lease terms in excess of one year. These future minimum lease payments were previously disclosed in our 2018 Annual Report on Form 10-K and accounted for under previous lease guidance. Commitments as of February 1, 2019 were as follows: February 1, 2019 Fiscal Year (In millions) Operating Leases Capitalized Lease Obligations Total 2019 $ 595 $ 133 $ 728 2020 605 87 692 2021 564 90 654 2022 519 87 606 2023 473 86 559 Later years 2,609 783 3,392 Total minimum lease payments $ 5,365 $ 1,266 $ 6,631 Less amount representing interest (492 ) Present value of minimum lease payments 774 Less current maturities (65 ) Present value of minimum lease payments, less current maturities $ 709

Revenue Recognition

Revenue Recognition	6 Months Ended
	Aug. 02, 2019
Revenue Recognition
Revenue Recognition	Revenue Recognition - Net sales consists primarily of revenue, net of sales tax, associated with contracts with customers for the sale of goods and services in amounts that reflect consideration the Company is entitled to in exchange for those goods and services. The following table presents the Company’s sources of revenue: (In millions) Three Months Ended Six Months Ended August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 Products $ 19,976 $ 19,735 $ 36,877 $ 36,235 Services 591 709 1,144 1,333 Other 425 444 712 679 Net sales $ 20,992 $ 20,888 $ 38,733 $ 38,247 Revenue from products primarily relates to in-store and online merchandise purchases, which are recognized at the point in time when the customer obtains control of the merchandise, which is at the time of in-store purchase or delivery of the product to the customer. A provision for anticipated merchandise returns is provided through a reduction of sales and cost of sales in the period that the related sales are recorded. The merchandise return reserve is presented on a gross basis, with a separate asset and liability included in the consolidated balance sheets. Anticipated sales returns reflected in other current liabilities were $232 million at August 2, 2019 and $228 million at August 3, 2018 . The associated right of return assets reflected in other current assets were $152 million at August 2, 2019 and $147 million at August 3, 2018 . Revenues from services primarily relate to professional installation services the Company provides through subcontractors related to merchandise purchased by a customer. In certain instances, installation services include materials provided by the subcontractor, and both product and installation are included in service revenue. The Company recognizes revenue associated with services as they are rendered, and the majority of services are completed within one week from initiation. Deferred revenue is presented for merchandise that has not yet transferred control to the customer and for services that have not yet been provided, but for which tender has been accepted. Deferred revenue is recognized in sales either at a point in time when the customer obtains control of merchandise through pickup or delivery, or over time as services are provided to the customer. Deferred revenues associated with amounts received for which customers have not taken possession of the merchandise or for which installation has not yet been completed were $875 million at August 2, 2019 and $1.0 billion at August 3, 2018 . The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Stored-value cards In addition, the Company defers revenues from stored-value cards, which include gift cards and returned merchandise credits, and recognizes revenue into sales when the cards are redeemed. The liability associated with outstanding stored-value cards was $449 million and $419 million at August 2, 2019 , and August 3, 2018 , respectively, and these amounts are included in deferred revenue on the consolidated balance sheets. The Company recognizes income from unredeemed stored-value cards in proportion to the pattern of rights exercised by the customer. Amounts recognized as breakage were insignificant for the three and six months ended August 2, 2019 and August 3, 2018 . Extended protection plans The Company also defers revenues for its separately-priced extended protection plan contracts, which is a Lowe’s-branded program for which the Company is ultimately self-insured. The Company recognizes revenue from extended protection plan sales on a straight-line basis over the respective contract term. Extended protection plan contract terms primarily range from one to five years from the date of purchase or the end of the manufacturer’s warranty, as applicable. Deferred revenue from extended protection plans recognized into sales were $101 million and $200 million for the three and six months ended August 2, 2019 , respectively, and $101 million and $196 million for the three and six months ended August 3, 2018 , respectively. 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 and were insignificant at August 2, 2019 and August 3, 2018 , respectively. 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 $48 million and $96 million for the three and six months ended August 2, 2019 , respectively, and $48 million and $94 million for the three and six months ended August 3, 2018 , respectively. Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Six Months Ended August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 (In millions) Total Sales % Total Sales % Total Sales % Total Sales % Hardlines ¹ $ 7,153 34 $ 6,925 33 $ 12,682 33 $ 12,053 32 Home Décor ² 6,938 33 6,750 32 13,211 34 12,951 34 Building Products ³ 6,376 30 6,445 31 11,900 31 11,968 31 Other 525 3 768 4 940 2 1,275 3 Total $ 20,992 100 $ 20,888 100 $ 38,733 100 $ 38,247 100 1 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools 2 Home Décor includes the following product categories: Appliances, Decor, Flooring, Kitchens & Bath, and Paint 3 Building Products includes the following product categories: Lighting, Lumber & Building Materials, Millwork, and Rough Plumbing & Electrical The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended Six Months Ended August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 United States $ 19,447 $ 19,156 $ 36,094 $ 35,328 International 1,545 1,732 2,639 2,919 Net Sales $ 20,992 $ 20,888 $ 38,733 $ 38,247

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Aug. 02, 2019
Fair Value Measurements
Fair Value Measurements	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 2, 2019 , August 3, 2018 , and February 1, 2019 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level August 2, 2019 August 3, 2018 February 1, 2019 Short-term investments: Available-for-sale securities Money market funds Level 1 $ 241 $ 374 $ 207 Agency securities Level 2 22 — 10 Corporate debt securities Level 2 12 — 1 Certificates of deposit Level 1 — 17 — Total short-term investments $ 275 $ 391 $ 218 Long-term investments: Available-for-sale securities Corporate debt securities Level 2 $ 75 $ 80 $ 191 U.S. Treasury securities Level 1 67 — — Agency securities Level 2 37 7 65 Total long-term investments $ 179 $ 87 $ 256 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 2, 2019 , the Company had no significant measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. During the three and six months ended August 3, 2018 , the Company’s only significant assets or liabilities measured at fair value on a nonrecurring basis subsequent to their initial recognition were certain long-lived assets. The Company reviews the carrying amounts of long-lived assets whenever certain events or changes in circumstances indicate that the carrying amounts may not be recoverable. With input from executive management and retail store operations, the Company’s accounting and finance personnel that organizationally report to the chief financial officer assess the performance of retail stores quarterly against historical patterns, projections of future profitability and whether it is more likely than not the assets will be disposed of significantly prior to the end of their estimated useful life for evidence of possible impairment. An impairment loss is recognized when the carrying amount of the asset (disposal) group is not recoverable and exceeds its fair value. The Company estimated the fair values of assets subject to long-lived asset impairment based on the Company’s own judgments about the assumptions that market participants would use in pricing the assets and on observable market data, when available. The Company classified these fair value measurements as Level 3. In the determination of impairment for operating locations, the Company determined the fair values of individual operating locations using an income approach, which required discounting projected future cash flows. When determining the stream of projected future cash flows associated with an individual operating location, management made assumptions, including highest and best use, incorporating local market conditions and inputs from retail store operations where necessary, and about key variables including the following unobservable inputs: sales growth rates, gross margin, controllable and uncontrollable expenses, and asset residual values. In order to calculate the present value of those future cash flows, the Company discounted cash flow estimates at a rate commensurate with the risk that selected market participants would assign to the cash flows. In general, the selected market participants represented a group of other retailers with a location footprint similar in size to the Company’s. As part of a strategic reassessment of Orchard Supply Hardware (Orchard), during the three months ended August 3, 2018, it was determined to be more likely than not the assets of Orchard would be sold or otherwise disposed of significantly before the end of their previously estimated useful lives, and therefore, these assets experienced a triggering event and were evaluated for recoverability. Operating locations evaluated for recoverability included all Orchard stores, as well as a distribution facility that serviced the Orchard stores and a corporate facility. Based on this evaluation of Orchard, certain long-lived assets, including tangible and intangible assets, were written down to their fair value of $284 million resulting in impairment charges of $206 million. These non-cash impairment charges are included in selling, general and administrative expense in the accompanying consolidated statements of current and retained earnings. See Note 8 for additional information regarding the Company’s decision to exit its Orchard operations subsequent to the end of the second quarter of fiscal 2018 on August 17, 2018. 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, short-term borrowings, 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 2, 2019 August 3, 2018 February 1, 2019 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 17,093 $ 18,213 $ 14,966 $ 15,233 $ 14,721 $ 14,473 Mortgage notes (Level 2) 6 6 6 6 6 6 Long-term debt (excluding capitalized lease obligations) $ 17,099 $ 18,219 $ 14,972 $ 15,239 $ 14,727 $ 14,479

Restricted Investment Balances

Restricted Investment Balances	6 Months Ended
	Aug. 02, 2019
Restricted Investment Balances
Restricted Investment Balances	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 $275 million at August 2, 2019 , $374 million at August 3, 2018 , and $218 million at February 1, 2019 . Restricted balances included in long-term investments were $179 million at August 2, 2019 , $74 million at August 3, 2018 , and $256 million at February 1, 2019 .

Property and Accumulated Deprec

Property and Accumulated Depreciation	6 Months Ended
	Aug. 02, 2019
Property and Accumulated Depreciation
Property and Accumulated Depreciation	Property and Accumulated Depreciation - Property is shown net of accumulated depreciation of $17.4 billion at August 2, 2019 , $17.5 billion at August 3, 2018 , and $17.4 billion at February 1, 2019 . The Company recognized depreciation expense, inclusive of amounts presented in cost of sales and depreciation and amortization, of $ 325 million and $ 643 million for the three and six months ended August 2, 2019 and $ 355 million and $ 723 million for the three and six months ended August 3, 2018 .

Exit Activities

Exit Activities	6 Months Ended
	Aug. 02, 2019
Exit Activities
Exit Activities	Exit Activities - During the second quarter of fiscal year 2018, the Company initiated a strategic reassessment of its business to drive increased focus on its core home improvement operations. As a result of this reassessment, the Company decided to exit certain activities and close certain locations as further described below. Orchard Supply Hardware (Orchard) On August 17, 2018, subsequent to the end of the second quarter of fiscal year 2018, the Company approved plans to exit its Orchard operations by closing all 99 Orchard stores, which were located in California, Oregon and Florida, as well as the distribution facility that serviced the Orchard stores, and the Orchard corporate office. To facilitate an orderly wind-down, the Company partnered with Hilco Merchant Services to help manage the store closing sales process and provide a seamless experience for customers. All facilities were closed by the end of fiscal year 2018. During the second quarter ended August 3, 2018, the Company recorded $230 million of pre-tax charges associated with its Orchard operations. This included $206 million of impairment of certain long-lived assets, including tangible and intangible assets, due to the determination it was more likely than not the assets of Orchard would be sold or otherwise disposed of significantly before the end of their previously estimated useful lives (see Note 5 to the consolidated financial statements) and $24 million related primarily to three store projects that were discontinued during that quarter. A summary of the significant components of charges associated with the exit activities discussed above, are as follows: Costs Incurred Three Months Ended Six Months Ended (In millions) August 3, 2018 August 3, 2018 Long-lived asset impairments $ 206 $ 206 Discontinued project write-offs 24 24 Total $ 230 $ 230 Expenses associated with long-lived asset impairment and discontinued projects are included in selling, general and administrative expense in the consolidated statement of current and retained earnings.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Aug. 02, 2019
Long-Term Debt
Long-Term Debt	Long-Term Debt - During the first quarter of fiscal 2019, 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) April 5, 2019 $ 1,500 April 2029 Fixed 3.650% $ 9 April 5, 2019 $ 1,500 April 2049 Fixed 4.550% $ 19 Interest on the notes issued in 2019 is payable semiannually in arrears in April and October of each year until maturity. The indenture governing the notes issued in 2019 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, up to, but excluding, 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 up to, but excluding, 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.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Aug. 02, 2019
Shareholders' Equity
Shareholders' Equity	Shareholders’ Equity - The Company has a share repurchase program that is executed through purchases made from time to time either in the open market, which may be made under pre-set trading plans meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, or through private off-market transactions. Shares purchased under the repurchase program are retired and returned to authorized and unissued status. On January 26, 2018, the Company’s Board of Directors authorized a $5.0 billion share repurchase program with no expiration, which was announced on the same day. On December 12, 2018, the Company’s Board of Directors authorized an additional $10.0 billion share repurchase program with no expiration, which was announced on the same day. As of August 2, 2019 , the Company had $11.2 billion remaining in its share repurchase program. In November 2018, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase $270 million of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $270 million to the financial institution using cash on hand and took delivery of 2.6 million shares. The Company finalized the transaction and received an additional 0.3 million shares in February 2019. In March 2019, the Company entered into a variable notional ASR agreement with a third-party financial institution to repurchase $350 million to $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 2.9 million shares. The Company finalized the transaction to receive an additional 0.3 million shares prior to the end of the first quarter. Subsequent to the end of the first quarter, the Company received a $150 million cash payment from the third-party financial institution, which is equal to the difference between the $500 million payment made at inception and the final notional amount of $350 million . In May 2019, the Company entered into a variable notional ASR agreement with a third-party financial institution to repurchase $990 million to $1.4 billion of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $1.4 billion to the financial institution using cash on hand and took delivery of 8.9 million shares. The Company finalized the transaction and received an additional 1.0 million shares and a $420 million cash payment from the third-party financial institution prior to the end of the second quarter. The cash payment received is equal to the difference between the $1.4 billion payment made at inception and the final notional amount of $990 million . Under the terms of the ASR agreements, upon settlement, the Company would either receive additional shares from the applicable financial institution or be required to deliver additional shares or cash to such financial institution. The Company controlled the election to either deliver additional shares or cash to the financial institution, if required, and the ASR agreements were 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 applicable ASR agreement. The initial repurchase of shares under 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 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. In addition, during the three and six months ended August 2, 2019 , the Company repurchased shares of its common stock through the open market totaling 9.7 million and 14.2 million shares, respectively, for a cost of $974 million and $1.4 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 2, 2019 and August 3, 2018 were as follows: Three Months Ended August 2, 2019 August 3, 2018 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 19.6 $ 1,964 11.4 $ 1,100 Shares withheld from employees — — 0.1 6 Total share repurchases 19.6 $ 1,964 11.5 $ 1,106 1 Reductions of $1.9 billion and $1.0 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended August 2, 2019 and August 3, 2018 , respectively. Six Months Ended August 2, 2019 August 3, 2018 (In millions) Shares Cost 2 Shares Cost 2 Share repurchase program 27.6 $ 2,783 20.1 $ 1,850 Shares withheld from employees 0.1 13 0.2 13 Total share repurchases 27.7 $ 2,796 20.3 $ 1,863 2 Reductions of $2.7 billion and $1.7 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the six months ended August 2, 2019 and August 3, 2018 , respectively.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Aug. 02, 2019
Earnings Per Share
Earnings Per Share	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 2, 2019 and August 3, 2018 : Three Months Ended Six Months Ended (In millions, except per share data) August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 Basic earnings per common share: Net earnings $ 1,676 $ 1,520 $ 2,722 $ 2,509 Less: Net earnings allocable to participating securities (6 ) (5 ) (9 ) (9 ) Net earnings allocable to common shares, basic $ 1,670 $ 1,515 $ 2,713 $ 2,500 Weighted-average common shares outstanding 781 813 788 819 Basic earnings per common share $ 2.14 $ 1.86 $ 3.44 $ 3.05 Diluted earnings per common share: Net earnings $ 1,676 $ 1,520 $ 2,722 $ 2,509 Less: Net earnings allocable to participating securities (6 ) (5 ) (9 ) (9 ) Net earnings allocable to common shares, diluted $ 1,670 $ 1,515 $ 2,713 $ 2,500 Weighted-average common shares outstanding 781 813 788 819 Dilutive effect of non-participating share-based awards — 1 1 1 Weighted-average common shares, as adjusted 781 814 789 820 Diluted earnings per common share $ 2.14 $ 1.86 $ 3.44 $ 3.05 Stock options to purchase 1.0 million and 0.8 million shares of common stock were anti-dilutive for the three and six months ended August 2, 2019 , respectively. Stock options to purchase 0.5 million and 0.7 million shares of common stock were anti-dilutive for the three and six months ended August 3, 2018

Income Taxes

Income Taxes	6 Months Ended
	Aug. 02, 2019
Income Taxes
Income Taxes	Income Taxes - The Company’s effective income tax rates were 24.2% and 21.5% for the three and six months ended August 2, 2019 , respectively, and 24.4% and 24.3% for the three and six months ended August 3, 2018 , respectively. The lower effective income tax rate for the six months ended August 2, 2019 is primarily due to a favorable tax benefit recorded during the first quarter associated with the planned exit of the Mexico retail operations. In fiscal 2018, the Company

Supplemental Disclosure

Supplemental Disclosure	6 Months Ended
	Aug. 02, 2019
Supplemental Disclosure
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended Six Months Ended (In millions) August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 Long-term debt $ 173 $ 146 $ 327 $ 291 Finance lease obligations 7 — 14 — Capitalized lease obligations — 15 — 30 Interest income (12 ) (9 ) (19 ) (12 ) Interest capitalized — (1 ) (1 ) (2 ) Interest on tax uncertainties (1 ) — (2 ) — Other 2 2 12 6 Interest - net $ 169 $ 153 $ 331 $ 313 Supplemental disclosures of cash flow information: Six Months Ended (In millions) August 2, 2019 August 3, 2018 Cash paid for interest, net of amount capitalized 1 $ 311 $ 322 Cash paid for income taxes - net $ 612 $ 762 Non-cash investing and financing activities: Non-cash property acquisitions, including assets acquired under capital lease 1 $ 86 $ 14 Cash dividends declared but not paid $ 428 $ 390 1 Upon adoption of ASU 2016-02, Leases, the Company presents supplemental cash flow disclosures related to its finance and operating leases within Note 3.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Aug. 02, 2019
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 2, 2019 , and August 3, 2018 , the results of operations and comprehensive income for the three and six months ended August 2, 2019 , and August 3, 2018 , and cash flows for the six months ended August 2, 2019 and August 3, 2018 . 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 1, 2019 (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 classifications.
Recent Accounting Pronouncements	Accounting Pronouncements Recently Adopted Effective February 2, 2019, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842), and all related amendments, using the optional transition approach and recognized the cumulative impact of adoption in the opening balance of retained earnings. Under ASU 2016-02, lessees are required to recognize lease assets and lease liabilities on the balance sheet for those leases previously classified as operating leases. The Company adopted the standard utilizing the transition election to not restate comparative periods for the impact of adopting the standard and recognizing the cumulative impact of adoption in the opening balance of retained earnings. The Company elected the package of transition expedients available for expired or existing contracts, which allowed the carry-forward of historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. Adoption of the standard resulted in the recording of additional net lease-related assets and lease-related liabilities of approximately $3.6 billion and $3.9 billion , respectively, as of February 2, 2019. The difference between the additional lease assets and lease liabilities, net of the $87 million deferred tax impact, was $263 million and was recorded as an adjustment to retained earnings. This adjustment to retained earnings primarily represents the write-off of right-of-use assets associated with closed locations, net of previously established store closing lease obligations as well as the derecognition of build-to-suit leases. The adoption of this standard by the Company did not have a material impact on its consolidated statements of earnings, comprehensive income or cash flows and will have no impact on the Company’s debt covenant compliance under its current agreements. See Note 3 for additional details of the Company’s leases. Accounting Pronouncements Not Yet Adopted

Leases (Tables)

Leases (Tables)	6 Months Ended
	Aug. 02, 2019
Leases [Abstract]
Operating and Finance Leases, Assets and Liabilities	The table below presents the lease-related assets and liabilities recorded on the balance sheet. Leases (In millions) Classification August 2, 2019 Assets Operating lease assets Operating lease right-of-use assets $ 3,967 Finance lease assets Property, less accumulated depreciation 1 303 Total lease assets 4,270 Liabilities Current Operating Current operating lease liabilities 492 Finance Current maturities of long-term debt 35 Noncurrent Operating Noncurrent operating lease liabilities 4,055 Finance Long-term debt, excluding current maturities 382 Total lease liabilities $ 4,964 1 Finance lease assets are recorded net of accumulated amortization of $17 million as of August 2, 2019 .
Schedule of Finance and Operating Lease Costs	The table below presents the lease costs for finance and operating leases for the three and six months ended August 2, 2019 : Lease Cost (In millions) Three Months Ended August 2, 2019 Six Months Ended August 2, 2019 Finance lease cost Amortization of leased assets $ 9 $ 17 Interest on lease liabilities 7 14 Operating lease cost 1 176 339 Total lease cost $ 192 $ 370 1 Includes short-term leases, variable lease costs, and sublease income, which are immaterial.
Finance Lease Liability, Maturity	The future minimum rental payments required under operating and finance lease obligations as of August 2, 2019 having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows: Maturity of lease liabilities (In millions) Operating Leases 1 Finance Leases 2 Total 2019 $ 289 $ 27 $ 316 2020 675 61 736 2021 654 60 714 2022 659 63 722 2023 570 58 628 After 2023 3,010 321 3,331 Total lease payments 5,857 590 6,447 Less: interest 3 (1,310 ) (173 ) (1,483 ) Present value of lease liabilities 4 $ 4,547 $ 417 $ 4,964 1 Operating lease payments include $275 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $294 million of minimum lease payments for leases signed but not yet commenced. 2 Finance lease payments include $19 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $329 million of minimum lease payments for leases signed but not yet commenced. 3 Calculated using the lease-specific incremental borrowing rate. 4 Includes the current portion of $492 million for operating leases and $35 million for finance leases.
Operating Lease Liability, Maturity	The future minimum rental payments required under operating and finance lease obligations as of August 2, 2019 having initial or remaining non-cancelable lease terms in excess of one year are summarized as follows: Maturity of lease liabilities (In millions) Operating Leases 1 Finance Leases 2 Total 2019 $ 289 $ 27 $ 316 2020 675 61 736 2021 654 60 714 2022 659 63 722 2023 570 58 628 After 2023 3,010 321 3,331 Total lease payments 5,857 590 6,447 Less: interest 3 (1,310 ) (173 ) (1,483 ) Present value of lease liabilities 4 $ 4,547 $ 417 $ 4,964 1 Operating lease payments include $275 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $294 million of minimum lease payments for leases signed but not yet commenced. 2 Finance lease payments include $19 million related to options to extend lease terms that are reasonably certain of being exercised and exclude $329 million of minimum lease payments for leases signed but not yet commenced. 3 Calculated using the lease-specific incremental borrowing rate. 4 Includes the current portion of $492 million for operating leases and $35 million for finance leases.
Operating and Finance Lease, Additional Information	Lease Term and Discount Rate August 2, 2019 Weighted-average remaining lease term (years) Operating leases 10.45 Finance leases 10.80 Weighted-average discount rate Operating leases 4.23 % Finance leases 7.38 % Other Information (In millions) Six Months Ended August 2, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows used for operating leases $ 432 Operating cash flows used for finance leases 14 Financing cash flows used for finance leases 27 Leased assets obtained in exchange for new finance lease liabilities 31 Leased assets obtained in exchange for new operating lease liabilities 317
Schedule of Future Minimum Rental Payments for Operating Leases	Commitments as of February 1, 2019 were as follows: February 1, 2019 Fiscal Year (In millions) Operating Leases Capitalized Lease Obligations Total 2019 $ 595 $ 133 $ 728 2020 605 87 692 2021 564 90 654 2022 519 87 606 2023 473 86 559 Later years 2,609 783 3,392 Total minimum lease payments $ 5,365 $ 1,266 $ 6,631 Less amount representing interest (492 ) Present value of minimum lease payments 774 Less current maturities (65 ) Present value of minimum lease payments, less current maturities $ 709

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Aug. 02, 2019
Revenue Recognition
Sources of Revenue	The following table presents the Company’s sources of revenue: (In millions) Three Months Ended Six Months Ended August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 Products $ 19,976 $ 19,735 $ 36,877 $ 36,235 Services 591 709 1,144 1,333 Other 425 444 712 679 Net sales $ 20,992 $ 20,888 $ 38,733 $ 38,247
Disaggregation of Revenues	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Six Months Ended August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 (In millions) Total Sales % Total Sales % Total Sales % Total Sales % Hardlines ¹ $ 7,153 34 $ 6,925 33 $ 12,682 33 $ 12,053 32 Home Décor ² 6,938 33 6,750 32 13,211 34 12,951 34 Building Products ³ 6,376 30 6,445 31 11,900 31 11,968 31 Other 525 3 768 4 940 2 1,275 3 Total $ 20,992 100 $ 20,888 100 $ 38,733 100 $ 38,247 100 1 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools 2 Home Décor includes the following product categories: Appliances, Decor, Flooring, Kitchens & Bath, and Paint 3 Building Products includes the following product categories: Lighting, Lumber & Building Materials, Millwork, and Rough Plumbing & Electrical
Net Sales Disaggregated by Geographical Area	The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended Six Months Ended August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 United States $ 19,447 $ 19,156 $ 36,094 $ 35,328 International 1,545 1,732 2,639 2,919 Net Sales $ 20,992 $ 20,888 $ 38,733 $ 38,247

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Aug. 02, 2019
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 2, 2019 , August 3, 2018 , and February 1, 2019 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level August 2, 2019 August 3, 2018 February 1, 2019 Short-term investments: Available-for-sale securities Money market funds Level 1 $ 241 $ 374 $ 207 Agency securities Level 2 22 — 10 Corporate debt securities Level 2 12 — 1 Certificates of deposit Level 1 — 17 — Total short-term investments $ 275 $ 391 $ 218 Long-term investments: Available-for-sale securities Corporate debt securities Level 2 $ 75 $ 80 $ 191 U.S. Treasury securities Level 1 67 — — Agency securities Level 2 37 7 65 Total long-term investments $ 179 $ 87 $ 256
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 2, 2019 August 3, 2018 February 1, 2019 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 17,093 $ 18,213 $ 14,966 $ 15,233 $ 14,721 $ 14,473 Mortgage notes (Level 2) 6 6 6 6 6 6 Long-term debt (excluding capitalized lease obligations) $ 17,099 $ 18,219 $ 14,972 $ 15,239 $ 14,727 $ 14,479

Exit Activities (Tables)

Exit Activities (Tables)	6 Months Ended
	Aug. 02, 2019
Exit Activities
Schedule of Exit Activity Expenses	A summary of the significant components of charges associated with the exit activities discussed above, are as follows: Costs Incurred Three Months Ended Six Months Ended (In millions) August 3, 2018 August 3, 2018 Long-lived asset impairments $ 206 $ 206 Discontinued project write-offs 24 24 Total $ 230 $ 230

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Aug. 02, 2019
Long-Term Debt
Schedule of Unsecured Notes Issued	During the first quarter of fiscal 2019, 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) April 5, 2019 $ 1,500 April 2029 Fixed 3.650% $ 9 April 5, 2019 $ 1,500 April 2049 Fixed 4.550% $ 19

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Aug. 02, 2019
Shareholders' Equity
Schedule of Share Repurchases	Shares repurchased for the three and six months ended August 2, 2019 and August 3, 2018 were as follows: Three Months Ended August 2, 2019 August 3, 2018 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 19.6 $ 1,964 11.4 $ 1,100 Shares withheld from employees — — 0.1 6 Total share repurchases 19.6 $ 1,964 11.5 $ 1,106 1 Reductions of $1.9 billion and $1.0 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended August 2, 2019 and August 3, 2018 , respectively. Six Months Ended August 2, 2019 August 3, 2018 (In millions) Shares Cost 2 Shares Cost 2 Share repurchase program 27.6 $ 2,783 20.1 $ 1,850 Shares withheld from employees 0.1 13 0.2 13 Total share repurchases 27.7 $ 2,796 20.3 $ 1,863 2 Reductions of $2.7 billion and $1.7 billion were recorded to retained earnings, after capital in excess of par value was depleted, for the six months ended August 2, 2019 and August 3, 2018 , respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Aug. 02, 2019
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 2, 2019 and August 3, 2018 : Three Months Ended Six Months Ended (In millions, except per share data) August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 Basic earnings per common share: Net earnings $ 1,676 $ 1,520 $ 2,722 $ 2,509 Less: Net earnings allocable to participating securities (6 ) (5 ) (9 ) (9 ) Net earnings allocable to common shares, basic $ 1,670 $ 1,515 $ 2,713 $ 2,500 Weighted-average common shares outstanding 781 813 788 819 Basic earnings per common share $ 2.14 $ 1.86 $ 3.44 $ 3.05 Diluted earnings per common share: Net earnings $ 1,676 $ 1,520 $ 2,722 $ 2,509 Less: Net earnings allocable to participating securities (6 ) (5 ) (9 ) (9 ) Net earnings allocable to common shares, diluted $ 1,670 $ 1,515 $ 2,713 $ 2,500 Weighted-average common shares outstanding 781 813 788 819 Dilutive effect of non-participating share-based awards — 1 1 1 Weighted-average common shares, as adjusted 781 814 789 820 Diluted earnings per common share $ 2.14 $ 1.86 $ 3.44 $ 3.05

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	6 Months Ended
	Aug. 02, 2019
Supplemental Disclosure
Net Interest Expense	Net interest expense is comprised of the following: Three Months Ended Six Months Ended (In millions) August 2, 2019 August 3, 2018 August 2, 2019 August 3, 2018 Long-term debt $ 173 $ 146 $ 327 $ 291 Finance lease obligations 7 — 14 — Capitalized lease obligations — 15 — 30 Interest income (12 ) (9 ) (19 ) (12 ) Interest capitalized — (1 ) (1 ) (2 ) Interest on tax uncertainties (1 ) — (2 ) — Other 2 2 12 6 Interest - net $ 169 $ 153 $ 331 $ 313
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Six Months Ended (In millions) August 2, 2019 August 3, 2018 Cash paid for interest, net of amount capitalized 1 $ 311 $ 322 Cash paid for income taxes - net $ 612 $ 762 Non-cash investing and financing activities: Non-cash property acquisitions, including assets acquired under capital lease 1 $ 86 $ 14 Cash dividends declared but not paid $ 428 $ 390 1 Upon adoption of ASU 2016-02, Leases, the Company presents supplemental cash flow disclosures related to its finance and operating leases within Note 3.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	Feb. 02, 2019	Aug. 02, 2019	May 03, 2019	Feb. 01, 2019	Aug. 03, 2018	May 04, 2018	Feb. 02, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets		$ 3,967
Present value of lease liabilities		4,547
Retained earnings		$ 2,439	$ 3,095	$ 3,452	$ 5,517	$ 5,405	$ 5,425
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease assets	$ 3,600
Present value of lease liabilities	3,900
Deferred income tax expense	87
Retained earnings	$ 263

Change in Accounting Principle

Change in Accounting Principle (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales	$ 14,252	$ 14,003	$ 26,412	$ 25,615
Selling, general and administrative	(4,048)	(4,386)	(7,909)	(8,319)
Depreciation and amortization	$ (311)	(336)	$ (614)	(685)
Shipping and Handling Expenses
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cost of sales		314		579
Selling, general and administrative		304		559
Depreciation and amortization		$ 10		$ 20

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Aug. 02, 2019option
Lessee, Lease, Description [Line Items]
Operating and finance lease, renewal terms	5 years
Minimum
Lessee, Lease, Description [Line Items]
Operating and finance lease, term	5 years
Operating and finance leases, renewal options	4
Minimum | Equipment
Lessee, Lease, Description [Line Items]
Operating and finance lease, term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating and finance lease, term	20 years
Operating and finance leases, renewal options	6
Maximum | Equipment
Lessee, Lease, Description [Line Items]
Operating and finance lease, term	7 years

Leases - Balance Sheet Informat

Leases - Balance Sheet Information (Details) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 02, 2019USD ($)	Aug. 02, 2019USD ($)
Assets
Operating lease assets	$ 3,967	$ 3,967
Finance lease assets	303	303
Total lease assets	4,270	4,270
Liabilities
Current operating lease liabilities	492	492
Current maturities of long-term debt	35	35
Noncurrent operating lease liabilities	4,055	4,055
Long-term debt, excluding current maturities	382	382
Total lease liabilities	4,964	4,964
Amortization of leased assets	$ 9	$ 17

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Finance lease cost
Amortization of leased assets	$ 9		$ 17
Interest on lease liabilities	7	$ 0	14	$ 0
Operating lease cost	176		339
Total lease cost	$ 192		$ 370

Leases - Maturities of Lease Li

Leases - Maturities of Lease Liabilities (Details) $ in Millions	Aug. 02, 2019USD ($)
Operating Leases
2019	$ 289
2020	675
2021	654
2022	659
2023	570
After 2023	3,010
Total lease payments	5,857
Less: interest	(1,310)
Present value of lease liabilities	4,547
Finance Leases
2019	27
2020	61
2021	60
2022	63
2023	58
After 2023	321
Total lease payments	590
Less: interest	(173)
Present value of lease liabilities	417
Operating and Finance Leases
2019	316
2020	736
2021	714
2022	722
2023	628
After 2023	3,331
Total lease payments	6,447
Less: interest	(1,483)
Present value of lease liabilities	4,964
Operating lease payments related to options to extend lease terms that are reasonably certain to be exercised	275
Minimum lease payments for operating leases signed but not yet commenced	294
Finance lease payments related to options to extend lease terms that are reasonably certain to be exercised	19
Minimum lease payments for finance leases signed but not yet commenced	329
Current operating lease liabilities	492
Current maturities of long-term debt	$ 35

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Aug. 02, 2019
Weighted-average remaining lease term (years)
Operating leases (in years)	10 years 5 months 12 days
Finance leases (in years)	10 years 9 months 18 days
Weighted-average discount rate
Operating leases	4.23%
Finance leases	7.38%

Leases - Other Information (Det

Leases - Other Information (Details) $ in Millions	6 Months Ended
	Aug. 02, 2019USD ($)
Leases [Abstract]
Operating cash flows used for operating leases	$ 432
Operating cash flows used for finance leases	14
Financing cash flows used for finance leases	27
Leased assets obtained in exchange for new finance lease liabilities	31
Leased assets obtained in exchange for new operating lease liabilities	$ 317

Leases - Prior Period Disclosur

Leases - Prior Period Disclosures (Details) $ in Millions	Feb. 01, 2019USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	$ 595
2020	605
2021	564
2022	519
2023	473
Later years	2,609
Total minimum lease payments	5,365
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	133
2020	87
2021	90
2022	87
2023	86
Later years	783
Total minimum lease payments	1,266
Less amount representing interest	(492)
Present value of minimum lease payments	774
Less current maturities	(65)
Present value of minimum lease payments, less current maturities	709
Operating and Capital Leases, Total, Future Minimum Payments Due [Abstract]
2019	728
2020	692
2021	654
2022	606
2023	559
Later years	3,392
Total minimum lease payments	$ 6,631

Revenue Recognition - Summary (

Revenue Recognition - Summary (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 20,992	$ 20,888	$ 38,733	$ 38,247
Net sales	100.00%	100.00%	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 19,447	$ 19,156	$ 36,094	$ 35,328
International
Disaggregation of Revenue [Line Items]
Net sales	1,545	1,732	2,639	2,919
Products
Disaggregation of Revenue [Line Items]
Net sales	19,976	19,735	36,877	36,235
Services
Disaggregation of Revenue [Line Items]
Net sales	591	709	1,144	1,333
Other
Disaggregation of Revenue [Line Items]
Net sales	425	444	712	679
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 7,153	$ 6,925	$ 12,682	$ 12,053
Net sales	34.00%	33.00%	33.00%	32.00%
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 6,938	$ 6,750	$ 13,211	$ 12,951
Net sales	33.00%	32.00%	34.00%	34.00%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 6,376	$ 6,445	$ 11,900	$ 11,968
Net sales	30.00%	31.00%	31.00%	31.00%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 525	$ 768	$ 940	$ 1,275
Net sales	3.00%	4.00%	2.00%	3.00%

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Disaggregation of Revenue [Line Items]
Anticipated sales returns	$ 232	$ 228	$ 232	$ 228
Right of return assets	152	147	152	147
Up-front payment arrangement	875	1,000	875	1,000
Liability for stored-value cards	449	419	449	419
Deferred revenue from extended protection plans recognized in sales	101	101	200	196
Accrual for claims incurred	$ 48	$ 48	$ 96	$ 94
Minimum
Disaggregation of Revenue [Line Items]
Extended product warranty term			1 year
Maximum
Disaggregation of Revenue [Line Items]
Extended product warranty term			5 years

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - Estimate of Fair Value - USD ($) $ in Millions	Aug. 02, 2019	Feb. 01, 2019	Aug. 03, 2018
Short-term Investments
Investments, Fair Value Disclosure
Available-for-sale securities	$ 275	$ 218	$ 391
Short-term Investments | Money market funds | Fair Value (Level 1)
Investments, Fair Value Disclosure
Available-for-sale securities	241	207	374
Short-term Investments | Agency securities | Fair Value (Level 2)
Investments, Fair Value Disclosure
Available-for-sale securities	22	10	0
Short-term Investments | Corporate debt securities | Fair Value (Level 2)
Investments, Fair Value Disclosure
Corporate debt securities	12	1	0
Short-term Investments | Certificates of deposit | Fair Value (Level 1)
Investments, Fair Value Disclosure
Available-for-sale securities	0	0	17
Long-term Investments
Investments, Fair Value Disclosure
Available-for-sale securities	179	256	87
Long-term Investments | Agency securities | Fair Value (Level 2)
Investments, Fair Value Disclosure
Available-for-sale securities	37	65	7
Long-term Investments | Corporate debt securities | Fair Value (Level 2)
Investments, Fair Value Disclosure
Corporate debt securities	75	191	80
Long-term Investments | U.S. Treasury securities | Fair Value (Level 1)
Investments, Fair Value Disclosure
Available-for-sale securities	$ 67	$ 0	$ 0

Fair Value Measurements - Ass_2

Fair Value Measurements - Assets and Liabilities Measured on a Non-Recurring Basis (Details) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 03, 2018USD ($)	Aug. 03, 2018USD ($)
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Costs Incurred	$ 230	$ 230
Long-lived asset impairments
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Costs Incurred	206	206
Orchard Supply Hardware
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Costs Incurred	230
Orchard Supply Hardware | Long-lived asset impairments
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Costs Incurred	206
Fair Value, Measurements, Nonrecurring | Estimate of Fair Value | Fair Value (Level 3) | Orchard Supply Hardware
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items]
Fair value measurement	$ 284	$ 284

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	Aug. 02, 2019	Feb. 01, 2019	Aug. 03, 2018
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	$ 17,099	$ 14,727	$ 14,972
Unsecured Notes
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	17,093	14,721	14,966
Mortgage Notes
Financial Instruments
Long-term debt carrying value (excluding capitalized lease obligations)	6	6	6
Estimate of Fair Value
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	18,219	14,479	15,239
Estimate of Fair Value | Unsecured Notes | Fair Value (Level 1)
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	18,213	14,473	15,233
Estimate of Fair Value | Mortgage Notes | Fair Value (Level 2)
Financial Instruments
Long-term debt fair value (excluding capitalized lease obligations)	$ 6	$ 6	$ 6

Restricted Investment Balances

Restricted Investment Balances (Details) - USD ($) $ in Millions	Aug. 02, 2019	Feb. 01, 2019	Aug. 03, 2018
Restricted Investment Balances
Restricted balances included in short-term investments	$ 275	$ 218	$ 374
Restricted balances included in long-term investments	$ 179	$ 256	$ 74

Property and Accumulated Depr_2

Property and Accumulated Depreciation (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018	Feb. 01, 2019
Property and Accumulated Depreciation
Accumulated depreciation	$ 17,400	$ 17,500	$ 17,400	$ 17,500	$ 17,400
Depreciation	$ 325	$ 355	$ 643	$ 723

Exit Activities - Narrative (De

Exit Activities - Narrative (Details) $ in Millions	Aug. 17, 2018store	Aug. 03, 2018USD ($)	Aug. 03, 2018USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs Incurred		$ 230	$ 230
Long-lived asset impairments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs Incurred		206	$ 206
Orchard Supply Hardware
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of stores to be closed | store	99
Costs Incurred		230
Orchard Supply Hardware | Long-lived asset impairments
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs Incurred		206
Orchard Supply Hardware | Store Closing and Discontinued Projects
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Costs Incurred		$ 24

Exit Activities - Summary (Deta

Exit Activities - Summary (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Aug. 03, 2018	Aug. 03, 2018
Restructuring Cost and Reserve
Costs Incurred	$ 230	$ 230
Long-lived asset impairments
Restructuring Cost and Reserve
Costs Incurred	206	206
Discontinued project write-offs
Restructuring Cost and Reserve
Costs Incurred	$ 24	$ 24

Long-Term Debt - Summary (Detai

Long-Term Debt - Summary (Details)	May 03, 2019USD ($)
Long-Term Debt
Unsecured notes, issued	$ 3,000,000,000
Unsecured Notes, 3.650%
Long-Term Debt
Unsecured notes, issued	$ 1,500,000,000
Unsecured notes, interest rate	3.65%
Unamortized discount	$ 9,000,000
Unsecured Notes, 4.550%
Long-Term Debt
Unsecured notes, issued	$ 1,500,000,000
Unsecured notes, interest rate	4.55%
Unamortized discount	$ 19,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	6 Months Ended
	Aug. 02, 2019
2019 Combined Notes
Long-Term Debt
Debt instrument, redemption price, percentage	101.00%

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) shares in Millions	Aug. 03, 2018	May 31, 2019	May 31, 2019	Mar. 31, 2019	Feb. 28, 2019	Nov. 30, 2018	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018	Dec. 12, 2018	Jan. 26, 2018
Share Repurchases
Cash used to repurchase shares									$ 2,770,000,000	$ 1,846,000,000
Repurchase of common stock (in shares)							19.6	11.5	27.7	20.3
Share repurchases, value							$ 1,964,000,000	$ 1,106,000,000	$ 2,796,000,000	$ 1,863,000,000
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value							$ 11,200,000,000		$ 11,200,000,000
Repurchase of common stock (in shares)							19.6	11.4	27.6	20.1
Share repurchases, value							$ 1,964,000,000	$ 1,100,000,000	$ 2,783,000,000	$ 1,850,000,000
January 26, 2018 Share Repurchase Authorization
Share Repurchases
Share repurchases authorized, value												$ 5,000,000,000
December 2018 Share Repurchase Authorization
Share Repurchases
Share repurchases authorized, value											$ 10,000,000,000
Accelerated Share Repurchase
Share Repurchases
Share repurchases authorized, value						$ 270,000,000
Cash used to repurchase shares						$ 270,000,000
Repurchase of common stock (in shares)					0.3	2.6
Variable Notional Accelerated Share Repurchase Agreement
Share Repurchases
Cash used to repurchase shares		$ 350,000,000		$ 500,000,000
Repurchase of common stock (in shares)		0.3		2.9
Proceeds from (repurchase of) equity		$ 150,000,000
Variable Notional Accelerated Share Repurchase Agreement | Minimum
Share Repurchases
Share repurchases authorized, value				$ 350,000,000
Variable Notional Accelerated Share Repurchase Agreement | Maximum
Share Repurchases
Share repurchases authorized, value		500,000,000	$ 500,000,000	$ 500,000,000
May 2019 Accelerated Share Repurchase Agreement Purchases
Share Repurchases
Share repurchases authorized, value		$ 1,400,000,000	1,400,000,000
Cash used to repurchase shares			$ 1,400,000,000
Proceeds from (repurchase of) equity	$ 420,000,000
Share repurchases (in shares)	1		8.9
May 2019 Accelerated Share Repurchase Agreement Purchases | Minimum
Share Repurchases
Share repurchases, value			$ 990,000,000
May 2019 Accelerated Share Repurchase Agreement Purchases | Maximum
Share Repurchases
Share repurchases, value			$ 1,400,000,000
Open Market Purchases
Share Repurchases
Share repurchases, value								$ 974,000,000		$ 1,400,000,000
Share repurchases (in shares)							9.7		14.2

Shareholders' Equity - Summary

Shareholders' Equity - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Share Repurchases
Share repurchases (in shares)	19.6	11.5	27.7	20.3
Share repurchases, value	$ 1,964	$ 1,106	$ 2,796	$ 1,863
Reduction in retained earnings	$ 1,904	$ 1,018	$ 2,662	$ 1,722
Share repurchase program
Share Repurchases
Share repurchases (in shares)	19.6	11.4	27.6	20.1
Share repurchases, value	$ 1,964	$ 1,100	$ 2,783	$ 1,850
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0	0.1	0.1	0.2
Share repurchases, value	$ 0	$ 6	$ 13	$ 13

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Basic earnings per common share:
Net earnings	$ 1,676	$ 1,520	$ 2,722	$ 2,509
Less: Net earnings allocable to participating securities	(6)	(5)	(9)	(9)
Net earnings allocable to common shares, basic	$ 1,670	$ 1,515	$ 2,713	$ 2,500
Weighted-average common shares outstanding (in shares)	781	813	788	819
Basic earnings per common share (in dollars per share)	$ 2.14	$ 1.86	$ 3.44	$ 3.05
Diluted earnings per common share:
Net earnings	$ 1,676	$ 1,520	$ 2,722	$ 2,509
Less: Net earnings allocable to participating securities	(6)	(5)	(9)	(9)
Net earnings allocable to common shares, diluted	$ 1,670	$ 1,515	$ 2,713	$ 2,500
Weighted-average common shares outstanding (in shares)	781	813	788	819
Dilutive effect of non-participating share-based awards (in shares)	0	1	1	1
Weighted-average common shares, as adjusted (in shares)	781	814	789	820
Diluted earnings per common share (in dollars per share)	$ 2.14	$ 1.86	$ 3.44	$ 3.05

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Earnings Per Share
Anti-dilutive securities (in shares)	1	0.5	0.8	0.7

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Income Taxes
Effective income tax rate	24.20%	24.40%	21.50%	24.30%

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018	Aug. 02, 2019	Aug. 03, 2018
Net interest expense
Long-term debt	$ 173	$ 146	$ 327	$ 291
Finance lease obligations	7	0	14	0
Capitalized lease obligations	0	15	0	30
Interest income	(12)	(9)	(19)	(12)
Interest capitalized	0	(1)	(1)	(2)
Interest on tax uncertainties	(1)	0	(2)	0
Other	2	2	12	6
Interest - net	$ 169	$ 153	$ 331	$ 313

Supplemental Disclosure - Suppl

Supplemental Disclosure - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 02, 2019	Aug. 03, 2018
Supplemental disclosures of cash flow information
Cash paid for interest, net of amount capitalized1	$ 311	$ 322
Cash paid for income taxes - net	612	762
Non-cash investing and financing activities:
Non-cash property acquisitions, including assets acquired under capital lease 1	86	14
Cash dividends declared but not paid	$ 428	$ 390