Lowe's Companies (LOW) 10-Q 28 May 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 01, 2020	May 26, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 1, 2020
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		755,002,775
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-29

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	May 01, 2020	Jan. 31, 2020	May 03, 2019
Current assets:
Cash and cash equivalents	$ 5,955	$ 716	$ 2,973
Short-term investments	201	160	190
Merchandise inventory – net	14,283	13,179	15,026
Other current assets	1,487	1,263	1,146
Total current assets	21,926	15,318	19,335
Property, less accumulated depreciation	18,501	18,669	18,150
Operating lease right-of-use assets	3,876	3,891	3,926
Long-term investments	300	372	235
Deferred income taxes – net	215	216	495
Other assets	1,014	1,005	1,078
Total assets	45,832	39,471	43,219
Current liabilities:
Short-term borrowings	1,000	1,941	0
Current maturities of long-term debt	604	597	1,008
Current operating lease liabilities	506	501	500
Accounts payable	10,841	7,659	11,485
Accrued compensation and employee benefits	982	684	769
Deferred revenue	1,212	1,219	1,376
Other current liabilities	3,180	2,581	2,643
Total current liabilities	18,325	15,182	17,781
Long-term debt, excluding current maturities	20,200	16,768	16,542
Noncurrent operating lease liabilities	3,915	3,943	4,064
Deferred revenue – extended protection plans	915	894	837
Other liabilities	761	712	759
Total liabilities	44,116	37,499	39,983
Shareholders' equity:
Preferred stock, $5 par value: Authorized – 5.0 million shares; Issued and outstanding – none	0	0	0
Common stock, $0.50 par value: Authorized – 5.6 billion shares; Issued and outstanding – 755 million at May 1,2020, 795 million at May 3, 2019, and 763 million shares at January 31, 2020	377	381	397
Capital in excess of par value	10	0	0
Retained earnings	1,722	1,727	3,095
Accumulated other comprehensive loss	(393)	(136)	(256)
Total shareholders' equity	1,716	1,972	3,236
Total liabilities and shareholders' equity	$ 45,832	$ 39,471	$ 43,219

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	May 01, 2020	Jan. 31, 2020	May 03, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 5	$ 5	$ 5
Preferred stock, authorized	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued	0	0	0
Preferred stock, shares outstanding	0	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, authorized	5,600,000,000	5,600,000,000	5,600,000,000
Common stock, shares issued	755,000,000	763,000,000	795,000,000
Common stock, shares outstanding	755,000,000	763,000,000	795,000,000

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Current Earnings
Net sales	$ 19,675	$ 17,741
Cost of sales	13,162	12,160
Gross margin	6,513	5,581
Expenses:
Selling, general and administrative	4,196	3,862
Depreciation and amortization	326	302
Operating income	1,991	1,417
Interest – net	205	162
Pre-tax earnings	1,786	1,255
Income tax provision	449	209
Net earnings	$ 1,337	$ 1,046
Weighted-average common shares outstanding - basic (in shares)	755	796
Basic earnings per common share (in dollars per share)	$ 1.76	$ 1.31
Weighted-average common shares outstanding - diluted (in shares)	756	797
Diluted earnings per common share (in dollars per share)	$ 1.76	$ 1.31
Cash dividends per share (in dollars per share)	$ 0.55	$ 0.48

Consolidated Statements of Ea_2

Consolidated Statements of Earnings (Unaudited) (Percents)	3 Months Ended
	May 01, 2020	May 03, 2019
Current Earnings
Net sales	100.00%	100.00%
Cost of sales	66.90%	68.54%
Gross margin	33.10%	31.46%
Expenses:
Selling, general and administrative	21.32%	21.77%
Depreciation and amortization	1.66%	1.70%
Operating income	10.12%	7.99%
Interest – net	1.04%	0.92%
Pre-tax earnings	9.08%	7.07%
Income tax provision	2.28%	1.17%
Net earnings	6.80%	5.90%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Comprehensive Income
Net earnings	$ 1,337	$ 1,046
Foreign currency translation adjustments – net of tax	(159)	(33)
Cash flow hedges – net of tax	(102)	(15)
Other	4	0
Other comprehensive loss	(257)	(48)
Comprehensive income	$ 1,080	$ 998

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Percents)	3 Months Ended
	May 01, 2020	May 03, 2019
Comprehensive Income
Net earnings	6.80%	5.90%
Foreign currency translation adjustments – net of tax	(0.82%)	(0.18%)
Cash flow hedges – net of tax	(0.52%)	(0.09%)
Other	0.03%	0.00%
Other comprehensive loss	(1.31%)	(0.27%)
Comprehensive income	5.49%	5.63%

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Loss
Balance (in shares) at Feb. 01, 2019		801
Balance at Feb. 01, 2019	$ 3,644	$ 401	$ 0	$ 3,452	$ (209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,046			1,046
Other comprehensive loss	(47)				(47)
Cash dividends declared	(382)			(382)
Share-based payment expense	39		39
Repurchase of common stock (in shares)		(8)
Repurchase of common stock	(833)	$ (5)	(70)	(758)
Issuance of common stock under share-based payment plans (in shares)		2
Issuance of common stock under share-based payment plans	$ 32	$ 1	31
Balance (in shares) at May. 03, 2019	795	795
Balance at May. 03, 2019	$ 3,236	$ 397	0	3,095	(256)
Balance (in shares) at Jan. 31, 2020	763	763
Balance at Jan. 31, 2020	$ 1,972	$ 381	0	1,727	(136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,337			1,337
Other comprehensive loss	(257)				(257)
Cash dividends declared	(415)			(415)
Share-based payment expense	23		23
Repurchase of common stock (in shares)		(10)
Repurchase of common stock	(947)	$ (5)	(15)	(927)
Issuance of common stock under share-based payment plans (in shares)		2
Issuance of common stock under share-based payment plans	$ 3	$ 1	2
Balance (in shares) at May. 01, 2020	755	755
Balance at May. 01, 2020	$ 1,716	$ 377	$ 10	$ 1,722	$ (393)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	May 01, 2020	May 03, 2019
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 0.55	$ 0.48

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Cash flows from operating activities:
Net earnings	$ 1,337	$ 1,046
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	373	337
Noncash lease expense	116	114
Deferred income taxes	46	(106)
Loss (gain) on property and other assets – net	17	(2)
Share-based payment expense	27	42
Changes in operating assets and liabilities:
Merchandise inventory – net	(1,183)	(2,478)
Other operating assets	(206)	(275)
Accounts payable	3,207	3,199
Other operating liabilities	716	260
Net cash provided by operating activities	4,450	2,137
Cash flows from investing activities:
Purchases of investments	(70)	(3)
Proceeds from sale/maturity of investments	107	54
Capital expenditures	(328)	(205)
Proceeds from sale of property and other long-term assets	25	24
Other – net	(22)	(1)
Net cash used in investing activities	(288)	(131)
Cash flows from financing activities:
Net change in commercial paper	(941)	(722)
Net proceeds from issuance of debt	3,961	2,972
Repayment of debt	(543)	(616)
Proceeds from issuance of common stock under share-based payment plans	4	32
Cash dividend payments	(420)	(385)
Repurchase of common stock	(966)	(826)
Other – net	(3)	(9)
Net cash provided by financing activities	1,092	446
Effect of exchange rate changes on cash	(15)	(2)
Net increase in cash and cash equivalents, including cash classified within current assets held for sale	5,239	2,450
Less: Net decrease in cash classified within current assets held for sale	0	12
Net increase in cash and cash equivalents	5,239	2,462
Cash and cash equivalents, beginning of period	716	511
Cash and cash equivalents, end of period	$ 5,955	$ 2,973

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 01, 2020
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 May 1, 2020 , and May 3, 2019 , the results of operations, comprehensive income, shareholders’ equity, and cash flows for the three months ended May 1, 2020 , and May 3, 2019 . The January 31, 2020 consolidated balance sheet was derived from the audited financial statements. These interim consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (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 period presentation, including the addition of cash flow hedges – net of tax on the consolidated statements of comprehensive income and the inclusion of goodwill within other assets on the consolidated balance sheets. Accounting Pronouncements Not Yet Adopted

Revenue

Revenue	3 Months Ended
	May 01, 2020
Revenue Recognition
Revenue	Revenue - 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 May 1, 2020 May 3, 2019 Products $ 19,020 $ 16,900 Services 399 554 Other 256 287 Net sales $ 19,675 $ 17,741 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. This occurs at the time of in-store purchase, in-store or curbside pick-up, 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 $352 million at May 1, 2020 , and $287 million at May 3, 2019 . The associated right of return assets reflected in other current assets were $226 million at May 1, 2020 , and $190 million at May 3, 2019 . 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 - retail Deferred revenue is presented for merchandise in which control has not yet transferred 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 in-store pick-up, curbside 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 $774 million at May 1, 2020 , and $935 million at May 3, 2019 . The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Deferred revenue - stored-value cards 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 $438 million and $441 million at May 1, 2020 , and May 3, 2019 , 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 months ended May 1, 2020 , and May 3, 2019 . Deferred revenue - extended protection plans The Company 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 $107 million for the three months ended May 1, 2020 , and $99 million for the three months ended May 3, 2019 . 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 May 1, 2020 , and May 3, 2019 , 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 $36 million for the three months ended May 1, 2020 , and $48 million for the three months ended May 3, 2019 . Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended May 1, 2020 May 3, 2019 (In millions) Net Sales % Net Sales % Home Décor ¹ $ 6,930 35 $ 6,336 36 Hardlines ² 6,433 33 5,555 31 Building Products ³ 5,965 30 5,397 30 Other 347 2 453 3 Total $ 19,675 100 $ 17,741 100 Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation. 1 Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint 2 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools 3 Building Products includes the following product categories: Building Materials, Electrical, Lighting, Lumber, Millwork, and Rough Plumbing The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended May 1, 2020 May 3, 2019 United States $ 18,760 $ 16,647 International 915 1,094 Net Sales $ 19,675 $ 17,741

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2020
Fair Value Disclosures [Abstract]
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 and liabilities measured at fair value on a recurring basis as of May 1, 2020 , May 3, 2019 , and January 31, 2020 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level May 1, 2020 May 3, 2019 January 31, 2020 Assets: Short-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 133 $ — $ 13 Money market funds Level 1 33 156 105 Corporate debt securities Level 2 28 12 23 Agency securities Level 2 7 22 19 Total short-term investments $ 201 $ 190 $ 160 Long-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 214 $ 26 $ 280 Corporate debt securities Level 2 56 181 62 Agency securities Level 2 30 28 30 Total long-term investments $ 300 $ 235 $ 372 Liabilities: Other current liabilities: Derivative instruments Forward interest rate swaps Level 2 $ 15 $ — $ 11 Total other current liabilities $ 15 $ — $ 11 Other liabilities: Derivative instruments Forward interest rate swaps Level 2 $ 17 $ — $ — Total other liabilities $ 17 $ — $ — There were no transfers between Levels 1, 2, or 3 during any of the periods presented. When available, quoted prices were used to determine fair value. When quoted prices in active markets were available, investments were classified within Level 1 of the fair value hierarchy. When quoted prices in active markets were not available, fair values were determined using pricing models, and the inputs to those pricing models were based on observable market inputs. The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads, and benchmark securities, among others. Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis During the three months ended May 1, 2020 , and May 3, 2019 , the Company had no significant measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. Fair Value of Financial Instruments The Company’s financial instruments not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, 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 finance lease obligations, are as follows: May 1, 2020 May 3, 2019 January 31, 2020 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 20,106 $ 23,209 $ 17,090 $ 17,261 $ 16,648 $ 18,808 Mortgage notes (Level 2) 5 5 6 6 5 6 Long-term debt (excluding finance lease obligations) $ 20,111 $ 23,214 $ 17,096 $ 17,267 $ 16,653 $ 18,814

Restricted Investment Balances

Restricted Investment Balances	3 Months Ended
	May 01, 2020
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 $201 million at May 1, 2020 , $190 million at May 3, 2019 , and $160 million at January 31, 2020 . Restricted balances included in long-term investments were $300 million at May 1, 2020 , $235 million at May 3, 2019 , and $372 million at January 31, 2020 .

Property and Accumulated Deprec

Property and Accumulated Depreciation	3 Months Ended
	May 01, 2020
Property and Accumulated Depreciation
Property and Accumulated Depreciation	Property and Accumulated Depreciation - Property is shown net of accumulated depreciation of $17.4 billion at May 1, 2020 , $17.3 billion at May 3, 2019 , and $17.3 billion at January 31, 2020 . The Company recognized depreciation expense, inclusive of amounts presented in cost of sales and depreciation and amortization, of $359 million for the three months ended May 1, 2020 , and $324 million for the three months ended May 3, 2019 .

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	May 01, 2020
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings - In March 2020, the Company entered into a $1.02 billion five-year unsecured revolving credit agreement (the 2020 Credit Agreement) with a syndicate of banks. In connection with the 2020 Credit Agreement, the Company refinanced the 364-Day Credit Agreement (2019 Credit Agreement), dated as of September 9, 2019, and terminated any commitments under the 2019 Credit Agreement as of March 23, 2020. Borrowings under the 2020 Credit Agreement will bear interest calculated according to a Base Rate or a Eurocurrency Rate plus an applicable margin. The 2020 Credit Agreement contains customary representations, warranties and covenants for a transaction of this type. The Company was in compliance with those financial covenants at May 1, 2020 . The 2020 Credit Agreement, along with the $1.98 billion five year unsecured second amended and restated credit agreement (Second Amended and Restated Credit Agreement) entered into in September 2018, supports the Company’s commercial paper program. The amounts available to be drawn under the 2020 Credit Agreement and the Second Amended and Restated Credit Agreement are reduced by the amount of borrowings under the commercial paper program. As of May 1, 2020 , and May 3, 2019 , there were no outstanding borrowings under the 2020 Credit Agreement, Second Amended and Restated Credit Agreement, or the Company’s commercial paper program. Total combined availability under the 2020 Credit Agreement and the Second Amended and Restated Credit Agreement was $3.0 billion as of May 1, 2020 . As of May 1, 2020 , the Company held a $1.0 billion unsecured 364 -day term loan facility (Term Loan) entered in January 2020 that matures in December 2020. The weighted average interest rate of outstanding borrowings on the Term Loan was 1.86% as of May 1, 2020

Long-Term Debt

Long-Term Debt	3 Months Ended
	May 01, 2020
Long-Term Debt
Long-Term Debt	Long-Term Debt - On March 26, 2020, the Company issued $4.0 billion of unsecured fixed rate notes as follows: Principal Amount (in millions) Maturity Date Interest Rate Discount (in millions) $ 750 April 2025 4.000% $ 4 $ 1,250 April 2030 4.500% $ 12 $ 750 April 2040 5.000% $ 10 $ 1,250 April 2050 5.125% $ 13 Interest on the notes is payable semiannually in arrears in April and October of each year until maturity. The indenture governing the notes 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%

Derivative Instruments (Notes)

Derivative Instruments (Notes)	3 Months Ended
	May 01, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments - The Company utilizes derivative financial instruments to hedge its exposure to changes in benchmark interest rates on forecasted debt issuances. The Company held forward interest rate swaps with notional amounts totaling $638 million at May 1, 2020, and $770 million at January 31, 2020. The Company did not hold forward interest rate swaps at May 3, 2019. See Note 3 , Fair Value Measurements, for the gross fair values of the Company’s outstanding derivative financial instruments and corresponding fair value classifications. The cash flows related to forward interest rate swaps are included within operating activities in the accompanying consolidated statements of cash flows. The Company accounts for these contracts as cash flow hedges, thus the effective portion of gains and losses resulting from changes in fair value are recognized in other comprehensive loss, net of tax effects, in the consolidated statements of comprehensive income and is recognized in earnings when the underlying hedged transaction impacts the consolidated statements of earnings. A summary of the gain/(loss) on forward interest rate swap derivatives designated as cash flow hedges recorded in other comprehensive loss and earnings for the three months ended May 1, 2020, and May 3, 2019, including its line item in the financial statements, is as follows: (In millions) Three Months Ended May 1, 2020 May 3, 2019 Other comprehensive loss Cash flow hedges - net of tax $ (104 ) $ (15 ) Net earnings Interest - net $ 1 $ —

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	May 01, 2020
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. As of May 1, 2020 , the Company had $8.7 billion remaining in its share repurchase program. In February 2020, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase $500 million of the Company’s common stock. At inception, pursuant to the agreement, the Company paid $500 million to the financial institution using cash on hand and took delivery of 3.9 million shares. The Company finalized the transaction and received an additional 1.6 million shares prior to the end of the first quarter. Under the terms of the ASR agreement, upon settlement, the Company would either receive additional shares from the financial institution or be required to deliver additional shares or cash to the financial institution. The Company controlled its election to either deliver additional shares or cash to the financial institution and was subject to provisions which limit the number of shares the Company would be required to deliver. The final number of shares received upon settlement of the ASR agreement was determined with reference to the volume-weighted average price of the Company’s common stock over the term of the 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. The ASR agreement was accounted for as a treasury stock transaction and forward stock purchase contract. The par value of the shares received was recorded as a reduction to common stock with the remainder recorded as a reduction to capital in excess of par value and retained earnings. The forward stock purchase contract was considered indexed to the Company’s own stock and was classified as an equity instrument. In addition, during the three months ended May 1, 2020 , the Company repurchased shares of its common stock through the open market totaling 4.0 million shares for a cost of $440 million . The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of share-based awards. Shares repurchased for the three months ended May 1, 2020 , and May 3, 2019 were as follows: Three Months Ended May 1, 2020 May 3, 2019 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 9.5 $ 940 8.0 $ 818 Shares withheld from employees 0.1 7 0.1 13 Total share repurchases 9.6 $ 947 8.1 $ 831 1 Reductions of $927 million and $758 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 1, 2020 , and May 3, 2019 , respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 01, 2020
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 months ended May 1, 2020 , and May 3, 2019 : Three Months Ended (In millions, except per share data) May 1, 2020 May 3, 2019 Basic earnings per common share: Net earnings $ 1,337 $ 1,046 Less: Net earnings allocable to participating securities (4 ) (3 ) Net earnings allocable to common shares, basic $ 1,333 $ 1,043 Weighted-average common shares outstanding 755 796 Basic earnings per common share $ 1.76 $ 1.31 Diluted earnings per common share: Net earnings $ 1,337 $ 1,046 Less: Net earnings allocable to participating securities (4 ) (3 ) Net earnings allocable to common shares, diluted $ 1,333 $ 1,043 Weighted-average common shares outstanding 755 796 Dilutive effect of non-participating share-based awards 1 1 Weighted-average common shares, as adjusted 756 797 Diluted earnings per common share $ 1.76 $ 1.31 Stock options to purchase 1.0 million and 0.6 million shares of common stock were anti-dilutive for the three months ended May 1, 2020 , and May 3, 2019

Income Taxes

Income Taxes	3 Months Ended
	May 01, 2020
Income Taxes
Income Taxes	Income Taxes - The Company’s effective income tax rates were 25.1% for the three months ended May 1, 2020 , and 16.6% for the three months ended May 3, 2019

Supplemental Disclosure

Supplemental Disclosure	3 Months Ended
	May 01, 2020
Supplemental Disclosure
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended (In millions) May 1, 2020 May 3, 2019 Long-term debt $ 187 $ 154 Short-term borrowings 10 6 Finance lease obligations 8 7 Interest income (5 ) (7 ) Other 5 2 Interest – net $ 205 $ 162 Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 1, 2020 May 3, 2019 Cash paid for interest, net of amount capitalized $ 345 $ 287 Cash paid for income taxes – net $ 9 $ 19 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 34 $ 3 Leased assets obtained in exchange for new operating lease liabilities $ 153 $ 145 Cash dividends declared but not paid $ 416 $ 382

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 01, 2020
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements (unaudited) and notes to the consolidated financial statements (unaudited) are presented in accordance with the rules and regulations of the Securities and Exchange Commission and do not include all the disclosures normally required in annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The consolidated financial statements (unaudited), in the opinion of management, contain all adjustments necessary to present fairly the financial position as of May 1, 2020 , and May 3, 2019 , the results of operations, comprehensive income, shareholders’ equity, and cash flows for the three months ended May 1, 2020 , and May 3, 2019 . The January 31, 2020 consolidated balance sheet was derived from the audited financial statements. These interim consolidated financial statements (unaudited) should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Lowe’s Companies, Inc. (the Company) Annual Report on Form 10-K for the fiscal year ended January 31, 2020 (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 period presentation, including the addition of cash flow hedges – net of tax on the consolidated statements of comprehensive income and the inclusion of goodwill within other assets on the consolidated balance sheets.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 01, 2020
Revenue Recognition
Sources of Revenue	The following table presents the Company’s sources of revenue: (In millions) Three Months Ended May 1, 2020 May 3, 2019 Products $ 19,020 $ 16,900 Services 399 554 Other 256 287 Net sales $ 19,675 $ 17,741
Disaggregation of Revenues	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended May 1, 2020 May 3, 2019 (In millions) Net Sales % Net Sales % Home Décor ¹ $ 6,930 35 $ 6,336 36 Hardlines ² 6,433 33 5,555 31 Building Products ³ 5,965 30 5,397 30 Other 347 2 453 3 Total $ 19,675 100 $ 17,741 100 Note: Merchandise division net sales for the prior period have been reclassified to conform to the current period presentation. 1 Home Décor includes the following product categories: Appliances, Décor, Flooring, Kitchens & Bath, and Paint 2 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools 3 Building Products includes the following product categories: Building Materials, Electrical, Lighting, Lumber, Millwork, and Rough Plumbing
Net Sales Disaggregated by Geographical Area	The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended May 1, 2020 May 3, 2019 United States $ 18,760 $ 16,647 International 915 1,094 Net Sales $ 19,675 $ 17,741

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 01, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurements - Recurring Basis	The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of May 1, 2020 , May 3, 2019 , and January 31, 2020 . The fair values of these instruments approximated amortized costs. Fair Value Measurements at (In millions) Measurement Level May 1, 2020 May 3, 2019 January 31, 2020 Assets: Short-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 133 $ — $ 13 Money market funds Level 1 33 156 105 Corporate debt securities Level 2 28 12 23 Agency securities Level 2 7 22 19 Total short-term investments $ 201 $ 190 $ 160 Long-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 214 $ 26 $ 280 Corporate debt securities Level 2 56 181 62 Agency securities Level 2 30 28 30 Total long-term investments $ 300 $ 235 $ 372 Liabilities: Other current liabilities: Derivative instruments Forward interest rate swaps Level 2 $ 15 $ — $ 11 Total other current liabilities $ 15 $ — $ 11 Other liabilities: Derivative instruments Forward interest rate swaps Level 2 $ 17 $ — $ — Total other liabilities $ 17 $ — $ —
Fair Value of Financial Instruments	Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows: May 1, 2020 May 3, 2019 January 31, 2020 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 20,106 $ 23,209 $ 17,090 $ 17,261 $ 16,648 $ 18,808 Mortgage notes (Level 2) 5 5 6 6 5 6 Long-term debt (excluding finance lease obligations) $ 20,111 $ 23,214 $ 17,096 $ 17,267 $ 16,653 $ 18,814

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	May 01, 2020
Long-Term Debt
Schedule of Unsecured Notes Issued	On March 26, 2020, the Company issued $4.0 billion of unsecured fixed rate notes as follows: Principal Amount (in millions) Maturity Date Interest Rate Discount (in millions) $ 750 April 2025 4.000% $ 4 $ 1,250 April 2030 4.500% $ 12 $ 750 April 2040 5.000% $ 10 $ 1,250 April 2050 5.125% $ 13

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	May 01, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Summary of Gain (Loss) on Interest Rate Swap Derivatives	A summary of the gain/(loss) on forward interest rate swap derivatives designated as cash flow hedges recorded in other comprehensive loss and earnings for the three months ended May 1, 2020, and May 3, 2019, including its line item in the financial statements, is as follows: (In millions) Three Months Ended May 1, 2020 May 3, 2019 Other comprehensive loss Cash flow hedges - net of tax $ (104 ) $ (15 ) Net earnings Interest - net $ 1 $ —

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	May 01, 2020
Shareholders' Equity
Schedule of Share Repurchases	Shares repurchased for the three months ended May 1, 2020 , and May 3, 2019 were as follows: Three Months Ended May 1, 2020 May 3, 2019 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 9.5 $ 940 8.0 $ 818 Shares withheld from employees 0.1 7 0.1 13 Total share repurchases 9.6 $ 947 8.1 $ 831 1 Reductions of $927 million and $758 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended May 1, 2020 , and May 3, 2019 , respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 01, 2020
Earnings Per Share
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles earnings per common share for the three months ended May 1, 2020 , and May 3, 2019 : Three Months Ended (In millions, except per share data) May 1, 2020 May 3, 2019 Basic earnings per common share: Net earnings $ 1,337 $ 1,046 Less: Net earnings allocable to participating securities (4 ) (3 ) Net earnings allocable to common shares, basic $ 1,333 $ 1,043 Weighted-average common shares outstanding 755 796 Basic earnings per common share $ 1.76 $ 1.31 Diluted earnings per common share: Net earnings $ 1,337 $ 1,046 Less: Net earnings allocable to participating securities (4 ) (3 ) Net earnings allocable to common shares, diluted $ 1,333 $ 1,043 Weighted-average common shares outstanding 755 796 Dilutive effect of non-participating share-based awards 1 1 Weighted-average common shares, as adjusted 756 797 Diluted earnings per common share $ 1.76 $ 1.31

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	3 Months Ended
	May 01, 2020
Supplemental Disclosure
Net Interest Expense	Net interest expense is comprised of the following: Three Months Ended (In millions) May 1, 2020 May 3, 2019 Long-term debt $ 187 $ 154 Short-term borrowings 10 6 Finance lease obligations 8 7 Interest income (5 ) (7 ) Other 5 2 Interest – net $ 205 $ 162
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 1, 2020 May 3, 2019 Cash paid for interest, net of amount capitalized $ 345 $ 287 Cash paid for income taxes – net $ 9 $ 19 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 34 $ 3 Leased assets obtained in exchange for new operating lease liabilities $ 153 $ 145 Cash dividends declared but not paid $ 416 $ 382

Revenue - Summary (Details)

Revenue - Summary (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Disaggregation of Revenue [Line Items]
Net sales	$ 19,675	$ 17,741
Net sales	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 18,760	$ 16,647
International
Disaggregation of Revenue [Line Items]
Net sales	915	1,094
Products
Disaggregation of Revenue [Line Items]
Net sales	19,020	16,900
Services
Disaggregation of Revenue [Line Items]
Net sales	399	554
Other
Disaggregation of Revenue [Line Items]
Net sales	256	287
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 6,930	$ 6,336
Net sales	35.00%	36.00%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 6,433	$ 5,555
Net sales	33.00%	31.00%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 5,965	$ 5,397
Net sales	30.00%	30.00%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 347	$ 453
Net sales	2.00%	3.00%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Disaggregation of Revenue [Line Items]
Anticipated sales returns	$ 352	$ 287
Right of return assets	226	190
Up-front payment arrangement	774	935
Liability for stored-value cards	438	441
Deferred revenue from extended protection plans recognized in sales	107	99
Accrual for claims incurred	$ 36	$ 48
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	May 01, 2020	Jan. 31, 2020	May 03, 2019
Short-term Investments
Assets, Fair Value Disclosure
Investments	$ 201	$ 160	$ 190
Short-term Investments | U.S. Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	133	13	0
Short-term Investments | Money market funds | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	33	105	156
Short-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	28	23	12
Short-term Investments | Agency securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	7	19	22
Long-term Investments
Assets, Fair Value Disclosure
Investments	300	372	235
Long-term Investments | U.S. Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	214	280	26
Long-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	56	62	181
Long-term Investments | Agency securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	30	30	28
Other current liabilities
Liabilities, Fair Value Disclosure
Other current liabilities	15	11	0
Other current liabilities | Forward interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other current liabilities	15	11	0
Other noncurrent liabilities
Liabilities, Fair Value Disclosure
Total other liabilities	17	0	0
Other noncurrent liabilities | Forward interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other liabilities	$ 17	$ 0	$ 0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Millions	May 01, 2020	Jan. 31, 2020	May 03, 2019
Financial Instruments
Long-term debt carrying value (excluding finance lease obligations)	$ 20,111	$ 16,653	$ 17,096
Unsecured Notes
Financial Instruments
Long-term debt carrying value (excluding finance lease obligations)	20,106	16,648	17,090
Mortgage Notes
Financial Instruments
Long-term debt carrying value (excluding finance lease obligations)	5	5	6
Estimate of Fair Value
Financial Instruments
Long-term debt fair value (excluding finance lease obligations)	23,214	18,814	17,267
Estimate of Fair Value | Unsecured Notes | Fair Value (Level 1)
Financial Instruments
Long-term debt fair value (excluding finance lease obligations)	23,209	18,808	17,261
Estimate of Fair Value | Mortgage Notes | Fair Value (Level 2)
Financial Instruments
Long-term debt fair value (excluding finance lease obligations)	$ 5	$ 6	$ 6

Restricted Investment Balances

Restricted Investment Balances (Details) - USD ($) $ in Millions	May 01, 2020	Jan. 31, 2020	May 03, 2019
Restricted Investment Balances
Restricted balances included in short-term investments	$ 201	$ 160	$ 190
Restricted balances included in long-term investments	$ 300	$ 372	$ 235

Property and Accumulated Depr_2

Property and Accumulated Depreciation (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019	Jan. 31, 2020
Property and Accumulated Depreciation
Accumulated depreciation	$ 17,400	$ 17,300	$ 17,300
Depreciation	$ 359	$ 324

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	1 Months Ended		3 Months Ended
	Mar. 31, 2020	Sep. 30, 2018	May 01, 2020
Short-term Debt [Line Items]
Weighted average interest rate of outstanding borrowings			1.86%
Term Loan
Short-term Debt [Line Items]
Debt instrument term			364 days
Unsecured term loan facility			$ 1,000,000,000
Revolving Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity			$ 3,000,000,000
Revolving Credit Facility | 2020 Credit Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 1,020,000,000
Debt instrument term	5 years
Revolving Credit Facility | Second Amended And Restated Credit Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity		$ 1,980,000,000
Debt instrument term		5 years

Long-Term Debt - Summary (Detai

Long-Term Debt - Summary (Details)	Mar. 26, 2020USD ($)
Unsecured Notes, 4.000%
Long-Term Debt
Unsecured notes, issued	$ 750,000,000
Unsecured notes, interest rate	4.00%
Unamortized discount	$ 4,000,000
Unsecured Notes, 4.500%
Long-Term Debt
Unsecured notes, issued	$ 1,250,000,000
Unsecured notes, interest rate	4.50%
Unamortized discount	$ 12,000,000
Unsecured Notes, 5.000%
Long-Term Debt
Unsecured notes, issued	$ 750,000,000
Unsecured notes, interest rate	5.00%
Unamortized discount	$ 10,000,000
Unsecured Notes, 5.125%
Long-Term Debt
Unsecured notes, issued	$ 1,250,000,000
Unsecured notes, interest rate	5.125%
Unamortized discount	$ 13,000,000
Unsecured Notes
Long-Term Debt
Unsecured notes, issued	$ 4,000,000,000

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details)	3 Months Ended
	May 01, 2020
2019 Combined Notes
Long-Term Debt
Debt instrument, redemption price, percentage	101.00%

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019	Jan. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges – net of tax	$ (102)	$ (15)
Forward interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives	638		$ 770
Cash flow hedges – net of tax	(104)	(15)
Interest expense | Forward interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest - net	$ 1	$ 0

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Feb. 29, 2020	May 01, 2020	May 03, 2019
Share Repurchases
Cash used to repurchase shares		$ 966,000,000	$ 826,000,000
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value		$ 8,700,000,000
Repurchase of common stock (in shares)		9.5	8
Share repurchases, cost		$ 940,000,000	$ 818,000,000
Accelerated Share Repurchase
Share Repurchases
Share repurchases authorized, value	$ 500,000,000
Cash used to repurchase shares	$ 500,000,000
Repurchase of common stock (in shares)	3.9	1.6
Open Market Purchases
Share Repurchases
Share repurchases (in shares)		4
Share repurchases, cost		$ 440,000,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Share Repurchases
Reduction in retained earnings	$ 927	$ 758
Share repurchase program
Share Repurchases
Share repurchases (in shares)	9.5	8
Share repurchases, cost	$ 940	$ 818
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0.1	0.1
Share repurchases, cost	$ 7	$ 13
Shares Repurchase Program And Shares Repurchased From Employees
Share Repurchases
Share repurchases (in shares)	9.6	8.1
Share repurchases, cost	$ 947	$ 831

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Basic earnings per common share:
Net earnings	$ 1,337	$ 1,046
Less: Net earnings allocable to participating securities	(4)	(3)
Net earnings allocable to common shares, basic	$ 1,333	$ 1,043
Weighted-average common shares outstanding (in shares)	755	796
Basic earnings per common share (in dollars per share)	$ 1.76	$ 1.31
Diluted earnings per common share:
Net earnings	$ 1,337	$ 1,046
Less: Net earnings allocable to participating securities	(4)	(3)
Net earnings allocable to common shares, diluted	$ 1,333	$ 1,043
Weighted-average common shares outstanding (in shares)	755	796
Dilutive effect of non-participating share-based awards (in shares)	1	1
Weighted-average common shares, as adjusted (in shares)	756	797
Diluted earnings per common share (in dollars per share)	$ 1.76	$ 1.31

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Earnings Per Share
Anti-dilutive securities (in shares)	1	0.6

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	May 01, 2020	May 03, 2019
Income Taxes
Effective income tax rate	25.10%	16.60%

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Net interest expense
Long-term debt	$ 187	$ 154
Short-term borrowings	10	6
Finance lease obligations	8	7
Interest income	(5)	(7)
Other	5	2
Interest – net	$ 205	$ 162

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2020	May 03, 2019
Supplemental disclosures of cash flow information
Cash paid for interest, net of amount capitalized	$ 345	$ 287
Cash paid for income taxes – net	9	19
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	34	3
Leased assets obtained in exchange for new operating lease liabilities	153	145
Cash dividends declared but not paid	$ 416	$ 382

Uncategorized Items - form10q_0

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (263,000,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (263,000,000)