Lowe's Companies (LOW) 10-Q 27 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Apr. 30, 2021	May 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 30, 2021
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 Lowes 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		706,890,137
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-28

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Current Earnings
Net sales	$ 24,422	$ 19,675
Cost of sales	16,292	13,162
Gross margin	8,130	6,513
Expenses:
Selling, general and administrative	4,494	4,196
Depreciation and amortization	391	326
Operating income	3,245	1,991
Interest – net	211	205
Pre-tax earnings	3,034	1,786
Income tax provision	713	449
Net earnings	$ 2,321	$ 1,337
Weighted-average common shares outstanding - basic (in shares)	718	755
Basic earnings per common share (in dollars per share)	$ 3.22	$ 1.76
Weighted-average common shares outstanding - diluted (in shares)	720	756
Diluted earnings per common share (in dollars per share)	$ 3.21	$ 1.76

Consolidated Statements of Ea_2

Consolidated Statements of Earnings (Unaudited) (Percents)	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Current Earnings
Net sales	100.00%	100.00%
Cost of sales	66.71%	66.90%
Gross margin	33.29%	33.10%
Expenses:
Selling, general and administrative	18.40%	21.32%
Depreciation and amortization	1.60%	1.66%
Operating income	13.29%	10.12%
Interest – net	0.87%	1.04%
Pre-tax earnings	12.42%	9.08%
Income tax provision	2.92%	2.28%
Net earnings	9.50%	6.80%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Comprehensive Income
Net earnings	$ 2,321	$ 1,337
Foreign currency translation adjustments – net of tax	102	(159)
Cash flow hedges – net of tax	24	(102)
Other	(1)	4
Other comprehensive income/(loss)	125	(257)
Comprehensive income	$ 2,446	$ 1,080

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Percents)	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Comprehensive Income
Net earnings	9.50%	6.80%
Foreign currency translation adjustments – net of tax	0.41%	(0.82%)
Cash flow hedges – net of tax	0.10%	(0.52%)
Other	0.00%	0.03%
Other comprehensive income/(loss)	0.51%	(1.31%)
Comprehensive income	10.01%	5.49%

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Current assets:
Cash and cash equivalents	$ 6,692	$ 4,690	$ 5,955
Short-term investments	454	506	201
Merchandise inventory – net	18,382	16,193	14,283
Other current assets	1,288	937	1,487
Total current assets	26,816	22,326	21,926
Property, less accumulated depreciation	19,059	19,155	18,629
Operating lease right-of-use assets	3,886	3,832	3,876
Long-term investments	197	200	300
Deferred income taxes – net	213	340	215
Other assets	1,029	882	886
Total assets	51,200	46,735	45,832
Current liabilities:
Short-term borrowings	0	0	1,000
Current maturities of long-term debt	1,338	1,112	604
Current operating lease liabilities	551	541	506
Accounts payable	13,964	10,884	10,841
Accrued compensation and employee benefits	1,312	1,350	982
Deferred revenue	2,022	1,608	1,212
Other current liabilities	3,705	3,235	3,180
Total current liabilities	22,892	18,730	18,325
Long-term debt, excluding current maturities	21,906	20,668	20,200
Noncurrent operating lease liabilities	3,925	3,890	3,915
Deferred revenue – extended protection plans	1,050	1,019	915
Other liabilities	982	991	761
Total liabilities	50,755	45,298	44,116
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 – 715 million, 731 million, and 755 million shares, respectively	358	366	377
Capital in excess of par value	0	90	10
Retained earnings	98	1,117	1,722
Accumulated other comprehensive loss	(11)	(136)	(393)
Total shareholders' equity	445	1,437	1,716
Total liabilities and shareholders' equity	$ 51,200	$ 46,735	$ 45,832

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 5	$ 5	$ 5
Preferred stock, shares 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, shares authorized	5,600,000,000	5,600,000,000	5,600,000,000
Common stock, shares issued	715,000,000	731,000,000	755,000,000
Common stock, shares outstanding	715,000,000	731,000,000	755,000,000

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 Jan. 31, 2020		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 income (loss)	(257)				(257)
Cash dividends declared	(415)			(415)
Share-based payment expense	23		23
Repurchases of common stock (in shares)		(10)
Repurchases 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)
Balance (in shares) at Jan. 29, 2021	731	731
Balance at Jan. 29, 2021	$ 1,437	$ 366	90	1,117	(136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,321			2,321
Other comprehensive income (loss)	125				125
Cash dividends declared	(430)			(430)
Share-based payment expense	50		50
Repurchases of common stock (in shares)		(17)
Repurchases of common stock	(3,067)	$ (9)	(148)	(2,910)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 9	$ 1	8
Balance (in shares) at Apr. 30, 2021	715	715
Balance at Apr. 30, 2021	$ 445	$ 358	$ 0	$ 98	$ (11)

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 0.60	$ 0.55

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Cash flows from operating activities:
Net earnings	$ 2,321	$ 1,337
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	443	373
Noncash lease expense	124	116
Deferred income taxes	110	46
(Gain) loss on property and other assets – net	(15)	17
Share-based payment expense	54	27
Changes in operating assets and liabilities:
Merchandise inventory – net	(2,123)	(1,183)
Other operating assets	(343)	(206)
Accounts payable	3,058	3,207
Deferred revenue	442	13
Other operating liabilities	421	703
Net cash provided by operating activities	4,492	4,450
Cash flows from investing activities:
Purchases of investments	(293)	(70)
Proceeds from sale/maturity of investments	347	107
Capital expenditures	(461)	(328)
Proceeds from sale of property and other long-term assets	64	25
Other – net	(134)	(22)
Net cash used in investing activities	(477)	(288)
Cash flows from financing activities:
Net change in commercial paper	0	(941)
Net proceeds from issuance of debt	1,988	3,961
Repayment of debt	(543)	(543)
Proceeds from issuance of common stock under share-based payment plans	9	4
Cash dividend payments	(440)	(420)
Repurchases of common stock	(3,038)	(966)
Other – net	4	(3)
Net cash (used in) provided by financing activities	(2,020)	1,092
Effect of exchange rate changes on cash	7	(15)
Net increase in cash and cash equivalents	2,002	5,239
Cash and cash equivalents, beginning of period	4,690	716
Cash and cash equivalents, end of period	$ 6,692	$ 5,955

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Apr. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed 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 condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the financial position as of April 30, 2021, and May 1, 2020, and the results of operations, comprehensive income, shareholders’ equity, and cash flows for the three months ended April 30, 2021, and May 1, 2020. The January 29, 2021 consolidated balance sheet was derived from the audited financial statements. These interim condensed 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 29, 2021 (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 reclassification of excess property from other assets to property, less accumulated depreciation on the consolidated balance sheets, and the separate disclosure of changes in deferred revenue within operating activities on the consolidated statements of cash flows. Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . The ASU, and subsequent clarifications, provide practical expedients for contract modification accounting related to the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offering rates to alternative reference rates. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company intends to use the expedients where needed for reference rate transition. The Company continues to evaluate this standard update and does not currently expect a material impact to the Company’s financial statements or disclosures. Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2020 Form 10-K are either not applicable to the Company or are not expected to have a material impact on the Company.

Revenue

Revenue	3 Months Ended
	Apr. 30, 2021
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 April 30, 2021 May 1, 2020 Products $ 23,522 $ 19,020 Services 579 399 Other 321 256 Net sales $ 24,422 $ 19,675 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. The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows: (In millions) Classification April 30, May 1, January 29, Anticipated sales returns Other current liabilities $ 374 $ 352 $ 252 Right of return assets Other current assets 240 226 164 Deferred revenue - retail and stored-value cards Retail deferred revenue consists of amounts received for which customers have not yet taken possession of the merchandise or for which installation has not yet been completed. The majority of revenue for goods and services is recognized in the quarter following revenue deferral. Stored-value cards deferred revenue includes outstanding stored-value cards such as gift cards and returned merchandise credits that have not yet been redeemed. Deferred revenue for retail and stored-value cards are as follows: (In millions) April 30, May 1, January 29, Retail deferred revenue $ 1,525 $ 774 $ 1,046 Stored-value cards deferred revenue 497 438 562 Deferred revenue $ 2,022 $ 1,212 $ 1,608 Deferred revenue - extended protection plans The Company defers revenues for its separately-priced long-term extended protection plan contracts and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred. (In millions) April 30, May 1, January 29, Deferred revenue - extended protection plans $ 1,050 $ 915 $ 1,019 Three Months Ended (In millions) April 30, 2021 May 1, 2020 Extended protection plan deferred revenue recognized into sales $ 116 $ 107 Extended protection plan claim expenses $ 54 $ 36 Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended April 30, 2021 May 1, 2020 (In millions) Net Sales % Net Sales % Home Décor 1 $ 8,311 34 % $ 6,964 35 % Building Products 2 7,904 32 5,959 30 Hardlines 3 7,785 32 6,417 33 Other 422 2 335 2 Total $ 24,422 100 % $ 19,675 100 % 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 Building Products includes the following product categories: Building Materials, Electrical, Lighting, Lumber, Millwork, and Rough Plumbing 3 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended April 30, 2021 May 1, 2020 United States $ 22,932 $ 18,760 Canada 1,490 915 Net Sales $ 24,422 $ 19,675

Investments

Investments	3 Months Ended
	Apr. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investments	Restricted Investments Short-term and long-term investments include restricted balances pledged as collateral primarily for the Company’s extended protection plan program and are as follows: (In millions) April 30, 2021 May 1, 2020 January 29, 2021 Short-term restricted investments $ 454 $ 201 $ 506 Long-term restricted investments 197 300 200 Total restricted investments $ 651 $ 501 $ 706

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 30, 2021
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 April 30, 2021, May 1, 2020, and January 29, 2021: Fair Value Measurements at (In millions) Measurement Level April 30, May 1, January 29, Assets: Short-term investments: Available-for-sale debt securities U.S Treasury securities Level 1 $ 190 $ 133 $ 223 Corporate debt securities Level 2 148 28 47 Money market funds Level 1 86 33 109 Agency securities Level 2 30 7 30 Commercial paper Level 2 — — 97 Total short-term investments $ 454 $ 201 $ 506 Other current assets: Derivative instruments Forward interest rate swaps Level 2 $ 22 $ — $ — Total other current assets $ 22 $ — $ — Long-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 128 $ 214 $ 129 Corporate debt securities Level 2 50 56 58 Municipal obligations Level 2 13 — 13 Agency securities Level 2 6 30 — Total long-term investments $ 197 $ 300 $ 200 Other assets: Derivative instruments Forward interest rate swaps Level 2 $ — $ — $ 4 Total other assets $ — $ — $ 4 Liabilities: Other current liabilities: Derivative instruments Forward interest rate swaps Level 2 $ — $ 15 $ 8 Total other current liabilities $ — $ 15 $ 8 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 April 30, 2021, and May 1, 2020, the Company had no material measurements of assets and liabilities at fair value on a nonrecurring basis subsequent to their initial recognition. Other Fair Value Disclosures The Company’s financial assets and liabilities not measured at fair value on a recurring basis include cash and cash equivalents, accounts receivable, held-to-maturity securities, short-term borrowings, accounts payable, 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: April 30, 2021 May 1, 2020 January 29, 2021 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 22,585 $ 24,774 $ 20,106 $ 23,209 $ 21,121 $ 24,349 Mortgage notes (Level 2) 5 5 5 5 5 5 Long-term debt (excluding finance lease obligations) $ 22,590 $ 24,779 $ 20,111 $ 23,214 $ 21,126 $ 24,354

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Apr. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and intangible assets resulting from acquisitions are recorded within other assets on the consolidated balance sheets and are evaluated for impairment annually on the first day of the fourth quarter or whenever events or changes in circumstances indicate that it is more likely than not that the carrying amount may not be recoverable. The carrying amount of goodwill as well as the gross carrying amount and accumulated amortization of intangible assets consist of the following: April 30, 2021 May 1, 2020 January 29, 2021 (In millions) Gross Accumulated Gross Accumulated Gross Accumulated Goodwill $ 311 $ — $ 311 $ — $ 311 $ — Definite-lived intangible assets: Customer-related $ 348 $ (76) $ 362 $ (84) $ 372 $ (99) Trademarks and trade names 270 (124) 245 (77) 264 (119) Other 2 (1) 12 (11) 12 (11) Total definite-lived intangible assets $ 620 $ (201) $ 619 $ (172) $ 648 $ (229) Indefinite-lived intangible assets: Trademark 1 134 — — — — — Total intangible assets $ 754 $ (201) $ 619 $ (172) $ 648 $ (229) 1 In April 2021, the Company acquired the STAINMASTER ® brand for total consideration of $134 million, which was determined to have an indefinite life.

Short-Term Borrowings

Short-Term Borrowings	3 Months Ended
	Apr. 30, 2021
Debt Disclosure [Abstract]
Short-Term Borrowings	Short-Term Borrowings - Commercial Paper Program The $1.02 billion five-year unsecured revolving credit agreement entered into in March 2020 (2020 Credit Agreement) and the $1.98 billion five-year unsecured second amended and restated credit agreement (Second Amended and Restated Credit Agreement) entered into in September 2018 support 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 April 30, 2021, January 29, 2021, and May 1, 2020, there were no outstanding borrowings under the Company’s commercial paper program, the 2020 Credit Agreement, or the Second Amended and Restated Credit Agreement. Total combined availability under the 2020 Credit Agreement and the Second Amended and Restated Credit Agreement was $3.0 billion as of April 30, 2021. Other Short-Term Borrowings

Long-Term Debt

Long-Term Debt	3 Months Ended
	Apr. 30, 2021
Long-Term Debt
Long-Term Debt	Long-Term Debt - On March 31, 2021, the Company issued $2.0 billion of unsecured fixed rate notes (2021 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,500 April 2031 2.625% $ 7 $ 500 April 2051 3.500% $ 5 Interest on the 2021 Notes is payable semiannually in arrears in April and October of each year until maturity.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Apr. 30, 2021
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 swap agreements with notional amounts as follows: (In millions) April 30, May 1, January 29, Forward interest rate swap agreement notional amounts $ 375 $ 638 $ 638 See Note 4 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 swap agreements 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 income/(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 income/(loss) and earnings for the three months ended April 30, 2021, and May 1, 2020, including its line item in the financial statements, is as follows: (In millions) Three Months Ended April 30, 2021 May 1, 2020 Other comprehensive income/(loss) Cash flow hedges – net of tax (expense)/benefit of ($9) million and $34 million, respectively $ 27 $ (104) Net earnings Interest – net $ 3 $ 1

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Apr. 30, 2021
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 April 30, 2021, the Company had $16.7 billion remaining in its share repurchase program. In February 2021, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase $2.0 billion of the Company’s common stock. The terms of the ASR agreement entered into during the quarter are as follows (in millions): Agreement Execution Date Agreement Settlement Date ASR Agreement Amount Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2021 Q1 2021 $ 2,000 10.7 0.2 10.9 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 agreement resulted in an immediate reduction of the outstanding shares used to calculate the weighted-average common shares outstanding for basic and diluted earnings per share. The ASR agreement was accounted for as a treasury stock transaction and forward stock purchase contract. The par value of the shares received was recorded as a reduction to common stock with the remainder recorded as a reduction to capital in excess of par value and retained earnings. The forward stock purchase contract was considered indexed to the Company’s own stock and was classified as an equity instrument. In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended April 30, 2021 (In millions) Shares Cost Open market share repurchases 5.6 $ 1,000 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 April 30, 2021, and May 1, 2020, were as follows: Three Months Ended April 30, 2021 May 1, 2020 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 16.5 $ 3,000 9.5 $ 940 Shares withheld from employees 0.3 67 0.1 7 Total share repurchases 16.8 $ 3,067 9.6 $ 947 1 Reductions of $2.9 billion and $927 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended April 30, 2021 and May 1, 2020, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 30, 2021
Earnings Per Share
Earnings Per Share	Earnings Per Share - The Company calculates basic and diluted earnings per common share using the two-class method. The following table reconciles earnings per common share for the three months ended April 30, 2021, and May 1, 2020: Three Months Ended (In millions, except per share data) April 30, 2021 May 1, 2020 Basic earnings per common share: Net earnings $ 2,321 $ 1,337 Less: Net earnings allocable to participating securities (9) (4) Net earnings allocable to common shares, basic $ 2,312 $ 1,333 Weighted-average common shares outstanding 718 755 Basic earnings per common share $ 3.22 $ 1.76 Diluted earnings per common share: Net earnings $ 2,321 $ 1,337 Less: Net earnings allocable to participating securities (9) (4) Net earnings allocable to common shares, diluted $ 2,312 $ 1,333 Weighted-average common shares outstanding 718 755 Dilutive effect of non-participating share-based awards 2 1 Weighted-average common shares, as adjusted 720 756 Diluted earnings per common share $ 3.21 $ 1.76 Anti-dilutive securities excluded from diluted weighted-average common shares 0.4 1.0

Income Taxes

Income Taxes	3 Months Ended
	Apr. 30, 2021
Income Taxes
Income Taxes	Income Taxes - The Company’s effective income tax rates were 23.5% and 25.1% for the three months ended April 30, 2021 and May 1, 2020, respectively. The decrease in the effective tax rate for the three months ended April 30, 2021, is primarily due to excess tax benefits associated with vesting and exercises of share based compensation.

Supplemental Disclosure

Supplemental Disclosure	3 Months Ended
	Apr. 30, 2021
Supplemental Disclosure
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended (In millions) April 30, 2021 May 1, 2020 Long-term debt $ 200 $ 187 Lease obligations 8 8 Short-term borrowings — 10 Interest income (3) (5) Other 6 5 Interest – net $ 211 $ 205 Supplemental disclosures of cash flow information: Three Months Ended (In millions) April 30, 2021 May 1, 2020 Cash paid for interest, net of amount capitalized $ 219 $ 345 Cash paid for income taxes – net $ 115 $ 9 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 14 $ 34 Leased assets obtained in exchange for new operating lease liabilities 1 $ 155 $ 153 Cash dividends declared but not paid $ 430 $ 416 1 Excludes $584 million of leases signed but not yet commenced as of April 30, 2021.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Apr. 30, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements (unaudited) and notes to the condensed 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 condensed consolidated financial statements (unaudited), in the opinion of management, contain all normal recurring adjustments necessary to present fairly the financial position as of April 30, 2021, and May 1, 2020, and the results of operations, comprehensive income, shareholders’ equity, and cash flows for the three months ended April 30, 2021, and May 1, 2020. The January 29, 2021 consolidated balance sheet was derived from the audited financial statements. These interim condensed 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 29, 2021 (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 reclassification of excess property from other assets to property, less accumulated depreciation on the consolidated balance sheets, and the separate disclosure of changes in deferred revenue within operating activities on the consolidated statements of cash flows.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-04, Reference Rate Reform (Topic 848): Facilitation of Effects of Reference Rate Reform on Financial Reporting . The ASU, and subsequent clarifications, provide practical expedients for contract modification accounting related to the transition away from the London Interbank Offered Rate (LIBOR) and other interbank offering rates to alternative reference rates. The expedients are applicable to contract modifications made and hedging relationships entered into on or before December 31, 2022. The Company intends to use the expedients where needed for reference rate transition. The Company continues to evaluate this standard update and does not currently expect a material impact to the Company’s financial statements or disclosures. Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2020 Form 10-K are either not applicable to the Company or are not expected to have a material impact on the Company.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 30, 2021
Revenue Recognition
Sources of Revenue	The following table presents the Company’s sources of revenue: (In millions) Three Months Ended April 30, 2021 May 1, 2020 Products $ 23,522 $ 19,020 Services 579 399 Other 321 256 Net sales $ 24,422 $ 19,675
Anticipated Sales Return And Right of Return Assets	The balances and classification within the consolidated balance sheets for anticipated sales returns and the associated right of return assets are as follows: (In millions) Classification April 30, May 1, January 29, Anticipated sales returns Other current liabilities $ 374 $ 352 $ 252 Right of return assets Other current assets 240 226 164
Schedule of Deferred Revenue	Deferred revenue for retail and stored-value cards are as follows: (In millions) April 30, May 1, January 29, Retail deferred revenue $ 1,525 $ 774 $ 1,046 Stored-value cards deferred revenue 497 438 562 Deferred revenue $ 2,022 $ 1,212 $ 1,608 Deferred revenue - extended protection plans The Company defers revenues for its separately-priced long-term extended protection plan contracts and recognizes revenue on a straight-line basis over the respective contract term. Expenses for claims are recognized in cost of sales when incurred. (In millions) April 30, May 1, January 29, Deferred revenue - extended protection plans $ 1,050 $ 915 $ 1,019 Three Months Ended (In millions) April 30, 2021 May 1, 2020 Extended protection plan deferred revenue recognized into sales $ 116 $ 107 Extended protection plan claim expenses $ 54 $ 36
Disaggregation of Revenues	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended April 30, 2021 May 1, 2020 (In millions) Net Sales % Net Sales % Home Décor 1 $ 8,311 34 % $ 6,964 35 % Building Products 2 7,904 32 5,959 30 Hardlines 3 7,785 32 6,417 33 Other 422 2 335 2 Total $ 24,422 100 % $ 19,675 100 % 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 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 April 30, 2021 May 1, 2020 United States $ 22,932 $ 18,760 Canada 1,490 915 Net Sales $ 24,422 $ 19,675

Investments (Tables)

Investments (Tables)	3 Months Ended
	Apr. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Schedule of Restricted Investments	Short-term and long-term investments include restricted balances pledged as collateral primarily for the Company’s extended protection plan program and are as follows: (In millions) April 30, 2021 May 1, 2020 January 29, 2021 Short-term restricted investments $ 454 $ 201 $ 506 Long-term restricted investments 197 300 200 Total restricted investments $ 651 $ 501 $ 706

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 30, 2021
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 April 30, 2021, May 1, 2020, and January 29, 2021: Fair Value Measurements at (In millions) Measurement Level April 30, May 1, January 29, Assets: Short-term investments: Available-for-sale debt securities U.S Treasury securities Level 1 $ 190 $ 133 $ 223 Corporate debt securities Level 2 148 28 47 Money market funds Level 1 86 33 109 Agency securities Level 2 30 7 30 Commercial paper Level 2 — — 97 Total short-term investments $ 454 $ 201 $ 506 Other current assets: Derivative instruments Forward interest rate swaps Level 2 $ 22 $ — $ — Total other current assets $ 22 $ — $ — Long-term investments: Available-for-sale debt securities U.S. Treasury securities Level 1 $ 128 $ 214 $ 129 Corporate debt securities Level 2 50 56 58 Municipal obligations Level 2 13 — 13 Agency securities Level 2 6 30 — Total long-term investments $ 197 $ 300 $ 200 Other assets: Derivative instruments Forward interest rate swaps Level 2 $ — $ — $ 4 Total other assets $ — $ — $ 4 Liabilities: Other current liabilities: Derivative instruments Forward interest rate swaps Level 2 $ — $ 15 $ 8 Total other current liabilities $ — $ 15 $ 8 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: April 30, 2021 May 1, 2020 January 29, 2021 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 22,585 $ 24,774 $ 20,106 $ 23,209 $ 21,121 $ 24,349 Mortgage notes (Level 2) 5 5 5 5 5 5 Long-term debt (excluding finance lease obligations) $ 22,590 $ 24,779 $ 20,111 $ 23,214 $ 21,126 $ 24,354

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Apr. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	The carrying amount of goodwill as well as the gross carrying amount and accumulated amortization of intangible assets consist of the following: April 30, 2021 May 1, 2020 January 29, 2021 (In millions) Gross Accumulated Gross Accumulated Gross Accumulated Goodwill $ 311 $ — $ 311 $ — $ 311 $ — Definite-lived intangible assets: Customer-related $ 348 $ (76) $ 362 $ (84) $ 372 $ (99) Trademarks and trade names 270 (124) 245 (77) 264 (119) Other 2 (1) 12 (11) 12 (11) Total definite-lived intangible assets $ 620 $ (201) $ 619 $ (172) $ 648 $ (229) Indefinite-lived intangible assets: Trademark 1 134 — — — — — Total intangible assets $ 754 $ (201) $ 619 $ (172) $ 648 $ (229) 1 In April 2021, the Company acquired the STAINMASTER ® brand for total consideration of $134 million, which was determined to have an indefinite life.

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Apr. 30, 2021
Long-Term Debt
Schedule of Unsecured Notes Issued	On March 31, 2021, the Company issued $2.0 billion of unsecured fixed rate notes (2021 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,500 April 2031 2.625% $ 7 $ 500 April 2051 3.500% $ 5

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Apr. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount of Forward Interest Rate Swap Agreements	The Company held forward interest rate swap agreements with notional amounts as follows: (In millions) April 30, May 1, January 29, Forward interest rate swap agreement notional amounts $ 375 $ 638 $ 638
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 income/(loss) and earnings for the three months ended April 30, 2021, and May 1, 2020, including its line item in the financial statements, is as follows: (In millions) Three Months Ended April 30, 2021 May 1, 2020 Other comprehensive income/(loss) Cash flow hedges – net of tax (expense)/benefit of ($9) million and $34 million, respectively $ 27 $ (104) Net earnings Interest – net $ 3 $ 1

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Apr. 30, 2021
Shareholders' Equity
Accelerated Share Repurchases	The terms of the ASR agreement entered into during the quarter are as follows (in millions): Agreement Execution Date Agreement Settlement Date ASR Agreement Amount Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2021 Q1 2021 $ 2,000 10.7 0.2 10.9
Repurchase of Common Stock Through the Open Market	In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended April 30, 2021 (In millions) Shares Cost Open market share repurchases 5.6 $ 1,000
Schedule of Share Repurchases	Shares repurchased for the three months ended April 30, 2021, and May 1, 2020, were as follows: Three Months Ended April 30, 2021 May 1, 2020 (In millions) Shares Cost 1 Shares Cost 1 Share repurchase program 16.5 $ 3,000 9.5 $ 940 Shares withheld from employees 0.3 67 0.1 7 Total share repurchases 16.8 $ 3,067 9.6 $ 947 1 Reductions of $2.9 billion and $927 million were recorded to retained earnings, after capital in excess of par value was depleted, for the three months ended April 30, 2021 and May 1, 2020, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 30, 2021
Earnings Per Share
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles earnings per common share for the three months ended April 30, 2021, and May 1, 2020: Three Months Ended (In millions, except per share data) April 30, 2021 May 1, 2020 Basic earnings per common share: Net earnings $ 2,321 $ 1,337 Less: Net earnings allocable to participating securities (9) (4) Net earnings allocable to common shares, basic $ 2,312 $ 1,333 Weighted-average common shares outstanding 718 755 Basic earnings per common share $ 3.22 $ 1.76 Diluted earnings per common share: Net earnings $ 2,321 $ 1,337 Less: Net earnings allocable to participating securities (9) (4) Net earnings allocable to common shares, diluted $ 2,312 $ 1,333 Weighted-average common shares outstanding 718 755 Dilutive effect of non-participating share-based awards 2 1 Weighted-average common shares, as adjusted 720 756 Diluted earnings per common share $ 3.21 $ 1.76 Anti-dilutive securities excluded from diluted weighted-average common shares 0.4 1.0

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	3 Months Ended
	Apr. 30, 2021
Supplemental Disclosure
Net Interest Expense	Net interest expense is comprised of the following: Three Months Ended (In millions) April 30, 2021 May 1, 2020 Long-term debt $ 200 $ 187 Lease obligations 8 8 Short-term borrowings — 10 Interest income (3) (5) Other 6 5 Interest – net $ 211 $ 205
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Three Months Ended (In millions) April 30, 2021 May 1, 2020 Cash paid for interest, net of amount capitalized $ 219 $ 345 Cash paid for income taxes – net $ 115 $ 9 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 14 $ 34 Leased assets obtained in exchange for new operating lease liabilities 1 $ 155 $ 153 Cash dividends declared but not paid $ 430 $ 416 1 Excludes $584 million of leases signed but not yet commenced as of April 30, 2021.

Revenue - Sources of Revenue (D

Revenue - Sources of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 24,422	$ 19,675
Net sales (in percent)	100.00%	100.00%
Products
Disaggregation of Revenue [Line Items]
Net sales	$ 23,522	$ 19,020
Services
Disaggregation of Revenue [Line Items]
Net sales	579	399
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 321	$ 256

Revenue - Anticipated Sales Ret

Revenue - Anticipated Sales Returns (Details) - USD ($) $ in Millions	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Revenue Recognition
Anticipated sales returns	$ 374	$ 252	$ 352
Right of return assets	$ 240	$ 164	$ 226

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Revenue Recognition
Retail deferred revenue	$ 1,525	$ 1,046	$ 774
Stored-value cards deferred revenue	497	562	438
Deferred revenue	$ 2,022	$ 1,608	$ 1,212

Revenue - Extended Protection P

Revenue - Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020	Jan. 29, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue – extended protection plans	$ 1,050	$ 915	$ 1,019
Deferred revenue from extended protection plans recognized in sales	116	107
Recognized claim expense	$ 54	$ 36

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 24,422	$ 19,675
Net sales	100.00%	100.00%
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 22,932	$ 18,760
Canada
Disaggregation of Revenue [Line Items]
Net sales	1,490	915
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 8,311	$ 6,964
Net sales	34.00%	35.00%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 7,904	$ 5,959
Net sales	32.00%	30.00%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 7,785	$ 6,417
Net sales	32.00%	33.00%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 422	$ 335
Net sales	2.00%	2.00%

Investments - Restricted Invest

Investments - Restricted Investment Balances (Details) - USD ($) $ in Millions	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Investments, Debt and Equity Securities [Abstract]
Restricted balances included in short-term investments	$ 454	$ 506	$ 201
Restricted balances included in long-term investments	197	200	300
Restricted Cash and Investments	$ 651	$ 706	$ 501

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	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Short-term Investments
Assets, Fair Value Disclosure
Investments	$ 454	$ 506	$ 201
Short-term Investments | U.S Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	190	223	133
Short-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	148	47	28
Short-term Investments | Money market funds | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	86	109	33
Short-term Investments | Agency securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	30	30	7
Short-term Investments | Commercial paper | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	0	97	0
Other Current Assets
Assets, Fair Value Disclosure
Other current assets:	22	0	0
Other Current Assets | Forward interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other current assets:	22	0	0
Long-term Investments
Assets, Fair Value Disclosure
Investments	197	200	300
Long-term Investments | U.S Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	128	129	214
Long-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	50	58	56
Long-term Investments | Agency securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	6	0	30
Long-term Investments | Municipal Bonds [Member] | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	13	13	0
Other current liabilities
Liabilities, Fair Value Disclosure
Other current liabilities:	0	8	15
Other current liabilities | Forward interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other current liabilities:	0	8	15
Other noncurrent liabilities
Liabilities, Fair Value Disclosure
Other liabilities:	0	0	17
Other noncurrent liabilities | Forward interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other liabilities:	0	0	17
Other Assets
Assets, Fair Value Disclosure
Other assets:	0	4	0
Other Assets | Forward interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other assets:	$ 0	$ 4	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Millions	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Financial Instruments
Long-term debt carrying value (excluding finance lease obligations)	$ 22,590	$ 21,126	$ 20,111
Unsecured Notes
Financial Instruments
Long-term debt carrying value (excluding finance lease obligations)	22,585	21,121	20,106
Mortgage Notes
Financial Instruments
Long-term debt carrying value (excluding finance lease obligations)	5	5	5
Estimate of Fair Value
Financial Instruments
Long-term debt fair value (excluding finance lease obligations)	24,779	24,354	23,214
Estimate of Fair Value | Unsecured Notes | Fair Value (Level 1)
Financial Instruments
Long-term debt fair value (excluding finance lease obligations)	24,774	24,349	23,209
Estimate of Fair Value | Mortgage Notes | Fair Value (Level 2)
Financial Instruments
Long-term debt fair value (excluding finance lease obligations)	$ 5	$ 5	$ 5

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Summary (Details) - USD ($) $ in Millions	1 Months Ended
	Apr. 30, 2021	Jan. 29, 2021	May 01, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 311	$ 311	$ 311
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	620	648	619
Accumulated Amortization	(201)	(229)	(172)
Indefinite-lived Intangible Assets [Line Items]
Total intangible assets	754	648	619
Trademarks
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets:	134	0	0
Trademarks | STAINMASTER
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets acquired	134
Customer-related
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	348	372	362
Accumulated Amortization	(76)	(99)	(84)
Trademarks and trade names
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	270	264	245
Accumulated Amortization	(124)	(119)	(77)
Other
Finite-Lived Intangible Assets [Line Items]
Total definite-lived intangible assets	2	12	12
Accumulated Amortization	$ (1)	$ (11)	$ (11)

Short-Term Borrowings (Details)

Short-Term Borrowings (Details) - USD ($)	1 Months Ended
	Apr. 30, 2021	Mar. 31, 2020	Sep. 30, 2018	Jan. 29, 2021	May 01, 2020
2021 Term Loan
Short-term Debt [Line Items]
Debt instrument term	364 days
Outstanding borrowings	$ 0
Principal Amount	1,000,000,000
Revolving Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity	3,000,000,000
Outstanding borrowings	$ 0			$ 0	$ 0
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) - USD ($)	3 Months Ended
	Apr. 30, 2021	Mar. 31, 2021
Unsecured Notes Issued In 2021
Long-Term Debt
Debt instrument, redemption price, percentage	101.00%
Unsecured Notes, 2.625%
Long-Term Debt
Principal Amount		$ 1,500,000,000
Interest Rate		2.625%
Discount		$ 7,000,000
Unsecured Notes, 3.500%
Long-Term Debt
Principal Amount		$ 500,000,000
Interest Rate		3.50%
Discount		$ 5,000,000
Unsecured Notes | Unsecured Notes Issued In 2021
Long-Term Debt
Principal Amount		$ 2,000,000,000

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020	Jan. 29, 2021
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges – net of tax	$ 24	$ (102)
Forward interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - tax (expense) benefit	(9)	34
Forward interest rate swaps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives	375	638	$ 638
Cash flow hedges – net of tax	27	(104)
Interest expense | Forward interest rate swaps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest – net	$ 3	$ 1

Shareholders' Equity -Share Rep

Shareholders' Equity -Share Repurchases (Details) - USD ($) shares in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020	Feb. 28, 2021
Share Repurchases
ASR Agreement Amount	$ 2,000,000,000
Total Shares Delivered	10.9
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value	$ 16,700,000,000
Share repurchases, cost	$ 3,000,000,000	$ 940,000,000
Accelerated Share Repurchase
Share Repurchases
Share repurchases authorized, value			$ 2,000,000,000
Initial Shares Delivered at Inception	10.7
Additional Shares Delivered at Settlement	0.2
Open Market Purchases
Share Repurchases
Share repurchases (in shares)	5.6
Share repurchases, cost	$ 1,000,000,000

Shareholders' Equity - Summary

Shareholders' Equity - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Share Repurchases
Reduction in retained earnings	$ 2,900	$ 927
Share repurchase program
Share Repurchases
Share repurchases (in shares)	16.5	9.5
Share repurchases, cost	$ 3,000	$ 940
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0.3	0.1
Share repurchases, cost	$ 67	$ 7
Shares Repurchase Program And Shares Repurchased From Employees
Share Repurchases
Share repurchases (in shares)	16.8	9.6
Share repurchases, cost	$ 3,067	$ 947

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Basic earnings per common share:
Net earnings	$ 2,321	$ 1,337
Less: Net earnings allocable to participating securities	(9)	(4)
Net earnings allocable to common shares, basic	$ 2,312	$ 1,333
Weighted-average common shares outstanding (in shares)	718	755
Basic earnings per common share (in dollars per share)	$ 3.22	$ 1.76
Diluted earnings per common share:
Net earnings	$ 2,321	$ 1,337
Less: Net earnings allocable to participating securities	(9)	(4)
Net earnings allocable to common shares, diluted	$ 2,312	$ 1,333
Weighted-average common shares outstanding (in shares)	718	755
Dilutive effect of non-participating share-based awards (in shares)	2	1
Weighted-average common shares, as adjusted (in shares)	720	756
Diluted earnings per common share (in dollars per share)	$ 3.21	$ 1.76
Anti-dilutive securities (in shares)	0.4	1

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Income Taxes
Effective income tax rate	23.50%	25.10%

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Net interest expense
Long-term debt	$ 200	$ 187
Lease obligations	8	8
Short-term borrowings	0	10
Interest income	(3)	(5)
Other	6	5
Interest – net	$ 211	$ 205

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 30, 2021	May 01, 2020
Supplemental disclosures of cash flow information
Cash paid for interest, net of amount capitalized	$ 219	$ 345
Cash paid for income taxes – net	115	9
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	14	34
Leased assets obtained in exchange for new operating lease liabilities	155	153
Cash dividends declared but not paid	430	$ 416
Operating leases signed but not commenced	$ 584