Lowe's Companies (LOW) 10-Q 25 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jul. 29, 2022	Aug. 23, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 29, 2022
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		620,700,567
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--02-03

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Current Earnings
Net sales	$ 27,476	$ 27,570	$ 51,135	$ 51,993
Cost of sales	18,343	18,258	33,952	34,551
Gross margin	9,133	9,312	17,183	17,442
Expenses:
Selling, general and administrative	4,455	4,693	8,758	9,187
Depreciation and amortization	449	409	894	800
Operating income	4,229	4,210	7,531	7,455
Interest – net	264	216	507	427
Pre-tax earnings	3,965	3,994	7,024	7,028
Income tax provision	973	976	1,699	1,688
Net earnings	$ 2,992	$ 3,018	$ 5,325	$ 5,340
Weighted-average common shares outstanding - basic (in shares)	638	705	649	711
Basic earnings per common share (in dollars per share)	$ 4.68	$ 4.27	$ 8.18	$ 7.48
Weighted-average common shares outstanding - diluted (in shares)	639	707	651	713
Diluted earnings per common share (in dollars per share)	$ 4.67	$ 4.25	$ 8.16	$ 7.46
Current Earnings (Percentages)
Net sales	100%	100%	100%	100%
Cost of sales	66.76%	66.22%	66.40%	66.45%
Gross margin	33.24%	33.78%	33.60%	33.55%
Expenses (Percentages):
Selling, general and administrative	16.22%	17.02%	17.12%	17.67%
Depreciation and amortization	1.63%	1.49%	1.75%	1.54%
Operating income	15.39%	15.27%	14.73%	14.34%
Interest – net	0.96%	0.78%	0.99%	0.82%
Pre-tax earnings	14.43%	14.49%	13.74%	13.52%
Income tax provision	3.54%	3.54%	3.33%	3.25%
Net earnings	10.89%	10.95%	10.41%	10.27%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Comprehensive Income
Net earnings	$ 2,992	$ 3,018	$ 5,325	$ 5,340
Foreign currency translation adjustments – net of tax	12	(44)	(5)	58
Cash flow hedges – net of tax	(38)	(9)	181	15
Other	(1)	(1)	(3)	(2)
Other comprehensive (loss)/income	(27)	(54)	173	71
Comprehensive income	$ 2,965	$ 2,964	$ 5,498	$ 5,411
Comprehensive Income (Percentages)
Net earnings	10.89%	10.95%	10.41%	10.27%
Foreign currency translation adjustments – net of tax	0.05%	(0.17%)	(0.02%)	0.11%
Cash flow hedges – net of tax	(0.14%)	(0.03%)	0.36%	0.03%
Other	0%	0%	0.01%	0%
Other comprehensive (loss)/income	(0.09%)	(0.20%)	0.35%	0.14%
Comprehensive income	10.80%	10.75%	10.76%	10.41%

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Current assets:
Cash and cash equivalents	$ 1,482	$ 1,133	$ 4,835
Short-term investments	450	271	1,420
Merchandise inventory – net	19,329	17,605	17,322
Other current assets	1,406	1,051	1,506
Total current assets	22,667	20,060	25,083
Property, less accumulated depreciation	18,713	19,071	19,031
Operating lease right-of-use assets	4,158	4,108	3,820
Long-term investments	56	199	225
Deferred income taxes – net	104	164	221
Other assets	1,027	1,038	1,024
Total assets	46,725	44,640	49,404
Current liabilities:
Short-term borrowings	0	0	1,000
Current maturities of long-term debt	121	868	1,344
Current operating lease liabilities	652	636	557
Accounts payable	12,631	11,354	12,011
Accrued compensation and employee benefits	1,227	1,561	1,331
Deferred revenue	1,968	1,914	2,041
Other current liabilities	3,767	3,335	3,380
Total current liabilities	20,366	19,668	21,664
Long-term debt, excluding current maturities	28,763	23,859	21,967
Noncurrent operating lease liabilities	4,069	4,021	3,841
Deferred revenue – Lowe's protection plans	1,169	1,127	1,097
Other liabilities	800	781	1,010
Total liabilities	55,167	49,456	49,579
Shareholders' deficit:
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 – 631 million, 670 million, and 699 million shares, respectively	316	335	350
Capital in excess of par value	0	0	0
Accumulated deficit	(8,895)	(5,115)	(460)
Accumulated other comprehensive income/(loss)	137	(36)	(65)
Total shareholders' deficit	(8,442)	(4,816)	(175)
Total liabilities and shareholders' deficit	$ 46,725	$ 44,640	$ 49,404

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 5	$ 5	$ 5
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	5,600,000,000	5,600,000,000	5,600,000,000
Common stock, shares issued (in shares)	631,000,000	670,000,000	699,000,000
Common stock, shares outstanding (in shares)	631,000,000	670,000,000	699,000,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Deficit (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings/(Accumulated Deficit)	Accumulated Other Comprehensive (Loss)/Income
Balance (in shares) at Jan. 29, 2021		731
Balance at Jan. 29, 2021	$ 1,437	$ 366	$ 90	$ 1,117	$ (136)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	5,340			5,340
Other comprehensive income (loss)	71				71
Cash dividends declared	(993)			(993)
Share-based payment expense	113		113
Repurchases of common stock (in shares)		(33)
Repurchases of common stock	(6,206)	$ (17)	(265)	(5,924)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 63	$ 1	62
Balance (in shares) at Jul. 30, 2021	699	699
Balance at Jul. 30, 2021	$ (175)	$ 350	0	(460)	(65)
Balance (in shares) at Apr. 30, 2021		715
Balance at Apr. 30, 2021	445	$ 358	0	98	(11)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	3,018			3,018
Other comprehensive income (loss)	(54)				(54)
Cash dividends declared	(563)			(563)
Share-based payment expense	63		63
Repurchases of common stock (in shares)		(16)
Repurchases of common stock	(3,138)	$ (8)	(117)	(3,013)
Issuance of common stock under share-based payment plans (in shares)		0
Issuance of common stock under share-based payment plans	$ 54	$ 0	54
Balance (in shares) at Jul. 30, 2021	699	699
Balance at Jul. 30, 2021	$ (175)	$ 350	0	(460)	(65)
Balance (in shares) at Jan. 28, 2022	670	670
Balance at Jan. 28, 2022	$ (4,816)	$ 335	0	(5,115)	(36)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	5,325			5,325
Other comprehensive income (loss)	173				173
Cash dividends declared	(1,190)			(1,190)
Share-based payment expense	110		110
Repurchases of common stock (in shares)		(41)
Repurchases of common stock	(8,118)	$ (20)	(183)	(7,915)
Issuance of common stock under share-based payment plans (in shares)		2
Issuance of common stock under share-based payment plans	$ 74	$ 1	73
Balance (in shares) at Jul. 29, 2022	631	631
Balance at Jul. 29, 2022	$ (8,442)	$ 316	0	(8,895)	137
Balance (in shares) at Apr. 29, 2022		652
Balance at Apr. 29, 2022	(6,877)	$ 326	0	(7,367)	164
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,992			2,992
Other comprehensive income (loss)	(27)				(27)
Cash dividends declared	(666)			(666)
Share-based payment expense	65		65
Repurchases of common stock (in shares)		(22)
Repurchases of common stock	(4,002)	$ (11)	(137)	(3,854)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 73	$ 1	72
Balance (in shares) at Jul. 29, 2022	631	631
Balance at Jul. 29, 2022	$ (8,442)	$ 316	$ 0	$ (8,895)	$ 137

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Deficit (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.05	$ 0.80	$ 1.85	$ 1.40

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021
Cash flows from operating activities:
Net earnings	$ 5,325	$ 5,340
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,007	907
Noncash lease expense	273	252
Deferred income taxes	0	110
Loss on property and other assets – net	32	1
Share-based payment expense	110	115
Changes in operating assets and liabilities:
Merchandise inventory – net	(1,728)	(1,096)
Other operating assets	(120)	(203)
Accounts payable	1,279	1,115
Deferred revenue	97	511
Other operating liabilities	(263)	(139)
Net cash provided by operating activities	6,012	6,913
Cash flows from investing activities:
Purchases of investments	(330)	(1,635)
Proceeds from sale/maturity of investments	290	692
Capital expenditures	(687)	(846)
Proceeds from sale of property and other long-term assets	19	78
Other – net	(1)	(134)
Net cash used in investing activities	(709)	(1,845)
Cash flows from financing activities:
Net proceeds from issuance of debt	4,964	2,988
Repayment of debt	(799)	(568)
Proceeds from issuance of common stock under share-based payment plans	72	63
Cash dividend payments	(1,061)	(870)
Repurchases of common stock	(8,128)	(6,174)
Other – net	(2)	(366)
Net cash used in financing activities	(4,954)	(4,927)
Effect of exchange rate changes on cash	0	4
Net increase in cash and cash equivalents	349	145
Cash and cash equivalents, beginning of period	1,133	4,690
Cash and cash equivalents, end of period	$ 1,482	$ 4,835

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 29, 2022
Accounting Policies [Abstract]
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 consolidated balance sheets as of July 29, 2022, and July 30, 2021, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and six months ended July 29, 2022, and July 30, 2021, and cash flows for the six months ended July 29, 2022, and July 30, 2021. The January 28, 2022 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 28, 2022 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year. Accounting Pronouncements Not Yet Adopted Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2021 Form 10-K are either not applicable to the Company or are not expected to have a material impact on the Company.

Revenue

Revenue	6 Months Ended
	Jul. 29, 2022
Revenue from Contract with Customer [Abstract]
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 Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Products $ 26,477 $ 26,365 $ 49,360 $ 49,887 Services 588 629 1,125 1,209 Other 411 576 650 897 Net sales $ 27,476 $ 27,570 $ 51,135 $ 51,993 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 July 29, July 30, January 28, Anticipated sales returns Other current liabilities $ 302 $ 303 $ 245 Right of return assets Other current assets 183 194 151 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) July 29, July 30, January 28, Retail deferred revenue $ 1,397 $ 1,538 $ 1,285 Stored-value cards deferred revenue 571 503 629 Deferred revenue $ 1,968 $ 2,041 $ 1,914 Deferred revenue - Lowe’s protection plans The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) 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) July 29, July 30, January 28, Deferred revenue - Lowe’s protection plans $ 1,169 $ 1,097 $ 1,127 Three Months Ended Six Months Ended (In millions) July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Lowe’s protection plans deferred revenue recognized into sales $ 129 $ 120 $ 256 $ 237 Lowe’s protection plans claim expenses 48 44 93 97 Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 9,073 33.0 % $ 9,159 33.2 % $ 17,372 34.0 % $ 17,466 33.6 % Building Products 2 8,890 32.4 9,040 32.8 15,585 30.5 16,790 32.3 Hardlines 3 8,810 32.1 8,690 31.5 16,981 33.2 16,632 32.0 Other 703 2.5 681 2.5 1,197 2.3 1,105 2.1 Total $ 27,476 100.0 % $ 27,570 100.0 % $ 51,135 100.0 % $ 51,993 100.0 % 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 Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 United States $ 25,817 $ 25,655 $ 48,243 $ 48,587 Canada 1,659 1,915 2,892 3,406 Net Sales $ 27,476 $ 27,570 $ 51,135 $ 51,993

Restricted Investments

Restricted Investments	6 Months Ended
	Jul. 29, 2022
Investments, Debt and Equity Securities [Abstract]
Restricted Investments	Restricted Investments Short-term and long-term investments include restricted balances pledged as collateral primarily for the Lowe’s protection plans program and are as follows: (In millions) July 29, 2022 July 30, 2021 January 28, 2022 Short-term restricted investments $ 450 $ 520 $ 271 Long-term restricted investments 56 225 199 Total restricted investments $ 506 $ 745 $ 470

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 29, 2022
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 July 29, 2022, July 30, 2021, and January 28, 2022: Fair Value Measurements at (In millions) Classification Measurement Level July 29, July 30, January 28, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 214 $ 139 $ 75 Money market funds Short-term investments Level 1 119 131 120 Corporate debt securities Short-term investments Level 2 54 50 8 Commercial paper Short-term investments Level 2 35 117 30 Foreign government debt securities Short-term investments Level 2 14 10 14 Municipal obligations Short-term investments Level 2 10 — 10 Certificates of deposit Short-term investments Level 1 4 959 14 Agency securities Short-term investments Level 2 — 14 — U.S. Treasury securities Long-term investments Level 1 31 148 132 Corporate debt securities Long-term investments Level 2 23 49 50 Municipal obligations Long-term investments Level 2 2 13 3 Foreign government debt securities Long-term investments Level 2 — 15 14 Derivative instruments: Forward interest rate swaps Other current assets Level 2 $ 216 $ — $ 66 Fixed-to-floating interest rate swaps Other assets Level 2 — 3 — Forward interest rate swaps Other assets Level 2 — 2 48 Forward interest rate swaps Other current liabilities Level 2 — 3 — Fixed-to-floating interest rate swaps Other liabilities Level 2 56 — 21 There were no transfers between Levels 1, 2, or 3 during any of the periods presented. When available, quoted prices were used to determine fair value. When quoted prices in active markets were available, investments were classified within Level 1 of the fair value hierarchy. When quoted prices in active markets were not available, fair values were determined using pricing models, and the inputs to those pricing models were based on observable market inputs. The inputs to the pricing models were typically benchmark yields, reported trades, broker-dealer quotes, issuer spreads, and benchmark securities, among others. Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis During the three and six months ended July 29, 2022, and July 30, 2021, 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, 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. As further described in Note 6 , certain long-term debt is associated with a fair value hedge and the changes in fair value of the hedged debt is included in the carrying value of long-term debt on the consolidated balance sheets. 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: July 29, 2022 July 30, 2021 January 28, 2022 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 28,237 $ 26,586 $ 22,592 $ 25,705 $ 24,056 $ 25,425 Mortgage notes (Level 2) 4 5 5 5 5 5 Long-term debt (excluding finance lease obligations) $ 28,241 $ 26,591 $ 22,597 $ 25,710 $ 24,061 $ 25,430

Debt

Debt	6 Months Ended
	Jul. 29, 2022
Debt Disclosure [Abstract]
Debt	Debt Commercial Paper Program The Company’s commercial paper program is supported by the $2.0 billion five-year unsecured revolving credit agreement entered into in March 2020, and amended in December 2021, (2020 Credit Agreement) and the $2.0 billion five-year unsecured third amended and restated credit agreement (Third Amended and Restated Credit Agreement) entered into in December 2021. The amounts available to be drawn under the 2020 Credit Agreement and the Third Amended and Restated Credit Agreement are reduced by the amount of borrowings under the commercial paper program. As of July 29, 2022, July 30, 2021, and January 28, 2022, there were no outstanding borrowings under the Company’s commercial paper program, the 2020 Credit Agreement, or the Third Amended and Restated Credit Agreement. Total combined availability under the 2020 Credit Agreement and the Third Amended and Restated Credit Agreement was $4.0 billion as of July 29, 2022. Other Short-Term Borrowings In April 2021, the Company entered into a $1.0 billion unsecured 364-day term loan facility (2021 Term Loan), which was scheduled to mature in April 2022, but was repaid early in January 2022. There was $1.0 billion in outstanding borrowings under the 2021 Term Loan as of July 30, 2021, with an interest rate of 0.79%. Long-Term Debt On March 24, 2022, the Company issued $5.0 billion of unsecured fixed rate notes (March 2022 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 750 April 2027 3.350% $ 3 $ 1,500 April 2032 3.750% $ 7 $ 1,500 April 2052 4.250% $ 14 $ 1,250 April 2062 4.450% $ 12 Interest on the March 2022 Notes is payable semiannually in arrears in April and October of each year until maturity.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jul. 29, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company utilizes forward interest rate swap agreements to hedge its exposure to changes in benchmark interest rates on forecasted debt issuances. The Company also utilizes fixed-to-floating interest rate swap agreements as fair value hedges on certain debt. The notional amounts for the Company’s material derivative instruments are as follows: (In millions) July 29, July 30, January 28, Cash flow hedges: Forward interest rate swap agreement notional amounts $ 2,065 $ 1,975 $ 2,560 Fair value hedges: Fixed-to-floating interest rate swap agreement notional amounts $ 850 $ 450 $ 850 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 settlement of the Company’s hedging derivative financial instruments are classified in the consolidated statements of cash flows based on the nature of the underlying hedged items. The Company accounts for the forward interest rate swap 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)/income, net of tax effects, in the consolidated statements of comprehensive income and is amortized to interest expense over the term of the respective debt. In connection with the issuance of our March 2022 Notes, we settled forward interest rate swap contracts with a combined notional amount of $1.5 billion and received a payment of $143 million. The (loss)/gain from forward interest rate swap agreements, both settled and outstanding, designated as cash flow hedges recorded in other comprehensive (loss)/income and earnings for the three and six months ended July 29, 2022, and July 30, 2021, including its line item in the financial statements, is as follows: (In millions) Three Months Ended Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Other comprehensive (loss)/income: Cash flow hedges – net of tax benefit/(expense) of $12 million, $5 million, ($61) million, and ($4) million, respectively $ (34) $ (16) $ 184 $ 12 Net earnings: Interest – net $ — $ (3) $ (1) $ (5)

Shareholders' Deficit

Shareholders' Deficit	6 Months Ended
	Jul. 29, 2022
Stockholders' Equity Note [Abstract]
Shareholders' Deficit	Shareholders’ Deficit 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 returned to authorized and unissued status. As of July 29, 2022, the Company had $11.7 billion remaining in its share repurchase program. In February 2022, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase $750 million of the Company’s common stock. In addition, in May 2022, the Company entered into an ASR agreement with a third-party financial institution to repurchase $1.8 billion of the Company’s common stock. The terms of the ASR agreements entered into during the six months ended July 29, 2022, are as follows (in millions): Agreement Execution Agreement Settlement ASR Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2022 Q1 2022 $ 750 2.8 0.6 3.4 Q2 2022 Q2 2022 1,750 7.5 2.1 9.6 In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended Six Months Ended July 29, 2022 July 29, 2022 (In millions) Shares Cost Shares Cost Open market share repurchases 11.9 $ 2,250 27.1 $ 5,500 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. Total shares repurchased for the three and six months ended July 29, 2022, and July 30, 2021, were as follows: Three Months Ended July 29, 2022 July 30, 2021 (In millions) Shares Cost Shares Cost Share repurchase program 21.5 $ 4,000 16.4 $ 3,132 Shares withheld from employees 0.1 2 — 7 Total share repurchases 21.6 $ 4,002 16.4 $ 3,139 Six Months Ended July 29, 2022 July 30, 2021 (In millions) Shares Cost Shares Cost Share repurchase program 40.1 $ 8,000 32.8 $ 6,132 Shares withheld from employees 0.6 119 0.4 74 Total share repurchases 40.7 $ 8,119 33.2 $ 6,206

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jul. 29, 2022
Earnings Per Share [Abstract]
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 and six months ended July 29, 2022, and July 30, 2021: Three Months Ended Six Months Ended (In millions, except per share data) July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Basic earnings per common share: Net earnings $ 2,992 $ 3,018 $ 5,325 $ 5,340 Less: Net earnings allocable to participating securities (9) (11) (17) (22) Net earnings allocable to common shares, basic $ 2,983 $ 3,007 $ 5,308 $ 5,318 Weighted-average common shares outstanding 638 705 649 711 Basic earnings per common share $ 4.68 $ 4.27 $ 8.18 $ 7.48 Diluted earnings per common share: Net earnings $ 2,992 $ 3,018 $ 5,325 $ 5,340 Less: Net earnings allocable to participating securities (9) (11) (17) (22) Net earnings allocable to common shares, diluted $ 2,983 $ 3,007 $ 5,308 $ 5,318 Weighted-average common shares outstanding 638 705 649 711 Dilutive effect of non-participating share-based awards 1 2 2 2 Weighted-average common shares, as adjusted 639 707 651 713 Diluted earnings per common share $ 4.67 $ 4.25 $ 8.16 $ 7.46 Anti-dilutive securities excluded from diluted weighted-average common shares 1.3 0.3 0.5 0.3

Supplemental Disclosure

Supplemental Disclosure	6 Months Ended
	Jul. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended Six Months Ended (In millions) July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Long-term debt $ 257 $ 205 $ 487 $ 406 Lease obligations 7 8 14 15 Short-term borrowings — 1 1 1 Interest income (5) (3) (7) (7) Interest capitalized (1) (1) (2) (1) Interest on tax uncertainties — (1) 3 (1) Other 6 7 11 14 Interest – net $ 264 $ 216 $ 507 $ 427 Supplemental disclosures of cash flow information: Six Months Ended (In millions) July 29, 2022 July 30, 2021 Cash paid for interest, net of amount capitalized $ 436 $ 437 Cash paid for income taxes – net 1,415 1,546 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 32 $ 97 Leased assets obtained in exchange for new operating lease liabilities 1 328 224 Cash dividends declared but not paid 666 563 1 Excludes $734 million of leases signed but not yet commenced as of July 29, 2022.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jul. 29, 2022
Accounting Policies [Abstract]
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 consolidated balance sheets as of July 29, 2022, and July 30, 2021, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and six months ended July 29, 2022, and July 30, 2021, and cash flows for the six months ended July 29, 2022, and July 30, 2021. The January 28, 2022 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 28, 2022 (the Annual Report). The financial results for the interim periods may not be indicative of the financial results for the entire fiscal year.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted Recent accounting pronouncements pending adoption not discussed in this Form 10-Q or in the 2021 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)	6 Months Ended
	Jul. 29, 2022
Revenue from Contract with Customer [Abstract]
Sources of Revenue	The following table presents the Company’s sources of revenue: (In millions) Three Months Ended Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Products $ 26,477 $ 26,365 $ 49,360 $ 49,887 Services 588 629 1,125 1,209 Other 411 576 650 897 Net sales $ 27,476 $ 27,570 $ 51,135 $ 51,993
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 July 29, July 30, January 28, Anticipated sales returns Other current liabilities $ 302 $ 303 $ 245 Right of return assets Other current assets 183 194 151
Schedule of Deferred Revenue	Deferred revenue for retail and stored-value cards are as follows: (In millions) July 29, July 30, January 28, Retail deferred revenue $ 1,397 $ 1,538 $ 1,285 Stored-value cards deferred revenue 571 503 629 Deferred revenue $ 1,968 $ 2,041 $ 1,914 Deferred revenue - Lowe’s protection plans The Company defers revenues for its separately-priced long-term extended protection plan contracts (Lowe’s protection plans) 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) July 29, July 30, January 28, Deferred revenue - Lowe’s protection plans $ 1,169 $ 1,097 $ 1,127 Three Months Ended Six Months Ended (In millions) July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Lowe’s protection plans deferred revenue recognized into sales $ 129 $ 120 $ 256 $ 237 Lowe’s protection plans claim expenses 48 44 93 97
Disaggregation of Revenues	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 9,073 33.0 % $ 9,159 33.2 % $ 17,372 34.0 % $ 17,466 33.6 % Building Products 2 8,890 32.4 9,040 32.8 15,585 30.5 16,790 32.3 Hardlines 3 8,810 32.1 8,690 31.5 16,981 33.2 16,632 32.0 Other 703 2.5 681 2.5 1,197 2.3 1,105 2.1 Total $ 27,476 100.0 % $ 27,570 100.0 % $ 51,135 100.0 % $ 51,993 100.0 % 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 Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 United States $ 25,817 $ 25,655 $ 48,243 $ 48,587 Canada 1,659 1,915 2,892 3,406 Net Sales $ 27,476 $ 27,570 $ 51,135 $ 51,993

Restricted Investments (Tables)

Restricted Investments (Tables)	6 Months Ended
	Jul. 29, 2022
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 Lowe’s protection plans program and are as follows: (In millions) July 29, 2022 July 30, 2021 January 28, 2022 Short-term restricted investments $ 450 $ 520 $ 271 Long-term restricted investments 56 225 199 Total restricted investments $ 506 $ 745 $ 470

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 29, 2022
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 July 29, 2022, July 30, 2021, and January 28, 2022: Fair Value Measurements at (In millions) Classification Measurement Level July 29, July 30, January 28, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 214 $ 139 $ 75 Money market funds Short-term investments Level 1 119 131 120 Corporate debt securities Short-term investments Level 2 54 50 8 Commercial paper Short-term investments Level 2 35 117 30 Foreign government debt securities Short-term investments Level 2 14 10 14 Municipal obligations Short-term investments Level 2 10 — 10 Certificates of deposit Short-term investments Level 1 4 959 14 Agency securities Short-term investments Level 2 — 14 — U.S. Treasury securities Long-term investments Level 1 31 148 132 Corporate debt securities Long-term investments Level 2 23 49 50 Municipal obligations Long-term investments Level 2 2 13 3 Foreign government debt securities Long-term investments Level 2 — 15 14 Derivative instruments: Forward interest rate swaps Other current assets Level 2 $ 216 $ — $ 66 Fixed-to-floating interest rate swaps Other assets Level 2 — 3 — Forward interest rate swaps Other assets Level 2 — 2 48 Forward interest rate swaps Other current liabilities Level 2 — 3 — Fixed-to-floating interest rate swaps Other liabilities Level 2 56 — 21
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: July 29, 2022 July 30, 2021 January 28, 2022 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 28,237 $ 26,586 $ 22,592 $ 25,705 $ 24,056 $ 25,425 Mortgage notes (Level 2) 4 5 5 5 5 5 Long-term debt (excluding finance lease obligations) $ 28,241 $ 26,591 $ 22,597 $ 25,710 $ 24,061 $ 25,430

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 29, 2022
Debt Disclosure [Abstract]
Long-Term Debt	On March 24, 2022, the Company issued $5.0 billion of unsecured fixed rate notes (March 2022 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 750 April 2027 3.350% $ 3 $ 1,500 April 2032 3.750% $ 7 $ 1,500 April 2052 4.250% $ 14 $ 1,250 April 2062 4.450% $ 12

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jul. 29, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Notional Amount of Derivative Instruments	The notional amounts for the Company’s material derivative instruments are as follows: (In millions) July 29, July 30, January 28, Cash flow hedges: Forward interest rate swap agreement notional amounts $ 2,065 $ 1,975 $ 2,560 Fair value hedges: Fixed-to-floating interest rate swap agreement notional amounts $ 850 $ 450 $ 850
Summary of Gain (Loss) on Interest Rate Swap Derivatives	The (loss)/gain from forward interest rate swap agreements, both settled and outstanding, designated as cash flow hedges recorded in other comprehensive (loss)/income and earnings for the three and six months ended July 29, 2022, and July 30, 2021, including its line item in the financial statements, is as follows: (In millions) Three Months Ended Six Months Ended July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Other comprehensive (loss)/income: Cash flow hedges – net of tax benefit/(expense) of $12 million, $5 million, ($61) million, and ($4) million, respectively $ (34) $ (16) $ 184 $ 12 Net earnings: Interest – net $ — $ (3) $ (1) $ (5)

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	6 Months Ended
	Jul. 29, 2022
Stockholders' Equity Note [Abstract]
Accelerated Share Repurchases	The terms of the ASR agreements entered into during the six months ended July 29, 2022, are as follows (in millions): Agreement Execution Agreement Settlement ASR Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2022 Q1 2022 $ 750 2.8 0.6 3.4 Q2 2022 Q2 2022 1,750 7.5 2.1 9.6
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 Six Months Ended July 29, 2022 July 29, 2022 (In millions) Shares Cost Shares Cost Open market share repurchases 11.9 $ 2,250 27.1 $ 5,500
Schedule of Share Repurchases	Total shares repurchased for the three and six months ended July 29, 2022, and July 30, 2021, were as follows: Three Months Ended July 29, 2022 July 30, 2021 (In millions) Shares Cost Shares Cost Share repurchase program 21.5 $ 4,000 16.4 $ 3,132 Shares withheld from employees 0.1 2 — 7 Total share repurchases 21.6 $ 4,002 16.4 $ 3,139 Six Months Ended July 29, 2022 July 30, 2021 (In millions) Shares Cost Shares Cost Share repurchase program 40.1 $ 8,000 32.8 $ 6,132 Shares withheld from employees 0.6 119 0.4 74 Total share repurchases 40.7 $ 8,119 33.2 $ 6,206

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jul. 29, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles earnings per common share for the three and six months ended July 29, 2022, and July 30, 2021: Three Months Ended Six Months Ended (In millions, except per share data) July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Basic earnings per common share: Net earnings $ 2,992 $ 3,018 $ 5,325 $ 5,340 Less: Net earnings allocable to participating securities (9) (11) (17) (22) Net earnings allocable to common shares, basic $ 2,983 $ 3,007 $ 5,308 $ 5,318 Weighted-average common shares outstanding 638 705 649 711 Basic earnings per common share $ 4.68 $ 4.27 $ 8.18 $ 7.48 Diluted earnings per common share: Net earnings $ 2,992 $ 3,018 $ 5,325 $ 5,340 Less: Net earnings allocable to participating securities (9) (11) (17) (22) Net earnings allocable to common shares, diluted $ 2,983 $ 3,007 $ 5,308 $ 5,318 Weighted-average common shares outstanding 638 705 649 711 Dilutive effect of non-participating share-based awards 1 2 2 2 Weighted-average common shares, as adjusted 639 707 651 713 Diluted earnings per common share $ 4.67 $ 4.25 $ 8.16 $ 7.46 Anti-dilutive securities excluded from diluted weighted-average common shares 1.3 0.3 0.5 0.3

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	6 Months Ended
	Jul. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Interest Expense	Net interest expense is comprised of the following: Three Months Ended Six Months Ended (In millions) July 29, 2022 July 30, 2021 July 29, 2022 July 30, 2021 Long-term debt $ 257 $ 205 $ 487 $ 406 Lease obligations 7 8 14 15 Short-term borrowings — 1 1 1 Interest income (5) (3) (7) (7) Interest capitalized (1) (1) (2) (1) Interest on tax uncertainties — (1) 3 (1) Other 6 7 11 14 Interest – net $ 264 $ 216 $ 507 $ 427
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Six Months Ended (In millions) July 29, 2022 July 30, 2021 Cash paid for interest, net of amount capitalized $ 436 $ 437 Cash paid for income taxes – net 1,415 1,546 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 32 $ 97 Leased assets obtained in exchange for new operating lease liabilities 1 328 224 Cash dividends declared but not paid 666 563 1 Excludes $734 million of leases signed but not yet commenced as of July 29, 2022.

Revenue - Sources of Revenue (D

Revenue - Sources of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 27,476	$ 27,570	$ 51,135	$ 51,993
Products
Disaggregation of Revenue [Line Items]
Net sales	26,477	26,365	49,360	49,887
Services
Disaggregation of Revenue [Line Items]
Net sales	588	629	1,125	1,209
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 411	$ 576	$ 650	$ 897

Revenue - Anticipated Sales Ret

Revenue - Anticipated Sales Returns (Details) - USD ($) $ in Millions	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Revenue from Contract with Customer [Abstract]
Anticipated sales returns	$ 302	$ 245	$ 303
Right of return assets	$ 183	$ 151	$ 194

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Revenue from Contract with Customer [Abstract]
Retail deferred revenue	$ 1,397	$ 1,285	$ 1,538
Stored-value cards deferred revenue	571	629	503
Deferred revenue	$ 1,968	$ 1,914	$ 2,041

Revenue - Extended Protection P

Revenue - Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021	Jan. 28, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue – Lowe's protection plans	$ 1,169	$ 1,097	$ 1,169	$ 1,097	$ 1,127
Lowe’s protection plans deferred revenue recognized into sales	129	120	256	237
Lowe’s protection plans claim expenses	$ 48	$ 44	$ 93	$ 97

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 27,476	$ 27,570	$ 51,135	$ 51,993
Net sales (in percent)	100%	100%	100%	100%
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 25,817	$ 25,655	$ 48,243	$ 48,587
Canada
Disaggregation of Revenue [Line Items]
Net sales	1,659	1,915	2,892	3,406
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 9,073	$ 9,159	$ 17,372	$ 17,466
Net sales (in percent)	33%	33.20%	34%	33.60%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 8,890	$ 9,040	$ 15,585	$ 16,790
Net sales (in percent)	32.40%	32.80%	30.50%	32.30%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 8,810	$ 8,690	$ 16,981	$ 16,632
Net sales (in percent)	32.10%	31.50%	33.20%	32%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 703	$ 681	$ 1,197	$ 1,105
Net sales (in percent)	2.50%	2.50%	2.30%	2.10%

Restricted Investments - Restri

Restricted Investments - Restricted Investment Balances (Details) - USD ($) $ in Millions	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Short-term restricted investments	$ 450	$ 271	$ 520
Long-term restricted investments	56	199	225
Total restricted investments	$ 506	$ 470	$ 745

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	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Short-term Investments | U.S. Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	$ 214	$ 75	$ 139
Short-term Investments | Money market funds | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	119	120	131
Short-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	54	8	50
Short-term Investments | Commercial paper | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	35	30	117
Short-term Investments | Foreign government debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	14	14	10
Short-term Investments | Municipal obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	10	10	0
Short-term Investments | Certificates of deposit | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	4	14	959
Short-term Investments | Agency securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	0	0	14
Long-term Investments | U.S. Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Investments	31	132	148
Long-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	23	50	49
Long-term Investments | Foreign government debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	0	14	15
Long-term Investments | Municipal obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Investments	2	3	13
Other Current Assets | Forward interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other current assets	216	66	0
Other Assets | Forward interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other assets:	0	48	2
Other Assets | Fixed-to-floating interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other assets:	0	0	3
Other current liabilities | Forward interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other current liabilities:	0	0	3
Other noncurrent liabilities | Fixed-to-floating interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other liabilities:	$ 56	$ 21	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Millions	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	$ 28,241	$ 24,061	$ 22,597
Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	28,237	24,056	22,592
Mortgage Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	4	5	5
Estimate of Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	26,591	25,430	25,710
Estimate of Fair Value | Unsecured Notes | Fair Value (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	26,586	25,425	25,705
Estimate of Fair Value | Mortgage Notes | Fair Value (Level 2)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	$ 5	$ 5	$ 5

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($)	1 Months Ended
	Dec. 31, 2021	Apr. 30, 2021	Mar. 31, 2020	Jul. 29, 2022	Jan. 28, 2022	Jul. 30, 2021
Short-term Debt [Line Items]
Short-term borrowings				$ 0	$ 0	$ 1,000,000,000
2021 Term Loan
Short-term Debt [Line Items]
Debt instrument term		364 days
Principal amont		$ 1,000,000,000
Short-term borrowings						$ 1,000,000,000
Weighted average interest rate						0.79%
Revolving Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity				4,000,000,000
Outstanding borrowings				$ 0	$ 0	$ 0
Revolving Credit Facility | 2020 Credit Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity			$ 2,000,000,000
Debt instrument term			5 years
Revolving Credit Facility | Third Amended And Restated Credit Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Debt instrument term	5 years

Debt - Debt Issued (Details)

Debt - Debt Issued (Details)	Mar. 24, 2022 USD ($)
Unsecured Notes Issued In 2022 | Unsecured Notes
Debt Instrument [Line Items]
Principal Amount	$ 5,000,000,000
Unsecured Notes, 3.350%
Debt Instrument [Line Items]
Principal Amount	$ 750,000,000
Interest Rate	3.35%
Unamortized discount	$ 3,000,000
Unsecured Notes, 3.750%
Debt Instrument [Line Items]
Principal Amount	$ 1,500,000,000
Interest Rate	3.75%
Unamortized discount	$ 7,000,000
Unsecured Notes, 4.250%
Debt Instrument [Line Items]
Principal Amount	$ 1,500,000,000
Interest Rate	4.25%
Unamortized discount	$ 14,000,000
Unsecured Notes, 4.450%
Debt Instrument [Line Items]
Principal Amount	$ 1,250,000,000
Interest Rate	4.45%
Unamortized discount	$ 12,000,000

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details)	6 Months Ended
	Jul. 29, 2022
Unsecured Notes Issued In 2022
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101%

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Mar. 24, 2022	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021	Jan. 28, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges – net of tax		$ (38)	$ (9)	$ 181	$ 15
Forward interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - tax benefit (expense)		12	5	(61)	(4)
Forward interest rate swaps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives	$ 1,500
Proceeds from derivative instrument	$ 143
Cash flow hedges – net of tax		(34)	(16)	184	12
Forward interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives		2,065	1,975	2,065	1,975	$ 2,560
Fixed-to-floating interest rate swaps | Designated as Hedging Instrument | Fair Value Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives		850	450	850	450	$ 850
Interest expense | Forward interest rate swaps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Interest – net		$ 0	$ (3)	$ (1)	$ (5)

Shareholders' Deficit -Share Re

Shareholders' Deficit -Share Repurchases (Details) - USD ($) shares in Millions	3 Months Ended			6 Months Ended
	Jul. 29, 2022	Apr. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021	May 31, 2022	Feb. 28, 2022
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value	$ 11,700,000,000			$ 11,700,000,000
Share repurchases, cost	4,000,000,000		$ 3,132,000,000	8,000,000,000	$ 6,132,000,000
Accelerated Share Repurchase
Share Repurchases
ASR Agreement Amount	$ 1,750,000,000	$ 750,000,000		$ 1,750,000,000		$ 1,800,000,000	$ 750,000,000
Initial Shares Delivered at Inception (in shares)	7.5	2.8
Additional Shares Delivered At Settlement (in shares)	2.1	0.6
Total Shares Delivered (in shares)	9.6	3.4
Open Market Purchases
Share Repurchases
Share repurchases (in shares)	11.9			27.1
Share repurchases, cost	$ 2,250,000,000			$ 5,500,000,000

Shareholders' Deficit - Summary

Shareholders' Deficit - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Share repurchase program
Share Repurchases
Share repurchases (in shares)	21.5	16.4	40.1	32.8
Share repurchases, cost	$ 4,000	$ 3,132	$ 8,000	$ 6,132
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0.1	0	0.6	0.4
Share repurchases, cost	$ 2	$ 7	$ 119	$ 74
Shares Repurchase Program And Shares Repurchased From Employees
Share Repurchases
Share repurchases (in shares)	21.6	16.4	40.7	33.2
Share repurchases, cost	$ 4,002	$ 3,139	$ 8,119	$ 6,206

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Basic earnings per common share:
Net earnings	$ 2,992	$ 3,018	$ 5,325	$ 5,340
Less: Net earnings allocable to participating securities	(9)	(11)	(17)	(22)
Net earnings allocable to common shares, basic	$ 2,983	$ 3,007	$ 5,308	$ 5,318
Weighted-average common shares outstanding (in shares)	638	705	649	711
Basic earnings per common share (in dollars per share)	$ 4.68	$ 4.27	$ 8.18	$ 7.48
Diluted earnings per common share:
Net earnings	$ 2,992	$ 3,018	$ 5,325	$ 5,340
Less: Net earnings allocable to participating securities	(9)	(11)	(17)	(22)
Net earnings allocable to common shares, diluted	$ 2,983	$ 3,007	$ 5,308	$ 5,318
Weighted-average common shares outstanding (in shares)	638	705	649	711
Dilutive effect of non-participating share-based awards (in shares)	1	2	2	2
Weighted-average common shares, as adjusted (in shares)	639	707	651	713
Diluted earnings per common share (in dollars per share)	$ 4.67	$ 4.25	$ 8.16	$ 7.46
Anti-dilutive securities (in shares)	1.3	0.3	0.5	0.3

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021	Jul. 29, 2022	Jul. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term debt	$ 257	$ 205	$ 487	$ 406
Lease obligations	7	8	14	15
Short-term borrowings	0	1	1	1
Interest income	(5)	(3)	(7)	(7)
Interest capitalized	(1)	(1)	(2)	(1)
Interest on tax uncertainties	0	(1)	3	(1)
Other	6	7	11	14
Interest – net	$ 264	$ 216	$ 507	$ 427

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 29, 2022	Jul. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest, net of amount capitalized	$ 436	$ 437
Cash paid for income taxes – net	1,415	1,546
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	32	97
Leased assets obtained in exchange for new operating lease liabilities	328	224
Cash dividends declared but not paid	666	$ 563
Operating leases signed but not commenced	$ 734