Lowe's Companies (LOW) 10-Q 1 Jun 23 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 05, 2023	May 30, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 05, 2023
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		585,980,783
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--02-02

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Current Earnings
Net sales	$ 22,347	$ 23,659
Cost of sales	14,820	15,609
Gross margin	7,527	8,050
Expenses:
Selling, general and administrative	3,824	4,303
Depreciation and amortization	415	445
Operating income	3,288	3,302
Interest – net	349	243
Pre-tax earnings	2,939	3,059
Income tax provision	679	726
Net earnings	$ 2,260	$ 2,333
Weighted-average common shares outstanding - basic (in shares)	596	660
Basic earnings per common share (in dollars per share)	$ 3.78	$ 3.52
Weighted-average common shares outstanding - diluted (in shares)	597	662
Diluted earnings per common share (in dollars per share)	$ 3.77	$ 3.51
Current Earnings (Percentages)
Net sales	100%	100%
Cost of sales	66.32%	65.97%
Gross margin	33.68%	34.03%
Expenses (Percentages):
Selling, general and administrative	17.12%	18.19%
Depreciation and amortization	1.85%	1.88%
Operating income	14.71%	13.96%
Interest – net	1.56%	1.03%
Pre-tax earnings	13.15%	12.93%
Income tax provision	3.04%	3.07%
Net earnings	10.11%	9.86%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Comprehensive Income
Net earnings	$ 2,260	$ 2,333
Foreign currency translation adjustments – net of tax	0	(17)
Cash flow hedges – net of tax	(4)	219
Other	1	(2)
Other comprehensive (loss)/income	(3)	200
Comprehensive income	$ 2,257	$ 2,533
Comprehensive Income (Percentages)
Net earnings	10.11%	9.86%
Foreign currency translation adjustments – net of tax	0%	(0.07%)
Cash flow hedges – net of tax	(0.02%)	0.93%
Other	0.01%	(0.01%)
Other comprehensive (loss)/income	(0.01%)	0.85%
Comprehensive income	10.10%	10.71%

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Current assets:
Cash and cash equivalents	$ 2,950	$ 1,348	$ 3,414
Short-term investments	423	384	368
Merchandise inventory – net	19,522	18,532	20,239
Other current assets	1,023	1,178	1,590
Total current assets	23,918	21,442	25,611
Property, less accumulated depreciation	17,402	17,567	18,890
Operating lease right-of-use assets	3,504	3,518	4,131
Long-term investments	103	121	76
Deferred income taxes – net	150	250	33
Other assets	840	810	984
Total assets	45,917	43,708	49,725
Current liabilities:
Short-term borrowings	72	499	0
Current maturities of long-term debt	589	585	121
Current operating lease liabilities	525	522	639
Accounts payable	11,885	10,524	13,831
Accrued compensation and employee benefits	766	1,109	1,190
Deferred revenue	1,645	1,603	2,094
Income taxes payable	526	1,181	741
Other current liabilities	3,202	3,488	3,215
Total current liabilities	19,210	19,511	21,831
Long-term debt, excluding current maturities	35,863	32,876	28,776
Noncurrent operating lease liabilities	3,479	3,512	4,061
Deferred revenue – Lowe's protection plans	1,206	1,201	1,137
Other liabilities	869	862	797
Total liabilities	60,627	57,962	56,602
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 – 592 million, 601 million, and 652 million shares, respectively	296	301	326
Accumulated deficit	(15,310)	(14,862)	(7,367)
Accumulated other comprehensive income	304	307	164
Total shareholders' deficit	(14,710)	(14,254)	(6,877)
Total liabilities and shareholders' deficit	$ 45,917	$ 43,708	$ 49,725

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
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)	592,000,000	601,000,000	652,000,000
Common stock, shares outstanding (in shares)	592,000,000	601,000,000	652,000,000

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	Accumulated Deficit	Accumulated Other Comprehensive (Loss)/Income
Balance (in shares) at Jan. 28, 2022		670
Balance at Jan. 28, 2022	$ (4,816)	$ 335	$ 0	$ (5,115)	$ (36)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,333			2,333
Other comprehensive income (loss)	200				200
Cash dividends declared	(524)			(524)
Share-based payment expense	46		46
Repurchases of common stock (in shares)		(19)
Repurchases of common stock	(4,117)	$ (9)	(47)	(4,061)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 1		1
Balance (in shares) at Apr. 29, 2022	652	652
Balance at Apr. 29, 2022	$ (6,877)	$ 326	0	(7,367)	164
Balance (in shares) at Feb. 03, 2023	601	601
Balance at Feb. 03, 2023	$ (14,254)	$ 301	0	(14,862)	307
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,260			2,260
Other comprehensive income (loss)	(3)				(3)
Cash dividends declared	(624)			(624)
Share-based payment expense	55		55
Repurchases of common stock (in shares)		(11)
Repurchases of common stock	(2,149)	$ (6)	(59)	(2,084)
Issuance of common stock under share-based payment plans (in shares)		2
Issuance of common stock under share-based payment plans	$ 5	$ 1	4
Balance (in shares) at May. 05, 2023	592	592
Balance at May. 05, 2023	$ (14,710)	$ 296	$ 0	$ (15,310)	$ 304

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Deficit (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.05	$ 0.80

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Cash flows from operating activities:
Net earnings	$ 2,260	$ 2,333
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	465	503
Noncash lease expense	108	135
Deferred income taxes	102	59
Asset impairment and loss on property – net	11	4
Gain on sale of business	(67)	0
Share-based payment expense	59	50
Changes in operating assets and liabilities:
Merchandise inventory – net	(990)	(2,646)
Other operating assets	157	(212)
Accounts payable	1,361	2,479
Deferred revenue	48	191
Other operating liabilities	(1,408)	81
Net cash provided by operating activities	2,106	2,977
Cash flows from investing activities:
Purchases of investments	(450)	(109)
Proceeds from sale/maturity of investments	412	132
Capital expenditures	(380)	(343)
Proceeds from sale of property and other long-term assets	8	10
Proceeds from sale of business	123	0
Other – net	(17)	0
Net cash used in investing activities	(304)	(310)
Cash flows from financing activities:
Net change in commercial paper	(427)	0
Net proceeds from issuance of debt	2,983	4,964
Repayment of debt	(22)	(773)
Proceeds from issuance of common stock under share-based payment plans	5	1
Cash dividend payments	(633)	(537)
Repurchases of common stock	(2,106)	(4,037)
Other – net	0	(4)
Net cash used in financing activities	(200)	(386)
Net increase in cash and cash equivalents	1,602	2,281
Cash and cash equivalents, beginning of period	1,348	1,133
Cash and cash equivalents, end of period	$ 2,950	$ 3,414

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 05, 2023
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 May 5, 2023, and April 29, 2022, and the statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the three months ended May 5, 2023, and April 29, 2022. The February 3, 2023, 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 February 3, 2023 (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 2022 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
	May 05, 2023
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 May 5, 2023 April 29, 2022 Products $ 21,572 $ 22,884 Services 528 536 Other 247 239 Net sales $ 22,347 $ 23,659 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 May 5, April 29, February 3, Anticipated sales returns Other current liabilities $ 318 $ 363 $ 234 Right of return assets Other current assets 185 218 139 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) May 5, April 29, February 3, Retail deferred revenue $ 1,063 $ 1,521 $ 933 Stored-value cards deferred revenue 582 573 670 Deferred revenue $ 1,645 $ 2,094 $ 1,603 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) May 5, April 29, February 3, Deferred revenue - Lowe’s protection plans $ 1,206 $ 1,137 $ 1,201 Three Months Ended (In millions) May 5, 2023 April 29, 2022 Lowe’s protection plans deferred revenue recognized into sales $ 136 $ 127 Lowe’s protection plans claim expenses 53 45 Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended May 5, 2023 April 29, 2022 (In millions) Net Sales % Net Sales % Home Décor 1 $ 8,243 36.9 % $ 8,697 36.8 % Hardlines 2 6,811 30.5 6,695 28.3 Building Products 3 6,789 30.4 7,770 32.8 Other 504 2.2 497 2.1 Total $ 22,347 100.0 % $ 23,659 100.0 % 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 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools 3 Building Products includes the following product categories: Building Materials, Electrical, Lumber, Millwork, and Rough Plumbing The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended May 5, 2023 April 29, 2022 United States $ 22,347 $ 22,426 Canada 1 — 1,233 Net Sales $ 22,347 $ 23,659 1 The Canadian retail business was sold on February 3, 2023.

Restricted Investments

Restricted Investments	3 Months Ended
	May 05, 2023
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) May 5, 2023 April 29, 2022 February 3, 2023 Short-term restricted investments $ 423 $ 368 $ 384 Long-term restricted investments 103 76 100 Total restricted investments $ 526 $ 444 $ 484

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 05, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows: • Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities • Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly • Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities Assets and Liabilities that are Measured at Fair Value on a Recurring Basis The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of May 5, 2023, April 29, 2022, and February 3, 2023: Fair Value Measurements at (In millions) Classification Measurement Level May 5, April 29, February 3, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 143 $ 176 $ 157 Money market funds Short-term investments Level 1 108 135 43 Corporate debt securities Short-term investments Level 2 72 15 78 Certificates of deposit Short-term investments Level 1 62 4 40 Commercial paper Short-term investments Level 2 38 — 52 Foreign government debt securities Short-term investments Level 2 — 28 14 Municipal obligations Short-term investments Level 2 — 10 — U.S. Treasury securities Long-term investments Level 1 92 31 86 Corporate debt securities Long-term investments Level 2 9 43 12 Municipal obligations Long-term investments Level 2 2 2 2 Derivative instruments: Forward interest rate swaps Other current assets Level 2 $ — $ 261 $ 251 Fixed-to-floating interest rate swaps Other liabilities Level 2 69 65 88 Other financial instruments: Contingent consideration Long-term investments Level 3 $ — $ — $ 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, financial assets were classified within Level 1 of the fair value hierarchy. When quoted prices in active markets were not available, fair values for financial assets and liabilities classified within Level 2 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. The performance-based contingent consideration is related to the fiscal 2022 sale of the Canadian retail business and is classified as a Level 3 long-term investment. The Company determined the initial fair value of contingent consideration as of February 3, 2023, based on an income approach using an option pricing model, calculated using significant unobservable inputs such as total equity value, volatility, and expected term. Subsequent measurements of fair value of the contingent consideration are based on an income approach, which requires certain assumptions considering operating performance of the business and a risk-adjusted discount rate. Changes in the estimated fair value of the contingent consideration are recognized as gain or loss included within selling, general and administrative expense in the consolidated statements of earnings. The rollforward of the fair value of contingent consideration for the three months ended May 5, 2023, is as follows: Three Months Ended (In millions) May 5, 2023 Beginning balance $ 21 Change in fair value 102 Proceeds received (123) Ending balance $ — Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis During the three months ended May 5, 2023, and April 29, 2022, 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 N ote 7 , 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: May 5, 2023 April 29, 2022 February 3, 2023 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 35,898 $ 32,525 $ 28,224 $ 26,095 $ 32,897 $ 30,190 Mortgage notes (Level 2) 2 2 4 5 2 2 Long-term debt (excluding finance lease obligations) $ 35,900 $ 32,527 $ 28,228 $ 26,100 $ 32,899 $ 30,192

Accounts Payable

Accounts Payable	3 Months Ended
	May 05, 2023
Payables and Accruals [Abstract]
Accounts Payable	Accounts PayableThe Company has agreements with third parties to provide supplier finance programs which facilitate participating suppliers’ ability to finance payment obligations from the Company with designated third-party financial institutions. Participating suppliers may, at their sole discretion, make offers to finance one or more payment obligations of the Company prior to their scheduled due dates at a discounted price to participating financial institutions. The Company’s outstanding payment obligations that suppliers financed to participating financial institutions, which are included in accounts payable on the consolidated balance sheets, are as follows: (In millions) May 5, 2023 April 29, 2022 February 3, 2023 Financed payment obligations $ 1,894 $ 2,493 $ 2,257

Debt

Debt	3 Months Ended
	May 05, 2023
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 as amended, (2020 Credit Agreement) and the $2.0 billion five-year unsecured third amended and restated credit agreement entered into in December 2021, and as amended (Third Amended and Restated Credit Agreement). 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. Outstanding borrowings under the Company’s commercial paper program were $72 million, with a weighted average interest rate of 5.75% as of May 5, 2023, and $499 million, with a weighted average interest rate of 4.78%, as of February 3, 2023. There were no outstanding borrowings under the 2020 Credit Agreement or the Third Amended and Restated Credit Agreement as of May 5, 2023, or February 3, 2023. There were no outstanding borrowings under the Company’s commercial paper program, the 2020 Credit Agreement, or the Third Amended and Restated Credit Agreement as of April 29, 2022. Total combined availability under the 2020 Credit Agreement and the Third Amended and Restated Credit Agreement was $3.9 billion as of May 5, 2023. Long-Term Debt On March 30, 2023, the Company issued $3.0 billion of unsecured fixed rate notes (March 2023 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,000 April 2026 4.800% $ 3 $ 1,000 July 2033 5.150% $ 4 $ 500 July 2053 5.750% $ 5 $ 500 April 2063 5.850% $ 5 Interest on the March 2023 Notes with April maturity dates is payable semiannually in arrears in April and October of each year until maturity. Interest on the March 2023 Notes with July maturity dates is payable semiannually in arrears in January and July of each year until maturity.

Derivative Instruments

Derivative Instruments	3 Months Ended
	May 05, 2023
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) May 5, April 29, February 3, Cash flow hedges: Forward interest rate swap agreement notional amounts $ — $ 1,760 $ 1,290 Fair value hedges: Fixed-to-floating interest rate swap agreement notional amounts $ 850 $ 850 $ 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 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 2023 Notes, we settled forward interest rate swap contracts with a combined notional amount of $2.0 billion and received a payment of $247 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 net earnings for the three months ended May 5, 2023, and April 29, 2022, including its line item in the financial statements, is as follows: (In millions) Three Months Ended May 5, 2023 April 29, 2022 Other comprehensive (loss)/income: Cash flow hedges – net of tax benefit/(expense) of $2 million and ($73) million, respectively $ (4) $ 218 Net earnings: Interest – net $ 3 $ (1)

Shareholders' Deficit

Shareholders' Deficit	3 Months Ended
	May 05, 2023
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. Any excess of cost over par value is charged to additional paid-in capital to the extent that a balance is present. Once additional paid-in capital is fully depleted, remaining excess of cost over par value is charged to accumulated deficit. As of May 5, 2023, the Company had $18.7 billion remaining in its share repurchase program. During the three months ended May 5, 2023, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase a total of 3.8 million shares of the Company’s common stock for $750 million. The terms of the ASR agreement entered into during the three months ended May 5, 2023, are as follows (in millions): Agreement Execution Agreement Settlement ASR Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2023 Q1 2023 $ 750 3.1 0.7 3.8 In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended May 5, 2023 (In millions) Shares Cost Open market share repurchases 6.1 $ 1,269 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 months ended May 5, 2023, and April 29, 2022, were as follows: Three Months Ended May 5, 2023 April 29, 2022 (In millions) Shares Cost Shares Cost Share repurchase program 1 9.9 $ 2,019 18.6 $ 4,001 Shares withheld from employees 0.7 130 0.6 116 Total share repurchases 10.6 $ 2,149 19.2 $ 4,117 1 Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax, which is included as part of the cost basis of the shares acquired.

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 05, 2023
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 months ended May 5, 2023, and April 29, 2022: Three Months Ended (In millions, except per share data) May 5, 2023 April 29, 2022 Basic earnings per common share: Net earnings $ 2,260 $ 2,333 Less: Net earnings allocable to participating securities (6) (8) Net earnings allocable to common shares, basic $ 2,254 $ 2,325 Weighted-average common shares outstanding 596 660 Basic earnings per common share $ 3.78 $ 3.52 Diluted earnings per common share: Net earnings $ 2,260 $ 2,333 Less: Net earnings allocable to participating securities (6) (8) Net earnings allocable to common shares, diluted $ 2,254 $ 2,325 Weighted-average common shares outstanding 596 660 Dilutive effect of non-participating share-based awards 1 2 Weighted-average common shares, as adjusted 597 662 Diluted earnings per common share $ 3.77 $ 3.51 Anti-dilutive securities excluded from diluted weighted-average common shares 0.6 0.4

Supplemental Disclosure

Supplemental Disclosure	3 Months Ended
	May 05, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended (In millions) May 5, 2023 April 29, 2022 Long-term debt $ 343 $ 230 Short-term borrowings 14 1 Lease obligations 6 7 Interest income (16) (2) Interest capitalized (1) (1) Interest on tax uncertainties — 3 Other 3 5 Interest – net $ 349 $ 243 Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 5, 2023 April 29, 2022 Cash paid for interest, net of amount capitalized $ 383 $ 375 Cash paid for income taxes – net 1,234 57 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 4 $ 2 Leased assets obtained in exchange for new operating lease liabilities 1 98 174 Cash dividends declared but not paid 624 524 1 Excludes $519 million of leases signed but not yet commenced as of May 5, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 05, 2023
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 May 5, 2023, and April 29, 2022, and the statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the three months ended May 5, 2023, and April 29, 2022. The February 3, 2023, 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 February 3, 2023 (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 2022 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
	May 05, 2023
Revenue from Contract with Customer [Abstract]
Sources of Revenue	The following table presents the Company’s sources of revenue: (In millions) Three Months Ended May 5, 2023 April 29, 2022 Products $ 21,572 $ 22,884 Services 528 536 Other 247 239 Net sales $ 22,347 $ 23,659
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 May 5, April 29, February 3, Anticipated sales returns Other current liabilities $ 318 $ 363 $ 234 Right of return assets Other current assets 185 218 139
Schedule of Deferred Revenue	Deferred revenue for retail and stored-value cards are as follows: (In millions) May 5, April 29, February 3, Retail deferred revenue $ 1,063 $ 1,521 $ 933 Stored-value cards deferred revenue 582 573 670 Deferred revenue $ 1,645 $ 2,094 $ 1,603 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) May 5, April 29, February 3, Deferred revenue - Lowe’s protection plans $ 1,206 $ 1,137 $ 1,201 Three Months Ended (In millions) May 5, 2023 April 29, 2022 Lowe’s protection plans deferred revenue recognized into sales $ 136 $ 127 Lowe’s protection plans claim expenses 53 45
Disaggregation of Revenues	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended May 5, 2023 April 29, 2022 (In millions) Net Sales % Net Sales % Home Décor 1 $ 8,243 36.9 % $ 8,697 36.8 % Hardlines 2 6,811 30.5 6,695 28.3 Building Products 3 6,789 30.4 7,770 32.8 Other 504 2.2 497 2.1 Total $ 22,347 100.0 % $ 23,659 100.0 % 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 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools 3 Building Products includes the following product categories: Building Materials, Electrical, Lumber, Millwork, and Rough Plumbing
Net Sales Disaggregated by Geographical Area	The following table presents the Company’s net sales disaggregated by geographical area: (In millions) Three Months Ended May 5, 2023 April 29, 2022 United States $ 22,347 $ 22,426 Canada 1 — 1,233 Net Sales $ 22,347 $ 23,659 1 The Canadian retail business was sold on February 3, 2023.

Restricted Investments (Tables)

Restricted Investments (Tables)	3 Months Ended
	May 05, 2023
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) May 5, 2023 April 29, 2022 February 3, 2023 Short-term restricted investments $ 423 $ 368 $ 384 Long-term restricted investments 103 76 100 Total restricted investments $ 526 $ 444 $ 484

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 05, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements - Recurring Basis	The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of May 5, 2023, April 29, 2022, and February 3, 2023: Fair Value Measurements at (In millions) Classification Measurement Level May 5, April 29, February 3, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 143 $ 176 $ 157 Money market funds Short-term investments Level 1 108 135 43 Corporate debt securities Short-term investments Level 2 72 15 78 Certificates of deposit Short-term investments Level 1 62 4 40 Commercial paper Short-term investments Level 2 38 — 52 Foreign government debt securities Short-term investments Level 2 — 28 14 Municipal obligations Short-term investments Level 2 — 10 — U.S. Treasury securities Long-term investments Level 1 92 31 86 Corporate debt securities Long-term investments Level 2 9 43 12 Municipal obligations Long-term investments Level 2 2 2 2 Derivative instruments: Forward interest rate swaps Other current assets Level 2 $ — $ 261 $ 251 Fixed-to-floating interest rate swaps Other liabilities Level 2 69 65 88 Other financial instruments: Contingent consideration Long-term investments Level 3 $ — $ — $ 21
Rollforward of Contingent Consideration	The rollforward of the fair value of contingent consideration for the three months ended May 5, 2023, is as follows: Three Months Ended (In millions) May 5, 2023 Beginning balance $ 21 Change in fair value 102 Proceeds received (123) Ending balance $ —
Fair Value of Financial Instruments	Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows: May 5, 2023 April 29, 2022 February 3, 2023 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 35,898 $ 32,525 $ 28,224 $ 26,095 $ 32,897 $ 30,190 Mortgage notes (Level 2) 2 2 4 5 2 2 Long-term debt (excluding finance lease obligations) $ 35,900 $ 32,527 $ 28,228 $ 26,100 $ 32,899 $ 30,192

Accounts Payable (Tables)

Accounts Payable (Tables)	3 Months Ended
	May 05, 2023
Payables and Accruals [Abstract]
Schedule of Outstanding Financed Payment Obligations	The Company’s outstanding payment obligations that suppliers financed to participating financial institutions, which are included in accounts payable on the consolidated balance sheets, are as follows: (In millions) May 5, 2023 April 29, 2022 February 3, 2023 Financed payment obligations $ 1,894 $ 2,493 $ 2,257

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 05, 2023
Debt Disclosure [Abstract]
Long-Term Debt	On March 30, 2023, the Company issued $3.0 billion of unsecured fixed rate notes (March 2023 Notes) as follows: Principal Amount Maturity Date Interest Rate Discount $ 1,000 April 2026 4.800% $ 3 $ 1,000 July 2033 5.150% $ 4 $ 500 July 2053 5.750% $ 5 $ 500 April 2063 5.850% $ 5

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	May 05, 2023
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) May 5, April 29, February 3, Cash flow hedges: Forward interest rate swap agreement notional amounts $ — $ 1,760 $ 1,290 Fair value hedges: Fixed-to-floating interest rate swap agreement notional amounts $ 850 $ 850 $ 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 net earnings for the three months ended May 5, 2023, and April 29, 2022, including its line item in the financial statements, is as follows: (In millions) Three Months Ended May 5, 2023 April 29, 2022 Other comprehensive (loss)/income: Cash flow hedges – net of tax benefit/(expense) of $2 million and ($73) million, respectively $ (4) $ 218 Net earnings: Interest – net $ 3 $ (1)

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	3 Months Ended
	May 05, 2023
Stockholders' Equity Note [Abstract]
Accelerated Share Repurchases	The terms of the ASR agreement entered into during the three months ended May 5, 2023, are as follows (in millions): Agreement Execution Agreement Settlement ASR Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2023 Q1 2023 $ 750 3.1 0.7 3.8
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 May 5, 2023 (In millions) Shares Cost Open market share repurchases 6.1 $ 1,269
Schedule of Share Repurchases	Total shares repurchased for the three months ended May 5, 2023, and April 29, 2022, were as follows: Three Months Ended May 5, 2023 April 29, 2022 (In millions) Shares Cost Shares Cost Share repurchase program 1 9.9 $ 2,019 18.6 $ 4,001 Shares withheld from employees 0.7 130 0.6 116 Total share repurchases 10.6 $ 2,149 19.2 $ 4,117 1 Beginning January 1, 2023, share repurchases in excess of issuances are subject to a 1% excise tax, which is included as part of the cost basis of the shares acquired.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 05, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles earnings per common share for the three months ended May 5, 2023, and April 29, 2022: Three Months Ended (In millions, except per share data) May 5, 2023 April 29, 2022 Basic earnings per common share: Net earnings $ 2,260 $ 2,333 Less: Net earnings allocable to participating securities (6) (8) Net earnings allocable to common shares, basic $ 2,254 $ 2,325 Weighted-average common shares outstanding 596 660 Basic earnings per common share $ 3.78 $ 3.52 Diluted earnings per common share: Net earnings $ 2,260 $ 2,333 Less: Net earnings allocable to participating securities (6) (8) Net earnings allocable to common shares, diluted $ 2,254 $ 2,325 Weighted-average common shares outstanding 596 660 Dilutive effect of non-participating share-based awards 1 2 Weighted-average common shares, as adjusted 597 662 Diluted earnings per common share $ 3.77 $ 3.51 Anti-dilutive securities excluded from diluted weighted-average common shares 0.6 0.4

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	3 Months Ended
	May 05, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net Interest Expense	Net interest expense is comprised of the following: Three Months Ended (In millions) May 5, 2023 April 29, 2022 Long-term debt $ 343 $ 230 Short-term borrowings 14 1 Lease obligations 6 7 Interest income (16) (2) Interest capitalized (1) (1) Interest on tax uncertainties — 3 Other 3 5 Interest – net $ 349 $ 243
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 5, 2023 April 29, 2022 Cash paid for interest, net of amount capitalized $ 383 $ 375 Cash paid for income taxes – net 1,234 57 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 4 $ 2 Leased assets obtained in exchange for new operating lease liabilities 1 98 174 Cash dividends declared but not paid 624 524 1 Excludes $519 million of leases signed but not yet commenced as of May 5, 2023.

Revenue - Sources of Revenue (D

Revenue - Sources of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 22,347	$ 23,659
Products
Disaggregation of Revenue [Line Items]
Net sales	21,572	22,884
Services
Disaggregation of Revenue [Line Items]
Net sales	528	536
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 247	$ 239

Revenue - Anticipated Sales Ret

Revenue - Anticipated Sales Returns (Details) - USD ($) $ in Millions	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Revenue from Contract with Customer [Abstract]
Anticipated sales returns	$ 318	$ 234	$ 363
Right of return assets	$ 185	$ 139	$ 218

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Revenue from Contract with Customer [Abstract]
Retail deferred revenue	$ 1,063	$ 933	$ 1,521
Stored-value cards deferred revenue	582	670	573
Deferred revenue	$ 1,645	$ 1,603	$ 2,094

Revenue - Extended Protection P

Revenue - Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022	Feb. 03, 2023
Revenue from Contract with Customer [Abstract]
Deferred revenue – Lowe's protection plans	$ 1,206	$ 1,137	$ 1,201
Lowe’s protection plans deferred revenue recognized into sales	136	127
Lowe’s protection plans claim expenses	$ 53	$ 45

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 22,347	$ 23,659
Net sales (in percent)	100%	100%
United States
Disaggregation of Revenue [Line Items]
Net sales	$ 22,347	$ 22,426
Canada
Disaggregation of Revenue [Line Items]
Net sales	0	1,233
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 8,243	$ 8,697
Net sales (in percent)	36.90%	36.80%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 6,811	$ 6,695
Net sales (in percent)	30.50%	28.30%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 6,789	$ 7,770
Net sales (in percent)	30.40%	32.80%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 504	$ 497
Net sales (in percent)	2.20%	2.10%

Restricted Investments - Restri

Restricted Investments - Restricted Investment Balances (Details) - USD ($) $ in Millions	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Investments, Debt and Equity Securities [Abstract]
Short-term restricted investments	$ 423	$ 384	$ 368
Long-term restricted investments	103	100	76
Total restricted investments	$ 526	$ 484	$ 444

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Other financial instruments:
Contingent consideration	$ 0	$ 21
Fair Value, Measurements, Recurring | Estimate of Fair Value | Forward interest rate swaps | Fair Value (Level 2)
Assets, Fair Value Disclosure
Other current assets	0	251	$ 261
Fair Value, Measurements, Recurring | Estimate of Fair Value | Fixed-to-floating interest rate swaps | Fair Value (Level 2)
Liabilities, Fair Value Disclosure
Other liabilities	69	88	65
Fair Value, Measurements, Recurring | Estimate of Fair Value | Short-term Investments | U.S. Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	143	157	176
Fair Value, Measurements, Recurring | Estimate of Fair Value | Short-term Investments | Money market funds | Fair Value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	108	43	135
Fair Value, Measurements, Recurring | Estimate of Fair Value | Short-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	72	78	15
Fair Value, Measurements, Recurring | Estimate of Fair Value | Short-term Investments | Commercial paper | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	38	52	0
Fair Value, Measurements, Recurring | Estimate of Fair Value | Short-term Investments | Foreign government debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	0	14	28
Fair Value, Measurements, Recurring | Estimate of Fair Value | Short-term Investments | Municipal obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	0	0	10
Fair Value, Measurements, Recurring | Estimate of Fair Value | Short-term Investments | Certificates of deposit | Fair Value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	62	40	4
Fair Value, Measurements, Recurring | Estimate of Fair Value | Long-term Investments | Fair Value (Level 3)
Other financial instruments:
Contingent consideration	0	21	0
Fair Value, Measurements, Recurring | Estimate of Fair Value | Long-term Investments | U.S. Treasury securities | Fair Value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	92	86	31
Fair Value, Measurements, Recurring | Estimate of Fair Value | Long-term Investments | Corporate debt securities | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	9	12	43
Fair Value, Measurements, Recurring | Estimate of Fair Value | Long-term Investments | Municipal obligations | Fair Value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	$ 2	$ 2	$ 2

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration (Details) $ in Millions	3 Months Ended
	May 05, 2023 USD ($)
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance	$ 21
Change in fair value	102
Proceeds received	(123)
Ending balance	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Millions	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	$ 35,900	$ 32,899	$ 28,228
Unsecured Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	35,898	32,897	28,224
Mortgage Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	2	2	4
Estimate of Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	32,527	30,192	26,100
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)	32,525	30,190	26,095
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)	$ 2	$ 2	$ 5

Accounts Payable - Outstanding

Accounts Payable - Outstanding Payment Obligations (Details) - USD ($) $ in Millions	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Payables and Accruals [Abstract]
Financed payment obligations	$ 1,894	$ 2,257	$ 2,493

Debt - Short-term Debt (Details

Debt - Short-term Debt (Details) - USD ($)	1 Months Ended
	Jan. 31, 2023	Mar. 31, 2020	May 05, 2023	Feb. 03, 2023	Apr. 29, 2022
Short-term Debt [Line Items]
Amount outstanding under the commercial paper program			$ 72,000,000	$ 499,000,000	$ 0
Commercial paper
Short-term Debt [Line Items]
Weighted average interest rate			5.75%	4.78%
2020 Credit Agreement
Short-term Debt [Line Items]
Amount outstanding under the credit facility			$ 0	$ 0	0
Third Amended And Restated Credit Agreement
Short-term Debt [Line Items]
Amount outstanding under the credit facility			0	$ 0	$ 0
Revolving Credit Facility
Short-term Debt [Line Items]
Maximum borrowing capacity			$ 3,900,000,000
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. 30, 2023 USD ($)
Unsecured Notes Issued In 2023 | Unsecured Notes
Debt Instrument [Line Items]
Principal Amount	$ 3,000,000,000
Unsecured Notes, 4.800%
Debt Instrument [Line Items]
Principal Amount	$ 1,000,000,000
Interest Rate	4.80%
Discount	$ 3,000,000
Unsecured Notes, 5.150%
Debt Instrument [Line Items]
Principal Amount	$ 1,000,000,000
Interest Rate	5.15%
Discount	$ 4,000,000
Unsecured Notes, 5.750%
Debt Instrument [Line Items]
Principal Amount	$ 500,000,000
Interest Rate	5.75%
Discount	$ 5,000,000
Unsecured Notes, 5.850%
Debt Instrument [Line Items]
Principal Amount	$ 500,000,000
Interest Rate	5.85%
Discount	$ 5,000,000

Debt - Long-Term Debt (Details)

Debt - Long-Term Debt (Details)	3 Months Ended
	May 05, 2023
Unsecured Notes Issued In 2023
Debt Instrument [Line Items]
Debt instrument, redemption price, percentage	101%

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions		3 Months Ended
	Mar. 30, 2023	May 05, 2023	Apr. 29, 2022	Feb. 03, 2023
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges – net of tax		$ (4)	$ 219
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Revenue (Expense), Net	Interest Revenue (Expense), Net
Forward interest rate swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Cash flow hedges - tax expense		$ 2	$ (73)
Forward interest rate swaps | Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives	$ 2,000
Proceeds from derivative instrument	$ 247
Cash flow hedges – net of tax		(4)	218
Interest – net		3	(1)
Forward interest rate swaps | Designated as Hedging Instrument | Cash Flow Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivatives		0	1,760	$ 1,290
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	$ 850	$ 850

Shareholders' Deficit -Share Re

Shareholders' Deficit -Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value	$ 18,700
Share repurchases, cost	2,019	$ 4,001
Accelerated Share Repurchase
Share Repurchases
ASR Agreement Amount	$ 750
Initial Shares Delivered at Inception (in shares)	3.1
Additional Shares Delivered At Settlement (in shares)	0.7
Total Shares Delivered (in shares)	3.8
Share repurchases (in shares)	3.8
Share repurchases, cost	$ 750
Open Market Purchases
Share Repurchases
Share repurchases (in shares)	6.1
Share repurchases, cost	$ 1,269

Shareholders' Deficit - Summary

Shareholders' Deficit - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Share repurchase program
Share Repurchases
Share repurchases (in shares)	9.9	18.6
Share repurchases, cost	$ 2,019	$ 4,001
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0.7	0.6
Share repurchases, cost	$ 130	$ 116
Shares Repurchase Program And Shares Repurchased From Employees
Share Repurchases
Share repurchases (in shares)	10.6	19.2
Share repurchases, cost	$ 2,149	$ 4,117

Earnings Per Share - Summary (D

Earnings Per Share - Summary (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Basic earnings per common share:
Net earnings	$ 2,260	$ 2,333
Less: Net earnings allocable to participating securities	(6)	(8)
Net earnings allocable to common shares, basic	$ 2,254	$ 2,325
Weighted-average common shares outstanding (in shares)	596	660
Basic earnings per common share (in dollars per share)	$ 3.78	$ 3.52
Diluted earnings per common share:
Net earnings	$ 2,260	$ 2,333
Less: Net earnings allocable to participating securities	(6)	(8)
Net earnings allocable to common shares, diluted	$ 2,254	$ 2,325
Weighted-average common shares outstanding (in shares)	596	660
Dilutive effect of non-participating share-based awards (in shares)	1	2
Weighted-average common shares, as adjusted (in shares)	597	662
Diluted earnings per common share (in dollars per share)	$ 3.77	$ 3.51
Anti-dilutive securities excluded from diluted weighted-average common shares (in shares)	0.6	0.4

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term debt	$ 343	$ 230
Short-term borrowings	14	1
Lease obligations	6	7
Interest income	(16)	(2)
Interest capitalized	(1)	(1)
Interest on tax uncertainties	0	3
Other	3	5
Interest – net	$ 349	$ 243

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 05, 2023	Apr. 29, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest, net of amount capitalized	$ 383	$ 375
Cash paid for income taxes – net	1,234	57
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	4	2
Leased assets obtained in exchange for new operating lease liabilities	98	174
Cash dividends declared but not paid	624	$ 524
Operating leases signed but not commenced	$ 519