Lowe's Companies (LOW) 10-Q 30 May 24 2024 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	May 03, 2024	May 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 03, 2024
Document Transition Report	false
Entity File Number	1-7898
Entity Registrant Name	LOWE’S 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		569,835,275
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--01-31

Consolidated Statements of Earn

Consolidated Statements of Earnings (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Current Earnings
Net sales	$ 21,364	$ 22,347
Cost of sales	14,274	14,820
Gross margin	7,090	7,527
Expenses:
Selling, general and administrative	4,009	3,824
Depreciation and amortization	428	415
Operating income	2,653	3,288
Interest – net	352	349
Pre-tax earnings	2,301	2,939
Income tax provision	546	679
Net earnings	$ 1,755	$ 2,260
Weighted-average common shares outstanding - basic (in shares)	571	596
Basic earnings per common share (in dollars per share)	$ 3.06	$ 3.78
Weighted-average common shares outstanding - diluted (in shares)	572	597
Diluted earnings per common share (in dollars per share)	$ 3.06	$ 3.77
Current Earnings (Percentages)
Net sales	100%	100%
Cost of sales	66.81%	66.32%
Gross margin	33.19%	33.68%
Expenses (Percentages):
Selling, general and administrative	18.77%	17.12%
Depreciation and amortization	2%	1.85%
Operating income	12.42%	14.71%
Interest – net	1.65%	1.56%
Pre-tax earnings	10.77%	13.15%
Income tax provision	2.56%	3.04%
Net earnings	8.21%	10.11%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Comprehensive Income
Net earnings	$ 1,755	$ 2,260
Cash flow hedges – net of tax	(3)	(4)
Other	(1)	1
Other comprehensive loss	(4)	(3)
Comprehensive income	$ 1,751	$ 2,257
Comprehensive Income (Percentages)
Net earnings	8.21%	10.11%
Cash flow hedges – net of tax	(0.02%)	(0.02%)
Other	0%	0.01%
Other comprehensive loss	(0.02%)	(0.01%)
Comprehensive income	8.19%	10.10%

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
Current assets:
Cash and cash equivalents	$ 3,237	$ 921	$ 2,950
Short-term investments	264	307	423
Merchandise inventory – net	18,224	16,894	19,522
Other current assets	1,025	949	1,023
Total current assets	22,750	19,071	23,918
Property, less accumulated depreciation	17,531	17,653	17,402
Operating lease right-of-use assets	3,829	3,733	3,504
Long-term investments	306	252	103
Deferred income taxes – net	115	248	150
Other assets	834	838	840
Total assets	45,365	41,795	45,917
Current liabilities:
Short-term borrowings	0	0	72
Current maturities of long-term debt	1,294	537	589
Current operating lease liabilities	552	487	525
Accounts payable	11,737	8,704	11,885
Accrued compensation and employee benefits	870	954	766
Deferred revenue	1,409	1,408	1,645
Other current liabilities	3,644	3,478	3,728
Total current liabilities	19,506	15,568	19,210
Long-term debt, excluding current maturities	34,622	35,384	35,863
Noncurrent operating lease liabilities	3,759	3,737	3,479
Deferred revenue – Lowe's protection plans	1,225	1,225	1,206
Other liabilities	859	931	869
Total liabilities	59,971	56,845	60,627
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 – 575 million, 601 million, and 611 million shares, respectively	286	287	296
Accumulated deficit	(15,188)	(15,637)	(15,310)
Accumulated other comprehensive income	296	300	304
Total shareholders' deficit	(14,606)	(15,050)	(14,710)
Total liabilities and shareholders' deficit	$ 45,365	$ 41,795	$ 45,917

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	May 03, 2024	Feb. 02, 2024	May 05, 2023
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)	572,000,000	574,000,000	592,000,000
Common stock, shares outstanding (in shares)	572,000,000	574,000,000	592,000,000

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
Beginning balance (in shares) at Feb. 03, 2023		601
Beginning 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
Ending balance (in shares) at May. 05, 2023	592	592
Ending balance at May. 05, 2023	$ (14,710)	$ 296	0	(15,310)	304
Beginning balance (in shares) at Feb. 02, 2024	574	574
Beginning balance at Feb. 02, 2024	$ (15,050)	$ 287	0	(15,637)	300
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,755			1,755
Other comprehensive income (loss)	(4)				(4)
Cash dividends declared	(629)			(629)
Share-based payment expense	50		50
Repurchases of common stock (in shares)		(3)
Repurchases of common stock	(743)	$ (2)	(64)	(677)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 15	$ 1	14
Ending balance (in shares) at May. 03, 2024	572	572
Ending balance at May. 03, 2024	$ (14,606)	$ 286	$ 0	$ (15,188)	$ 296

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Deficit (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	May 03, 2024	May 05, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.10	$ 1.05

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Cash flows from operating activities:
Net earnings	$ 1,755	$ 2,260
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	486	465
Noncash lease expense	131	108
Deferred income taxes	135	102
(Gain)/loss on property and other assets – net	(7)	11
Gain on sale of business	0	(67)
Share-based payment expense	55	59
Changes in operating assets and liabilities:
Merchandise inventory – net	(1,330)	(990)
Other operating assets	(86)	157
Accounts payable	3,033	1,361
Other operating liabilities	90	(1,360)
Net cash provided by operating activities	4,262	2,106
Cash flows from investing activities:
Purchases of investments	(277)	(450)
Proceeds from sale/maturity of investments	266	412
Capital expenditures	(382)	(380)
Proceeds from sale of property and other long-term assets	15	8
Proceeds from sale of business	0	123
Other – net	0	(17)
Net cash used in investing activities	(378)	(304)
Cash flows from financing activities:
Net change in commercial paper	0	(427)
Net proceeds from issuance of debt	0	2,983
Repayment of debt	(22)	(22)
Proceeds from issuance of common stock under share-based payment plans	15	5
Cash dividend payments	(633)	(633)
Repurchases of common stock	(923)	(2,106)
Other – net	(5)	0
Net cash used in financing activities	(1,568)	(200)
Net increase in cash and cash equivalents	2,316	1,602
Cash and cash equivalents, beginning of period	921	1,348
Cash and cash equivalents, end of period	$ 3,237	$ 2,950

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	May 03, 2024
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 3, 2024, and May 5, 2023, and the statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the three months ended May 3, 2024, and May 5, 2023. The February 2, 2024, 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 2, 2024 (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 There have been no significant changes in the accounting pronouncements not yet adopted from those disclosed in the Annual Report. Accounting pronouncements not disclosed in this Form 10-Q or in the Annual Report are either not applicable to the Company or are not expected to have a material impact to the Company.

Revenue

Revenue	3 Months Ended
	May 03, 2024
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 3, 2024 May 5, 2023 Products $ 20,691 $ 21,572 Services 532 528 Other 141 247 Net sales $ 21,364 $ 22,347 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 3, May 5, February 2, Anticipated sales returns Other current liabilities $ 280 $ 318 $ 191 Right of return assets Other current assets 164 185 111 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 3, May 5, February 2, Retail deferred revenue $ 889 $ 1,063 $ 796 Stored-value cards deferred revenue 520 582 612 Deferred revenue $ 1,409 $ 1,645 $ 1,408 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 3, May 5, February 2, Deferred revenue - Lowe’s protection plans $ 1,225 $ 1,206 $ 1,225 Three Months Ended (In millions) May 3, 2024 May 5, 2023 Lowe’s protection plans deferred revenue recognized into sales $ 139 $ 136 Lowe’s protection plans claim expenses 54 53 Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended May 3, 2024 May 5, 2023 (In millions) Net Sales % Net Sales % Home Décor 1 $ 7,683 36.0 % $ 8,240 36.9 % Building Products 2 6,643 31.1 6,855 30.7 Hardlines 3 6,628 31.0 6,748 30.2 Other 410 1.9 504 2.2 Total $ 21,364 100.0 % $ 22,347 100.0 % 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, Lumber, Millwork, and Rough Plumbing. 3

Restricted Investments

Restricted Investments	3 Months Ended
	May 03, 2024
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 3, 2024 May 5, 2023 February 2, 2024 Short-term restricted investments $ 264 $ 423 $ 307 Long-term restricted investments 306 103 252 Total restricted investments $ 570 $ 526 $ 559

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 03, 2024
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 3, 2024, May 5, 2023, and February 2, 2024: Fair Value Measurements at (In millions) Classification Measurement Level May 3, May 5, February 2, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 158 $ 143 $ 152 Money market funds Short-term investments Level 1 54 108 56 Certificates of deposit Short-term investments Level 1 27 62 42 Corporate debt securities Short-term investments Level 2 23 72 50 Municipal obligations Short-term investments Level 2 2 — 2 Commercial paper Short-term investments Level 2 — 38 5 U.S. Treasury securities Long-term investments Level 1 231 92 213 Corporate debt securities Long-term investments Level 2 58 9 35 Foreign government debt securities Long-term investments Level 2 17 — 4 Municipal obligations Long-term investments Level 2 — 2 — Derivative instruments: Fixed-to-floating interest rate swaps Other liabilities Level 2 $ 81 $ 69 $ 76 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 Company has performance-based contingent consideration related to the fiscal 2022 sale of the Canadian retail business which is classified as a Level 3 long-term investment and such contingent consideration had an estimated fair value of zero as of May 3, 2024, May 5, 2023, and February 2, 2024. The Company’s 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 within selling, general and administrative expenses (SG&A) in the consolidated statements of earnings. The rollforward of the fair value of contingent consideration for the three months ended May 3, 2024 and May 5, 2023, is as follows: Three Months Ended (In millions) May 3, 2024 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 3, 2024, and May 5, 2023, 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 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 in 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 3, 2024 May 5, 2023 February 2, 2024 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 35,410 $ 31,618 $ 35,898 $ 32,525 $ 35,409 $ 32,757 Mortgage notes (Level 2) 1 1 2 2 2 2 Long-term debt (excluding finance lease obligations) $ 35,411 $ 31,619 $ 35,900 $ 32,527 $ 35,411 $ 32,759

Accounts Payable

Accounts Payable	3 Months Ended
	May 03, 2024
Payables and Accruals [Abstract]
Accounts Payable	Accounts Payable The Company has an agreement with a third party to provide a supplier finance program which facilitates 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 3, 2024 May 5, 2023 February 2, 2024 Financed payment obligations $ 1,599 $ 1,894 $ 1,356

Debt

Debt	3 Months Ended
	May 03, 2024
Debt Disclosure [Abstract]
Debt	DebtThe Company’s commercial paper program is supported by the $2.0 billion five-year unsecured revolving credit agreement entered into in September 2023 (2023 Credit Agreement), which amended and restated the Company’s $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 2023 Credit Agreement and the Third Amended and Restated Credit Agreement are reduced by the amount of borrowings under the commercial paper program. As of May 3, 2024, and February 2, 2024, there were no outstanding borrowings under the Company’s commercial paper program, the 2023 Credit Agreement, or the Third Amended and Restated Credit Agreement. Total combined availability under the 2023 Credit Agreement and the Third Amended and Restated Credit Agreement was $4.0 billion as of May 3, 2024. 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. There were no outstanding borrowings under the 2020 Credit Agreement or the Third Amended and Restated Credit Agreement as of May 5, 2023.

Derivative Instruments

Derivative Instruments	3 Months Ended
	May 03, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company 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 3, May 5, February 2, Fair value hedges: Fixed-to-floating interest rate swap agreements $ 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.

Shareholders' Deficit

Shareholders' Deficit	3 Months Ended
	May 03, 2024
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 3, 2024, the Company had $13.9 billion remaining in its share repurchase program. During the three months ended May 3, 2024, the Company entered into an Accelerated Share Repurchase (ASR) agreement with a third-party financial institution to repurchase a total of 1.3 million shares of the Company’s common stock for $325 million. The terms of the ASR agreement entered into during the three months ended May 3, 2024, are as follows (in millions): Agreement Execution Agreement Settlement ASR Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2024 Q1 2024 $ 325 1.1 0.2 1.3 In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended May 3, 2024 (In millions) Shares Cost Open market share repurchases 1.4 $ 327 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 3, 2024, and May 5, 2023, were as follows: Three Months Ended May 3, 2024 May 5, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 2.7 $ 652 9.9 $ 2,019 Shares withheld from employees 0.3 91 0.7 130 Total share repurchases 3.0 $ 743 10.6 $ 2,149 1 Includes excise tax on share repurchases in excess of issuances as part of the cost basis of the shares acquired.

Earnings Per Share

Earnings Per Share	3 Months Ended
	May 03, 2024
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 3, 2024, and May 5, 2023: Three Months Ended (In millions, except per share data) May 3, 2024 May 5, 2023 Basic earnings per common share: Net earnings $ 1,755 $ 2,260 Less: Net earnings allocable to participating securities (5) (6) Net earnings allocable to common shares, basic $ 1,750 $ 2,254 Weighted-average common shares outstanding 571 596 Basic earnings per common share $ 3.06 $ 3.78 Diluted earnings per common share: Net earnings $ 1,755 $ 2,260 Less: Net earnings allocable to participating securities (5) (6) Net earnings allocable to common shares, diluted $ 1,750 $ 2,254 Weighted-average common shares outstanding 571 596 Dilutive effect of non-participating share-based awards 1 1 Weighted-average common shares, as adjusted 572 597 Diluted earnings per common share $ 3.06 $ 3.77 Anti-dilutive securities excluded from diluted weighted-average common shares 0.4 0.6

Supplemental Disclosure

Supplemental Disclosure	3 Months Ended
	May 03, 2024
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 3, 2024 May 5, 2023 Long-term debt $ 363 $ 343 Short-term borrowings — 14 Lease obligations 6 6 Interest income (21) (16) Interest capitalized (1) (1) Interest on tax uncertainties 3 — Other 2 3 Interest – net $ 352 $ 349 Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 3, 2024 May 5, 2023 Cash paid for interest, net of amount capitalized $ 689 $ 383 Cash paid for income taxes – net 1 29 1,234 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 19 $ 4 Leased assets obtained in exchange for new operating lease liabilities 2 228 98 Cash dividends declared but not paid 629 624 1 Cash paid for income taxes - net for the three months ended May 5, 2023 included $1.2 billion of estimated income tax payments for the third and fourth quarter of fiscal 2022 that were deferred under the Internal Revenue Service’s income tax relief for businesses located in states affected by Hurricane Ian. 2 Excludes $16 million of leases signed but not yet commenced as of May 3, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Pay vs Performance Disclosure
Net earnings	$ 1,755	$ 2,260

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	May 03, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	May 03, 2024
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 3, 2024, and May 5, 2023, and the statements of earnings, comprehensive income, shareholders’ deficit, and cash flows for the three months ended May 3, 2024, and May 5, 2023. The February 2, 2024, 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 2, 2024 (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 There have been no significant changes in the accounting pronouncements not yet adopted from those disclosed in the Annual Report. Accounting pronouncements not disclosed in this Form 10-Q or in the Annual Report are either not applicable to the Company or are not expected to have a material impact to the Company.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 03, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Sources	The following table presents the Company’s sources of revenue: (In millions) Three Months Ended May 3, 2024 May 5, 2023 Products $ 20,691 $ 21,572 Services 532 528 Other 141 247 Net sales $ 21,364 $ 22,347
Schedule of Anticipated Sales 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 3, May 5, February 2, Anticipated sales returns Other current liabilities $ 280 $ 318 $ 191 Right of return assets Other current assets 164 185 111
Schedule of Deferred Revenue	Deferred revenue for retail and stored-value cards are as follows: (In millions) May 3, May 5, February 2, Retail deferred revenue $ 889 $ 1,063 $ 796 Stored-value cards deferred revenue 520 582 612 Deferred revenue $ 1,409 $ 1,645 $ 1,408 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 3, May 5, February 2, Deferred revenue - Lowe’s protection plans $ 1,225 $ 1,206 $ 1,225 Three Months Ended (In millions) May 3, 2024 May 5, 2023 Lowe’s protection plans deferred revenue recognized into sales $ 139 $ 136 Lowe’s protection plans claim expenses 54 53
Schedule of Disaggregated Revenue	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended May 3, 2024 May 5, 2023 (In millions) Net Sales % Net Sales % Home Décor 1 $ 7,683 36.0 % $ 8,240 36.9 % Building Products 2 6,643 31.1 6,855 30.7 Hardlines 3 6,628 31.0 6,748 30.2 Other 410 1.9 504 2.2 Total $ 21,364 100.0 % $ 22,347 100.0 % 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, Lumber, Millwork, and Rough Plumbing. 3

Restricted Investments (Tables)

Restricted Investments (Tables)	3 Months Ended
	May 03, 2024
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 3, 2024 May 5, 2023 February 2, 2024 Short-term restricted investments $ 264 $ 423 $ 307 Long-term restricted investments 306 103 252 Total restricted investments $ 570 $ 526 $ 559

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 03, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value	The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of May 3, 2024, May 5, 2023, and February 2, 2024: Fair Value Measurements at (In millions) Classification Measurement Level May 3, May 5, February 2, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 158 $ 143 $ 152 Money market funds Short-term investments Level 1 54 108 56 Certificates of deposit Short-term investments Level 1 27 62 42 Corporate debt securities Short-term investments Level 2 23 72 50 Municipal obligations Short-term investments Level 2 2 — 2 Commercial paper Short-term investments Level 2 — 38 5 U.S. Treasury securities Long-term investments Level 1 231 92 213 Corporate debt securities Long-term investments Level 2 58 9 35 Foreign government debt securities Long-term investments Level 2 17 — 4 Municipal obligations Long-term investments Level 2 — 2 — Derivative instruments: Fixed-to-floating interest rate swaps Other liabilities Level 2 $ 81 $ 69 $ 76
Schedule of Contingent Consideration at Fair Value Rollforward	The rollforward of the fair value of contingent consideration for the three months ended May 3, 2024 and May 5, 2023, is as follows: Three Months Ended (In millions) May 3, 2024 May 5, 2023 Beginning balance $ — $ 21 Change in fair value — 102 Proceeds received — (123) Ending balance $ — $ —
Schedule of Carrying and Fair Value Amount of Long-Term Debt	Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows: May 3, 2024 May 5, 2023 February 2, 2024 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 35,410 $ 31,618 $ 35,898 $ 32,525 $ 35,409 $ 32,757 Mortgage notes (Level 2) 1 1 2 2 2 2 Long-term debt (excluding finance lease obligations) $ 35,411 $ 31,619 $ 35,900 $ 32,527 $ 35,411 $ 32,759

Accounts Payable (Tables)

Accounts Payable (Tables)	3 Months Ended
	May 03, 2024
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 3, 2024 May 5, 2023 February 2, 2024 Financed payment obligations $ 1,599 $ 1,894 $ 1,356

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	May 03, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The notional amounts for the Company’s material derivative instruments are as follows: (In millions) May 3, May 5, February 2, Fair value hedges: Fixed-to-floating interest rate swap agreements $ 850 $ 850 $ 850

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	3 Months Ended
	May 03, 2024
Stockholders' Equity Note [Abstract]
Summary of Accelerated Share Repurchases	The terms of the ASR agreement entered into during the three months ended May 3, 2024, are as follows (in millions): Agreement Execution Agreement Settlement ASR Initial Shares Delivered at Inception Additional Shares Delivered at Settlement Total Shares Delivered Q1 2024 Q1 2024 $ 325 1.1 0.2 1.3
Schedule of Repurchase of Common Stock	In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended May 3, 2024 (In millions) Shares Cost Open market share repurchases 1.4 $ 327
Schedule of Share Repurchases	Total shares repurchased for the three months ended May 3, 2024, and May 5, 2023, were as follows: Three Months Ended May 3, 2024 May 5, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 2.7 $ 652 9.9 $ 2,019 Shares withheld from employees 0.3 91 0.7 130 Total share repurchases 3.0 $ 743 10.6 $ 2,149 1 Includes excise tax on share repurchases in excess of issuances as part of the cost basis of the shares acquired.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	May 03, 2024
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 3, 2024, and May 5, 2023: Three Months Ended (In millions, except per share data) May 3, 2024 May 5, 2023 Basic earnings per common share: Net earnings $ 1,755 $ 2,260 Less: Net earnings allocable to participating securities (5) (6) Net earnings allocable to common shares, basic $ 1,750 $ 2,254 Weighted-average common shares outstanding 571 596 Basic earnings per common share $ 3.06 $ 3.78 Diluted earnings per common share: Net earnings $ 1,755 $ 2,260 Less: Net earnings allocable to participating securities (5) (6) Net earnings allocable to common shares, diluted $ 1,750 $ 2,254 Weighted-average common shares outstanding 571 596 Dilutive effect of non-participating share-based awards 1 1 Weighted-average common shares, as adjusted 572 597 Diluted earnings per common share $ 3.06 $ 3.77 Anti-dilutive securities excluded from diluted weighted-average common shares 0.4 0.6

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	3 Months Ended
	May 03, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Net Interest Expense	Net interest expense is comprised of the following: Three Months Ended (In millions) May 3, 2024 May 5, 2023 Long-term debt $ 363 $ 343 Short-term borrowings — 14 Lease obligations 6 6 Interest income (21) (16) Interest capitalized (1) (1) Interest on tax uncertainties 3 — Other 2 3 Interest – net $ 352 $ 349
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Three Months Ended (In millions) May 3, 2024 May 5, 2023 Cash paid for interest, net of amount capitalized $ 689 $ 383 Cash paid for income taxes – net 1 29 1,234 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 19 $ 4 Leased assets obtained in exchange for new operating lease liabilities 2 228 98 Cash dividends declared but not paid 629 624 1 Cash paid for income taxes - net for the three months ended May 5, 2023 included $1.2 billion of estimated income tax payments for the third and fourth quarter of fiscal 2022 that were deferred under the Internal Revenue Service’s income tax relief for businesses located in states affected by Hurricane Ian. 2 Excludes $16 million of leases signed but not yet commenced as of May 3, 2024.

Revenue - Sources of Revenue (D

Revenue - Sources of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 21,364	$ 22,347
Products
Disaggregation of Revenue [Line Items]
Net sales	20,691	21,572
Services
Disaggregation of Revenue [Line Items]
Net sales	532	528
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 141	$ 247

Revenue - Anticipated Sales Ret

Revenue - Anticipated Sales Returns (Details) - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
Revenue from Contract with Customer [Abstract]
Anticipated sales returns	$ 280	$ 191	$ 318
Right of return assets	$ 164	$ 111	$ 185

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
Revenue from Contract with Customer [Abstract]
Retail deferred revenue	$ 889	$ 796	$ 1,063
Stored-value cards deferred revenue	520	612	582
Deferred revenue	$ 1,409	$ 1,408	$ 1,645

Revenue - Extended Protection P

Revenue - Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023	Feb. 02, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue – Lowe's protection plans	$ 1,225	$ 1,206	$ 1,225
Lowe’s protection plans deferred revenue recognized into sales	139	136
Lowe’s protection plans claim expenses	$ 54	$ 53

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 21,364	$ 22,347
Net sales (in percent)	100%	100%
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 7,683	$ 8,240
Net sales (in percent)	36%	36.90%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 6,643	$ 6,855
Net sales (in percent)	31.10%	30.70%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 6,628	$ 6,748
Net sales (in percent)	31%	30.20%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 410	$ 504
Net sales (in percent)	1.90%	2.20%

Restricted Investments (Details

Restricted Investments (Details) - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
Investments, Debt and Equity Securities [Abstract]
Short-term restricted investments	$ 264	$ 307	$ 423
Long-term restricted investments	306	252	103
Total restricted investments	$ 570	$ 559	$ 526

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - Recurring - Estimate of fair value - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
Fixed-to-floating interest rate swaps | Fair value (Level 2)
Liabilities, Fair Value Disclosure
Derivative instrument, noncurrent	$ 81	$ 76	$ 69
Short-term investments | U.S. Treasury securities | Fair value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	158	152	143
Short-term investments | Money market funds | Fair value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	54	56	108
Short-term investments | Certificates of deposit | Fair value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	27	42	62
Short-term investments | Corporate debt securities | Fair value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	23	50	72
Short-term investments | Municipal obligations | Fair value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	2	2	0
Short-term investments | Commercial paper | Fair value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	0	5	38
Long-term investments | U.S. Treasury securities | Fair value (Level 1)
Assets, Fair Value Disclosure
Available-for-sale debt securities	231	213	92
Long-term investments | Corporate debt securities | Fair value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	58	35	9
Long-term investments | Municipal obligations | Fair value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	0	0	2
Long-term investments | Foreign government debt securities | Fair value (Level 2)
Assets, Fair Value Disclosure
Available-for-sale debt securities	$ 17	$ 4	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration (Details) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance	$ 0	$ 21
Change in fair value	0	102
Proceeds received	0	(123)
Ending balance	$ 0	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	$ 35,411	$ 35,411	$ 35,900
Unsecured notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	35,410	35,409	35,898
Mortgage notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	1	2	2
Estimate of fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt fair value (excluding finance lease obligations)	31,619	32,759	32,527
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)	31,618	32,757	32,525
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)	$ 1	$ 2	$ 2

Accounts Payable (Details)

Accounts Payable (Details) - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
Payables and Accruals [Abstract]
Financed payment obligations	$ 1,599	$ 1,356	$ 1,894

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended
	Sep. 30, 2023	Dec. 31, 2021	Mar. 31, 2020	May 03, 2024	Feb. 02, 2024	May 05, 2023
Short-term Debt [Line Items]
Amount outstanding under the commercial paper program						$ 72,000,000
Commercial paper
Short-term Debt [Line Items]
Weighted average interest rate						5.75%
Amount outstanding under the credit facility				$ 0	$ 0
2023 Credit Agreement
Short-term Debt [Line Items]
Amount outstanding under the credit facility				0	0
2020 Credit Agreement
Short-term Debt [Line Items]
Amount outstanding under the credit facility						$ 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]
Amount outstanding under the credit facility				$ 4,000,000,000
Revolving Credit Facility | 2023 Credit Agreement
Short-term Debt [Line Items]
Maximum borrowing capacity	$ 2,000,000,000
Debt instrument term	5 years
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

Derivative Instruments (Details

Derivative Instruments (Details) - USD ($) $ in Millions	May 03, 2024	Feb. 02, 2024	May 05, 2023
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 03, 2024	May 05, 2023
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value	$ 13,900
Share repurchases, cost	$ 652	$ 2,019
Accelerated share repurchase
Share Repurchases
Share repurchases (in shares)	1.3
Share repurchases, cost	$ 325
ASR Agreement Amount	$ 325
Initial Shares Delivered at Inception (in shares)	1.1
Additional Shares Delivered At Settlement (in shares)	0.2
Total Shares Delivered (in shares)	1.3
Open market share repurchases
Share Repurchases
Share repurchases (in shares)	1.4
Share repurchases, cost	$ 327

Shareholders' Deficit - Summary

Shareholders' Deficit - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Total share repurchases
Share Repurchases
Share repurchases (in shares)	3	10.6
Share repurchases, cost	$ 743	$ 2,149
Share repurchase program
Share Repurchases
Share repurchases (in shares)	2.7	9.9
Share repurchases, cost	$ 652	$ 2,019
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0.3	0.7
Share repurchases, cost	$ 91	$ 130

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Basic earnings per common share:
Net earnings	$ 1,755	$ 2,260
Less: Net earnings allocable to participating securities	(5)	(6)
Net earnings allocable to common shares, basic	$ 1,750	$ 2,254
Weighted-average common shares outstanding (in shares)	571	596
Basic earnings per common share (in dollars per share)	$ 3.06	$ 3.78
Diluted earnings per common share:
Net earnings	$ 1,755	$ 2,260
Less: Net earnings allocable to participating securities	(5)	(6)
Net earnings allocable to common shares, diluted	$ 1,750	$ 2,254
Weighted-average common shares outstanding (in shares)	571	596
Dilutive effect of non-participating share-based awards (in shares)	1	1
Weighted-average common shares, as adjusted (in shares)	572	597
Diluted earnings per common share (in dollars per share)	$ 3.06	$ 3.77
Anti-dilutive securities excluded from diluted weighted-average common shares (in shares)	0.4	0.6

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term debt	$ 363	$ 343
Short-term borrowings	0	14
Lease obligations	6	6
Interest income	(21)	(16)
Interest capitalized	(1)	(1)
Interest on tax uncertainties	3	0
Other	2	3
Interest – net	$ 352	$ 349

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended
	May 03, 2024	May 05, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest, net of amount capitalized	$ 689	$ 383
Cash paid for income taxes - net	29	1,234
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	19	4
Leased assets obtained in exchange for new operating lease liabilities	228	98
Cash dividends declared but not paid	629	624
Deferred federal income taxes payable		$ 1,200
Operating leases signed but not commenced	$ 16