Lowe's Companies (LOW) 10-Q 29 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Aug. 02, 2024	Aug. 27, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 02, 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		567,294,169
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Current Earnings
Net sales	$ 23,586	$ 24,956	$ 44,950	$ 47,304
Cost of sales	15,691	16,557	29,965	31,378
Gross margin	7,895	8,399	14,985	15,926
Expenses:
Selling, general and administrative	4,025	4,086	8,034	7,912
Depreciation and amortization	423	427	851	841
Operating income	3,447	3,886	6,100	7,173
Interest – net	317	341	669	689
Pre-tax earnings	3,130	3,545	5,431	6,484
Income tax provision	747	872	1,294	1,551
Net earnings	$ 2,383	$ 2,673	$ 4,137	$ 4,933
Weighted-average common shares outstanding - basic (in shares)	568	584	570	590
Basic earnings per common share (in dollars per share)	$ 4.18	$ 4.56	$ 7.24	$ 8.34
Weighted-average common shares outstanding - diluted (in shares)	570	585	571	591
Diluted earnings per common share (in dollars per share)	$ 4.17	$ 4.56	$ 7.23	$ 8.32
Current Earnings (Percentages)
Net sales	100%	100%	100%	100%
Cost of sales	66.53%	66.34%	66.66%	66.33%
Gross margin	33.47%	33.66%	33.34%	33.67%
Expenses (Percentages):
Selling, general and administrative	17.07%	16.38%	17.88%	16.73%
Depreciation and amortization	1.79%	1.71%	1.89%	1.78%
Operating income	14.61%	15.57%	13.57%	15.16%
Interest – net	1.34%	1.36%	1.49%	1.45%
Pre-tax earnings	13.27%	14.21%	12.08%	13.71%
Income tax provision	3.17%	3.50%	2.88%	3.28%
Net earnings	10.10%	10.71%	9.20%	10.43%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Comprehensive Income
Net earnings	$ 2,383	$ 2,673	$ 4,137	$ 4,933
Foreign currency translation adjustments – net of tax	0	5	0	5
Cash flow hedges – net of tax	(3)	(3)	(6)	(6)
Other	2	0	1	0
Other comprehensive (loss)/income	(1)	2	(5)	(1)
Comprehensive income	$ 2,382	$ 2,675	$ 4,132	$ 4,932
Comprehensive Income (Percentages)
Net earnings	10.10%	10.71%	9.20%	10.43%
Foreign currency translation adjustments – net of tax	0%	0.01%	0%	0.01%
Cash flow hedges – net of tax	(0.01%)	(0.01%)	(0.01%)	(0.02%)
Other	0.01%	0%	0%	0%
Other comprehensive (loss)/income	0%	0%	(0.01%)	(0.01%)
Comprehensive income	10.10%	10.71%	9.19%	10.42%

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Current assets:
Cash and cash equivalents	$ 4,360	$ 921	$ 3,494
Short-term investments	330	307	374
Merchandise inventory – net	16,841	16,894	17,422
Other current assets	806	949	946
Total current assets	22,337	19,071	22,236
Property, less accumulated depreciation	17,515	17,653	17,373
Operating lease right-of-use assets	3,819	3,733	3,650
Long-term investments	292	252	182
Deferred income taxes – net	184	248	230
Other assets	787	838	850
Total assets	44,934	41,795	44,521
Current liabilities:
Current maturities of long-term debt	1,290	537	592
Current operating lease liabilities	552	487	534
Accounts payable	10,336	8,704	10,333
Accrued compensation and employee benefits	1,055	954	1,026
Deferred revenue	1,417	1,408	1,566
Other current liabilities	3,596	3,478	3,561
Total current liabilities	18,246	15,568	17,612
Long-term debt, excluding current maturities	34,659	35,384	35,839
Noncurrent operating lease liabilities	3,738	3,737	3,611
Deferred revenue – Lowe's protection plans	1,256	1,225	1,231
Other liabilities	798	931	960
Total liabilities	58,697	56,845	59,253
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 - 568 million, 574 million, and 582 million shares	284	287	291
Capital in excess of par value	0	0	12
Accumulated deficit	(14,342)	(15,637)	(15,341)
Accumulated other comprehensive income	295	300	306
Total shareholders' deficit	(13,763)	(15,050)	(14,732)
Total liabilities and shareholders' deficit	$ 44,934	$ 41,795	$ 44,521

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 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)	568,000,000	574,000,000	582,000,000
Common stock, shares outstanding (in shares)	568,000,000	574,000,000	582,000,000

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 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	4,933			4,933
Other comprehensive income (loss)	(1)				(1)
Cash dividends declared	(1,266)			(1,266)
Share-based payment expense	113		113
Repurchases of common stock (in shares)		(21)
Repurchases of common stock	(4,333)	$ (11)	(176)	(4,146)
Issuance of common stock under share-based payment plans (in shares)		2
Issuance of common stock under share-based payment plans	$ 76	$ 1	75
Ending balance (in shares) at Aug. 04, 2023	582	582
Ending balance at Aug. 04, 2023	$ (14,732)	$ 291	12	(15,341)	306
Beginning balance (in shares) at May. 05, 2023		592
Beginning balance at May. 05, 2023	(14,710)	$ 296	0	(15,310)	304
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,673			2,673
Other comprehensive income (loss)	2				2
Cash dividends declared	(641)			(641)
Share-based payment expense	58		58
Repurchases of common stock (in shares)		(10)
Repurchases of common stock	(2,185)	$ (5)	(117)	(2,063)
Issuance of common stock under share-based payment plans	$ 71		71
Ending balance (in shares) at Aug. 04, 2023	582	582
Ending balance at Aug. 04, 2023	$ (14,732)	$ 291	12	(15,341)	306
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	4,137			4,137
Other comprehensive income (loss)	(5)				(5)
Cash dividends declared	(1,283)			(1,283)
Share-based payment expense	110		110
Repurchases of common stock (in shares)		(7)
Repurchases of common stock	(1,756)	$ (4)	(193)	(1,559)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 84	$ 1	83
Ending balance (in shares) at Aug. 02, 2024	568	568
Ending balance at Aug. 02, 2024	$ (13,763)	$ 284	0	(14,342)	295
Beginning balance (in shares) at May. 03, 2024		572
Beginning balance at May. 03, 2024	(14,606)	$ 286	0	(15,188)	296
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	2,383			2,383
Other comprehensive income (loss)	(1)				(1)
Cash dividends declared	(654)			(654)
Share-based payment expense	60		60
Repurchases of common stock (in shares)		(4)
Repurchases of common stock	(1,014)	$ (2)	(129)	(883)
Issuance of common stock under share-based payment plans	$ 69		69
Ending balance (in shares) at Aug. 02, 2024	568	568
Ending balance at Aug. 02, 2024	$ (13,763)	$ 284	$ 0	$ (14,342)	$ 295

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Deficit (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.15	$ 1.10	$ 2.25	$ 2.15

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023
Cash flows from operating activities:
Net earnings	$ 4,137	$ 4,933
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	967	941
Noncash lease expense	260	241
Deferred income taxes	66	23
(Gain)/loss on property and other assets – net	(4)	23
Gain on sale of business	(43)	(67)
Share-based payment expense	110	113
Changes in operating assets and liabilities:
Merchandise inventory – net	53	1,109
Other operating assets	129	224
Accounts payable	1,679	(191)
Other operating liabilities	61	(1,381)
Net cash provided by operating activities	7,415	5,968
Cash flows from investing activities:
Purchases of investments	(628)	(878)
Proceeds from sale/maturity of investments	571	811
Capital expenditures	(808)	(765)
Proceeds from sale of property and other long-term assets	22	17
Proceeds from sale of business	43	123
Other – net	0	(23)
Net cash used in investing activities	(800)	(715)
Cash flows from financing activities:
Net change in commercial paper	0	(499)
Net proceeds from issuance of debt	0	2,983
Repayment of debt	(47)	(45)
Proceeds from issuance of common stock under share-based payment plans	84	76
Cash dividend payments	(1,262)	(1,257)
Repurchases of common stock	(1,930)	(4,356)
Other – net	(21)	(9)
Net cash used in financing activities	(3,176)	(3,107)
Net increase in cash and cash equivalents	3,439	2,146
Cash and cash equivalents, beginning of period	921	1,348
Cash and cash equivalents, end of period	$ 4,360	$ 3,494

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Aug. 02, 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 August 2, 2024, and August 4, 2023, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and six months ended August 2, 2024, and August 4, 2023, and cash flows for the six months ended August 2, 2024, and August 4, 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	6 Months Ended
	Aug. 02, 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 Six Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Products $ 22,709 $ 24,035 $ 43,396 $ 45,605 Services 548 578 1,080 1,107 Other 329 343 474 592 Net sales $ 23,586 $ 24,956 $ 44,950 $ 47,304 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 August 2, August 4, February 2, Anticipated sales returns Other current liabilities $ 207 $ 256 $ 191 Right of return assets Other current assets 119 149 111 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) August 2, August 4, February 2, Retail deferred revenue $ 922 $ 1,006 $ 796 Stored-value cards deferred revenue 495 560 612 Deferred revenue $ 1,417 $ 1,566 $ 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) August 2, August 4, February 2, Deferred revenue - Lowe’s protection plans $ 1,256 $ 1,231 $ 1,225 Three Months Ended Six Months Ended (In millions) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Lowe’s protection plans deferred revenue recognized into sales $ 140 $ 136 $ 279 $ 272 Lowe’s protection plans claim expenses 50 54 104 107 Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Six Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 8,182 34.7 % $ 8,688 34.8 % $ 15,848 35.3 % $ 16,903 35.7 % Hardlines 2 7,709 32.7 8,297 33.2 14,344 31.9 15,022 31.8 Building Products 3 7,085 30.0 7,336 29.4 13,740 30.6 14,239 30.1 Other 610 2.6 635 2.6 1,018 2.2 1,140 2.4 Total $ 23,586 100.0 % $ 24,956 100.0 % $ 44,950 100.0 % $ 47,304 100.0 % 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

Restricted Investments

Restricted Investments	6 Months Ended
	Aug. 02, 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) August 2, 2024 August 4, 2023 February 2, 2024 Short-term restricted investments $ 330 $ 374 $ 307 Long-term restricted investments 292 182 252 Total restricted investments $ 622 $ 556 $ 559

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Aug. 02, 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 August 2, 2024, August 4, 2023, and February 2, 2024: Fair Value Measurements at (In millions) Classification Measurement Level August 2, August 4, February 2, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 184 $ 138 $ 152 Money market funds Short-term investments Level 1 81 85 56 Commercial paper Short-term investments Level 2 29 17 5 Corporate debt securities Short-term investments Level 2 21 62 50 Certificates of deposit Short-term investments Level 1 13 72 42 Municipal obligations Short-term investments Level 2 2 — 2 U.S. Treasury securities Long-term investments Level 1 188 166 213 Corporate debt securities Long-term investments Level 2 79 14 35 Foreign government debt securities Long-term investments Level 2 22 — 4 Municipal obligations Long-term investments Level 2 3 2 — Derivative instruments: Fixed-to-floating interest rate swaps Other liabilities Level 2 $ 57 $ 92 $ 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 August 2, 2024, August 4, 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 and six months ended August 2, 2024 and August 4, 2023, is as follows: Three Months Ended Six Months Ended (In millions) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Beginning balance $ — $ — $ — $ 21 Change in fair value 43 — 43 102 Proceeds received (43) — (43) (123) Ending balance $ — $ — $ — $ — Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis During the three and six months ended August 2, 2024, and August 4, 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: August 2, 2024 August 4, 2023 February 2, 2024 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 35,440 $ 32,748 $ 35,881 $ 31,898 $ 35,409 $ 32,757 Mortgage notes (Level 2) 1 1 2 2 2 2 Long-term debt (excluding finance lease obligations) $ 35,441 $ 32,749 $ 35,883 $ 31,900 $ 35,411 $ 32,759

Accounts Payable

Accounts Payable	6 Months Ended
	Aug. 02, 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) August 2, 2024 August 4, 2023 February 2, 2024 Financed payment obligations $ 1,447 $ 1,475 $ 1,356

Debt

Debt	6 Months Ended
	Aug. 02, 2024
Debt Disclosure [Abstract]
Debt	Debt The 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

Derivative Instruments

Derivative Instruments	6 Months Ended
	Aug. 02, 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) August 2, August 4, 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	6 Months Ended
	Aug. 02, 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 August 2, 2024, the Company had $12.9 billion remaining in its share repurchase program. During the six months ended August 2, 2024, the Company entered into Accelerated Share Repurchase (ASR) agreements with third-party financial institutions to repurchase a total of 3.0 million shares of the Company’s common stock for $700 million. The terms of the ASR agreements entered into during the six months ended August 2, 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 Q2 2024 Q2 2024 375 1.4 0.3 1.7 In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended Six Months Ended August 2, 2024 August 2, 2024 (In millions) Shares Cost Shares Cost Open market share repurchases 2.7 $ 637 4.1 $ 964 The Company also withholds shares from employees to satisfy either the exercise price of stock options exercised or the statutory withholding tax liability resulting from the vesting of share-based awards. Total shares repurchased for the three and six months ended August 2, 2024, and August 4, 2023, were as follows: Three Months Ended August 2, 2024 August 4, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 4.4 $ 1,012 10.1 $ 2,182 Shares withheld from employees — 2 — 3 Total share repurchases 4.4 $ 1,014 10.1 $ 2,185 Six Months Ended August 2, 2024 August 4, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 7.1 $ 1,664 20.0 $ 4,200 Shares withheld from employees 0.4 92 0.7 133 Total share repurchases 7.5 $ 1,756 20.7 $ 4,333 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	6 Months Ended
	Aug. 02, 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 and six months ended August 2, 2024, and August 4, 2023: Three Months Ended Six Months Ended (In millions, except per share data) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Basic earnings per common share: Net earnings $ 2,383 $ 2,673 $ 4,137 $ 4,933 Less: Net earnings allocable to participating securities (6) (7) (10) (13) Net earnings allocable to common shares, basic $ 2,377 $ 2,666 $ 4,127 $ 4,920 Weighted-average common shares outstanding 568 584 570 590 Basic earnings per common share $ 4.18 $ 4.56 $ 7.24 $ 8.34 Diluted earnings per common share: Net earnings $ 2,383 $ 2,673 $ 4,137 $ 4,933 Less: Net earnings allocable to participating securities (6) (7) (10) (13) Net earnings allocable to common shares, diluted $ 2,377 $ 2,666 $ 4,127 $ 4,920 Weighted-average common shares outstanding 568 584 570 590 Dilutive effect of non-participating share-based awards 2 1 1 1 Weighted-average common shares, as adjusted 570 585 571 591 Diluted earnings per common share $ 4.17 $ 4.56 $ 7.23 $ 8.32 Anti-dilutive securities excluded from diluted weighted-average common shares 0.5 0.5 0.4 0.5

Supplemental Disclosure

Supplemental Disclosure	6 Months Ended
	Aug. 02, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended Six Months Ended (In millions) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Long-term debt $ 364 $ 368 $ 729 $ 711 Short-term borrowings — 1 — 15 Lease obligations 6 6 12 12 Interest income (52) (35) (74) (51) Interest capitalized (1) (1) (2) (2) Interest on tax uncertainties — — 3 — Other — 2 1 4 Interest – net $ 317 $ 341 $ 669 $ 689 Supplemental disclosures of cash flow information: Six Months Ended (In millions) August 2, 2024 August 4, 2023 Cash paid for interest, net of amount capitalized $ 735 $ 716 Cash paid for income taxes – net 1,2 1,004 2,565 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 33 $ 22 Leased assets obtained in exchange for new operating lease liabilities 3 353 379 Cash dividends declared but not paid 654 641 1 Cash paid for income taxes - net for the six months ended August 2, 2024 includes $541 million of cash paid for the purchase of federal transferable tax credits. 2 Cash paid for income taxes - net for the six months ended August 4, 2023 includes $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. 3 Excludes $20 million of leases signed but not yet commenced as of August 2, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Pay vs Performance Disclosure
Net earnings	$ 2,383	$ 2,673	$ 4,137	$ 4,933

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Aug. 02, 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)	6 Months Ended
	Aug. 02, 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 August 2, 2024, and August 4, 2023, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and six months ended August 2, 2024, and August 4, 2023, and cash flows for the six months ended August 2, 2024, and August 4, 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)	6 Months Ended
	Aug. 02, 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 Six Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Products $ 22,709 $ 24,035 $ 43,396 $ 45,605 Services 548 578 1,080 1,107 Other 329 343 474 592 Net sales $ 23,586 $ 24,956 $ 44,950 $ 47,304
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 August 2, August 4, February 2, Anticipated sales returns Other current liabilities $ 207 $ 256 $ 191 Right of return assets Other current assets 119 149 111
Schedule of Deferred Revenue	Deferred revenue for retail and stored-value cards are as follows: (In millions) August 2, August 4, February 2, Retail deferred revenue $ 922 $ 1,006 $ 796 Stored-value cards deferred revenue 495 560 612 Deferred revenue $ 1,417 $ 1,566 $ 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) August 2, August 4, February 2, Deferred revenue - Lowe’s protection plans $ 1,256 $ 1,231 $ 1,225 Three Months Ended Six Months Ended (In millions) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Lowe’s protection plans deferred revenue recognized into sales $ 140 $ 136 $ 279 $ 272 Lowe’s protection plans claim expenses 50 54 104 107
Schedule of Disaggregated Revenue	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Six Months Ended August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 8,182 34.7 % $ 8,688 34.8 % $ 15,848 35.3 % $ 16,903 35.7 % Hardlines 2 7,709 32.7 8,297 33.2 14,344 31.9 15,022 31.8 Building Products 3 7,085 30.0 7,336 29.4 13,740 30.6 14,239 30.1 Other 610 2.6 635 2.6 1,018 2.2 1,140 2.4 Total $ 23,586 100.0 % $ 24,956 100.0 % $ 44,950 100.0 % $ 47,304 100.0 % 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

Restricted Investments (Tables)

Restricted Investments (Tables)	6 Months Ended
	Aug. 02, 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) August 2, 2024 August 4, 2023 February 2, 2024 Short-term restricted investments $ 330 $ 374 $ 307 Long-term restricted investments 292 182 252 Total restricted investments $ 622 $ 556 $ 559

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Aug. 02, 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 August 2, 2024, August 4, 2023, and February 2, 2024: Fair Value Measurements at (In millions) Classification Measurement Level August 2, August 4, February 2, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 184 $ 138 $ 152 Money market funds Short-term investments Level 1 81 85 56 Commercial paper Short-term investments Level 2 29 17 5 Corporate debt securities Short-term investments Level 2 21 62 50 Certificates of deposit Short-term investments Level 1 13 72 42 Municipal obligations Short-term investments Level 2 2 — 2 U.S. Treasury securities Long-term investments Level 1 188 166 213 Corporate debt securities Long-term investments Level 2 79 14 35 Foreign government debt securities Long-term investments Level 2 22 — 4 Municipal obligations Long-term investments Level 2 3 2 — Derivative instruments: Fixed-to-floating interest rate swaps Other liabilities Level 2 $ 57 $ 92 $ 76
Schedule of Contingent Consideration at Fair Value Rollforward	The rollforward of the fair value of contingent consideration for the three and six months ended August 2, 2024 and August 4, 2023, is as follows: Three Months Ended Six Months Ended (In millions) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Beginning balance $ — $ — $ — $ 21 Change in fair value 43 — 43 102 Proceeds received (43) — (43) (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: August 2, 2024 August 4, 2023 February 2, 2024 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 35,440 $ 32,748 $ 35,881 $ 31,898 $ 35,409 $ 32,757 Mortgage notes (Level 2) 1 1 2 2 2 2 Long-term debt (excluding finance lease obligations) $ 35,441 $ 32,749 $ 35,883 $ 31,900 $ 35,411 $ 32,759

Accounts Payable (Tables)

Accounts Payable (Tables)	6 Months Ended
	Aug. 02, 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) August 2, 2024 August 4, 2023 February 2, 2024 Financed payment obligations $ 1,447 $ 1,475 $ 1,356

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Aug. 02, 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) August 2, August 4, February 2, Fair value hedges: Fixed-to-floating interest rate swap agreements $ 850 $ 850 $ 850

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	6 Months Ended
	Aug. 02, 2024
Stockholders' Equity Note [Abstract]
Summary of Accelerated Share Repurchases	The terms of the ASR agreements entered into during the six months ended August 2, 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 Q2 2024 Q2 2024 375 1.4 0.3 1.7
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 Six Months Ended August 2, 2024 August 2, 2024 (In millions) Shares Cost Shares Cost Open market share repurchases 2.7 $ 637 4.1 $ 964
Schedule of Share Repurchases	Total shares repurchased for the three and six months ended August 2, 2024, and August 4, 2023, were as follows: Three Months Ended August 2, 2024 August 4, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 4.4 $ 1,012 10.1 $ 2,182 Shares withheld from employees — 2 — 3 Total share repurchases 4.4 $ 1,014 10.1 $ 2,185 Six Months Ended August 2, 2024 August 4, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 7.1 $ 1,664 20.0 $ 4,200 Shares withheld from employees 0.4 92 0.7 133 Total share repurchases 7.5 $ 1,756 20.7 $ 4,333 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)	6 Months Ended
	Aug. 02, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles earnings per common share for the three and six months ended August 2, 2024, and August 4, 2023: Three Months Ended Six Months Ended (In millions, except per share data) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Basic earnings per common share: Net earnings $ 2,383 $ 2,673 $ 4,137 $ 4,933 Less: Net earnings allocable to participating securities (6) (7) (10) (13) Net earnings allocable to common shares, basic $ 2,377 $ 2,666 $ 4,127 $ 4,920 Weighted-average common shares outstanding 568 584 570 590 Basic earnings per common share $ 4.18 $ 4.56 $ 7.24 $ 8.34 Diluted earnings per common share: Net earnings $ 2,383 $ 2,673 $ 4,137 $ 4,933 Less: Net earnings allocable to participating securities (6) (7) (10) (13) Net earnings allocable to common shares, diluted $ 2,377 $ 2,666 $ 4,127 $ 4,920 Weighted-average common shares outstanding 568 584 570 590 Dilutive effect of non-participating share-based awards 2 1 1 1 Weighted-average common shares, as adjusted 570 585 571 591 Diluted earnings per common share $ 4.17 $ 4.56 $ 7.23 $ 8.32 Anti-dilutive securities excluded from diluted weighted-average common shares 0.5 0.5 0.4 0.5

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	6 Months Ended
	Aug. 02, 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 Six Months Ended (In millions) August 2, 2024 August 4, 2023 August 2, 2024 August 4, 2023 Long-term debt $ 364 $ 368 $ 729 $ 711 Short-term borrowings — 1 — 15 Lease obligations 6 6 12 12 Interest income (52) (35) (74) (51) Interest capitalized (1) (1) (2) (2) Interest on tax uncertainties — — 3 — Other — 2 1 4 Interest – net $ 317 $ 341 $ 669 $ 689
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Six Months Ended (In millions) August 2, 2024 August 4, 2023 Cash paid for interest, net of amount capitalized $ 735 $ 716 Cash paid for income taxes – net 1,2 1,004 2,565 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 33 $ 22 Leased assets obtained in exchange for new operating lease liabilities 3 353 379 Cash dividends declared but not paid 654 641 1 Cash paid for income taxes - net for the six months ended August 2, 2024 includes $541 million of cash paid for the purchase of federal transferable tax credits. 2 Cash paid for income taxes - net for the six months ended August 4, 2023 includes $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. 3 Excludes $20 million of leases signed but not yet commenced as of August 2, 2024.

Revenue - Sources of Revenue (D

Revenue - Sources of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 23,586	$ 24,956	$ 44,950	$ 47,304
Products
Disaggregation of Revenue [Line Items]
Net sales	22,709	24,035	43,396	45,605
Services
Disaggregation of Revenue [Line Items]
Net sales	548	578	1,080	1,107
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 329	$ 343	$ 474	$ 592

Revenue - Anticipated Sales Ret

Revenue - Anticipated Sales Returns (Details) - USD ($) $ in Millions	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Revenue from Contract with Customer [Abstract]
Anticipated sales returns	$ 207	$ 191	$ 256
Right of return assets	$ 119	$ 111	$ 149

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Revenue from Contract with Customer [Abstract]
Retail deferred revenue	$ 922	$ 796	$ 1,006
Stored-value cards deferred revenue	495	612	560
Deferred revenue	$ 1,417	$ 1,408	$ 1,566

Revenue - Extended Protection P

Revenue - Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023	Feb. 02, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue – Lowe's protection plans	$ 1,256	$ 1,231	$ 1,256	$ 1,231	$ 1,225
Lowe’s protection plans deferred revenue recognized into sales	140	136	279	272
Lowe’s protection plans claim expenses	$ 50	$ 54	$ 104	$ 107

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 23,586	$ 24,956	$ 44,950	$ 47,304
Net sales (in percent)	100%	100%	100%	100%
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 8,182	$ 8,688	$ 15,848	$ 16,903
Net sales (in percent)	34.70%	34.80%	35.30%	35.70%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 7,709	$ 8,297	$ 14,344	$ 15,022
Net sales (in percent)	32.70%	33.20%	31.90%	31.80%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 7,085	$ 7,336	$ 13,740	$ 14,239
Net sales (in percent)	30%	29.40%	30.60%	30.10%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 610	$ 635	$ 1,018	$ 1,140
Net sales (in percent)	2.60%	2.60%	2.20%	2.40%

Restricted Investments (Details

Restricted Investments (Details) - USD ($) $ in Millions	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Investments, Debt and Equity Securities [Abstract]
Short-term restricted investments	$ 330	$ 307	$ 374
Long-term restricted investments	292	252	182
Total restricted investments	$ 622	$ 559	$ 556

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Fair value (Level 3)
Derivative instruments:
Contingent consideration, fair value	$ 0	$ 0	$ 0
Recurring | Estimate of fair value | Fixed-to-floating interest rate swaps | Fair value (Level 2)
Derivative instruments:
Derivative instrument, noncurrent	57	76	92
Recurring | Estimate of fair value | U.S. Treasury securities | Fair value (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities, current	184	152	138
Available-for-sale debt securities, noncurrent	188	213	166
Recurring | Estimate of fair value | Money market funds | Fair value (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities, current	81	56	85
Recurring | Estimate of fair value | Commercial paper | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, current	29	5	17
Recurring | Estimate of fair value | Corporate debt securities | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, current	21	50	62
Available-for-sale debt securities, noncurrent	79	35	14
Recurring | Estimate of fair value | Certificates of deposit | Fair value (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities, current	13	42	72
Recurring | Estimate of fair value | Municipal obligations | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, current	2	2	0
Available-for-sale debt securities, noncurrent	3	0	2
Recurring | Estimate of fair value | Foreign government debt securities | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, noncurrent	$ 22	$ 4	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 21
Change in fair value	43	0	43	102
Proceeds received	(43)	0	(43)	(123)
Ending balance	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Millions	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	$ 35,441	$ 35,411	$ 35,883
Unsecured notes | Fair value (Level 1)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	35,440	35,409	35,881
Mortgage notes | Fair value (Level 2)
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)	32,749	32,759	31,900
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)	32,748	32,757	31,898
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	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Payables and Accruals [Abstract]
Financed payment obligations	$ 1,447	$ 1,356	$ 1,475

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended
	Sep. 30, 2023	Dec. 31, 2021	Mar. 31, 2020	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 2023
Commercial paper
Short-term Debt [Line Items]
Amount outstanding under the credit facility				$ 0	$ 0
2023 Credit Agreement
Short-term Debt [Line Items]
Amount outstanding under the credit facility				0	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]
Remaining borrowing capacity				$ 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	Aug. 02, 2024	Feb. 02, 2024	Aug. 04, 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 R

Shareholders' Deficit - Share Repurchases (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended			6 Months Ended
	Aug. 02, 2024	May 03, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value	$ 12,900			$ 12,900
Share repurchases, cost	1,012		$ 2,182	$ 1,664	$ 4,200
Accelerated share repurchase
Share Repurchases
Share repurchases (in shares)				3
Share repurchases, cost				$ 700
ASR Agreement Amount	$ 375	$ 325		$ 375
Initial Shares Delivered at Inception (in shares)	1.4	1.1
Additional Shares Delivered At Settlement (in shares)	0.3	0.2
Total Shares Delivered (in shares)	1.7	1.3
Open market share repurchases
Share Repurchases
Share repurchases (in shares)	2.7			4.1
Share repurchases, cost	$ 637			$ 964

Shareholders' Deficit - Summary

Shareholders' Deficit - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Total share repurchases
Share Repurchases
Share repurchases (in shares)	4.4	10.1	7.5	20.7
Share repurchases, cost	$ 1,014	$ 2,185	$ 1,756	$ 4,333
Share repurchase program
Share Repurchases
Share repurchases (in shares)	4.4	10.1	7.1	20
Share repurchases, cost	$ 1,012	$ 2,182	$ 1,664	$ 4,200
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0	0	0.4	0.7
Share repurchases, cost	$ 2	$ 3	$ 92	$ 133

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Basic earnings per common share:
Net earnings	$ 2,383	$ 2,673	$ 4,137	$ 4,933
Less: Net earnings allocable to participating securities	(6)	(7)	(10)	(13)
Net earnings allocable to common shares, basic	$ 2,377	$ 2,666	$ 4,127	$ 4,920
Weighted-average common shares outstanding (in shares)	568	584	570	590
Basic earnings per common share (in dollars per share)	$ 4.18	$ 4.56	$ 7.24	$ 8.34
Diluted earnings per common share:
Net earnings	$ 2,383	$ 2,673	$ 4,137	$ 4,933
Less: Net earnings allocable to participating securities	(6)	(7)	(10)	(13)
Net earnings allocable to common shares, diluted	$ 2,377	$ 2,666	$ 4,127	$ 4,920
Weighted-average common shares outstanding (in shares)	568	584	570	590
Dilutive effect of non-participating share-based awards (in shares)	2	1	1	1
Weighted-average common shares, as adjusted (in shares)	570	585	571	591
Diluted earnings per common share (in dollars per share)	$ 4.17	$ 4.56	$ 7.23	$ 8.32
Anti-dilutive securities excluded from diluted weighted-average common shares (in shares)	0.5	0.5	0.4	0.5

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023	Aug. 02, 2024	Aug. 04, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term debt	$ 364	$ 368	$ 729	$ 711
Short-term borrowings	0	1	0	15
Lease obligations	6	6	12	12
Interest income	(52)	(35)	(74)	(51)
Interest capitalized	(1)	(1)	(2)	(2)
Interest on tax uncertainties	0	0	3	0
Other	0	2	1	4
Interest – net	$ 317	$ 341	$ 669	$ 689

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 02, 2024	Aug. 04, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest, net of amount capitalized	$ 735	$ 716
Cash paid for income taxes - net	1,004	2,565
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	33	22
Leased assets obtained in exchange for new operating lease liabilities	353	379
Cash dividends declared but not paid	654	641
Cash paid for the purchase of federal transferable tax credits	541
Deferred federal income taxes payable		$ 1,200
Operating leases signed but not commenced	$ 20