Lowe's Companies (LOW) 10-Q 27 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Nov. 01, 2024	Nov. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Nov. 01, 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		564,650,005
Entity Central Index Key	0000060667
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Current Earnings
Net sales	$ 20,170	$ 20,471	$ 65,120	$ 67,775
Cost of sales	13,374	13,580	43,340	44,958
Gross margin	6,796	6,891	21,780	22,817
Expenses:
Selling, general and administrative	3,827	3,761	11,860	11,673
Depreciation and amortization	433	434	1,284	1,275
Operating income	2,536	2,696	8,636	9,869
Interest – net	317	345	985	1,033
Pre-tax earnings	2,219	2,351	7,651	8,836
Income tax provision	524	578	1,818	2,130
Net earnings	$ 1,695	$ 1,773	$ 5,833	$ 6,706
Weighted-average common shares outstanding - basic (in shares)	565	576	568	585
Basic earnings per common share (in dollars per share)	$ 2.99	$ 3.07	$ 10.24	$ 11.43
Weighted-average common shares outstanding - diluted (in shares)	566	577	569	587
Diluted earnings per common share (in dollars per share)	$ 2.99	$ 3.06	$ 10.22	$ 11.40
Current Earnings (Percentages)
Net sales	100%	100%	100%	100%
Cost of sales	66.31%	66.34%	66.55%	66.33%
Gross margin	33.69%	33.66%	33.45%	33.67%
Expenses (Percentages):
Selling, general and administrative	18.97%	18.37%	18.22%	17.23%
Depreciation and amortization	2.15%	2.12%	1.97%	1.88%
Operating income	12.57%	13.17%	13.26%	14.56%
Interest – net	1.57%	1.68%	1.51%	1.52%
Pre-tax earnings	11%	11.49%	11.75%	13.04%
Income tax provision	2.59%	2.83%	2.79%	3.14%
Net earnings	8.41%	8.66%	8.96%	9.90%

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Comprehensive Income
Net earnings	$ 1,695	$ 1,773	$ 5,833	$ 6,706
Cash flow hedges – net of tax	(3)	(4)	(9)	(10)
Foreign currency translation adjustments – net of tax	0	0	0	5
Other	0	0	1	0
Other comprehensive loss	(3)	(4)	(8)	(5)
Comprehensive income	$ 1,692	$ 1,769	$ 5,825	$ 6,701
Comprehensive Income (Percentages)
Net earnings	8.41%	8.66%	8.96%	9.90%
Cash flow hedges – net of tax	(0.02%)	(0.01%)	(0.02%)	(0.02%)
Foreign currency translation adjustments – net of tax	0%	0%	0%	0.01%
Other	0%	0%	0%	0%
Other comprehensive loss	(0.02%)	(0.01%)	(0.02%)	(0.01%)
Comprehensive income	8.39%	8.65%	8.94%	9.89%

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 2023
Current assets:
Cash and cash equivalents	$ 3,271	$ 921	$ 1,210
Short-term investments	335	307	321
Merchandise inventory – net	17,566	16,894	17,530
Other current assets	805	949	907
Total current assets	21,977	19,071	19,968
Property, less accumulated depreciation	17,586	17,653	17,527
Operating lease right-of-use assets	3,771	3,733	3,647
Long-term investments	312	252	238
Deferred income taxes – net	261	248	280
Other assets	836	838	859
Total assets	44,743	41,795	42,519
Current liabilities:
Current maturities of long-term debt	2,576	537	544
Current operating lease liabilities	497	487	533
Accounts payable	10,602	8,704	9,914
Accrued compensation and employee benefits	828	954	750
Deferred revenue	1,359	1,408	1,499
Other current liabilities	3,585	3,478	3,256
Total current liabilities	19,447	15,568	16,496
Long-term debt, excluding current maturities	32,906	35,384	35,374
Noncurrent operating lease liabilities	3,741	3,737	3,602
Deferred revenue – Lowe's protection plans	1,260	1,225	1,228
Other liabilities	808	931	966
Total liabilities	58,162	56,845	57,666
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 - 565 million, 574 million, and 575 million shares	282	287	288
Capital in excess of par value	0	0	7
Accumulated deficit	(13,993)	(15,637)	(15,744)
Accumulated other comprehensive income	292	300	302
Total shareholders' deficit	(13,419)	(15,050)	(15,147)
Total liabilities and shareholders' deficit	$ 44,743	$ 41,795	$ 42,519

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 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)	565,000,000	574,000,000	575,000,000
Common stock, shares outstanding (in shares)	565,000,000	574,000,000	575,000,000

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	6,706			6,706
Other comprehensive income (loss)	(5)				(5)
Cash dividends declared	(1,898)			(1,898)
Share-based payment expense	155		155
Repurchases of common stock (in shares)		(28)
Repurchases of common stock	(5,930)	$ (14)	(226)	(5,690)
Issuance of common stock under share-based payment plans (in shares)		2
Issuance of common stock under share-based payment plans	$ 79	$ 1	78
Ending balance (in shares) at Nov. 03, 2023	575	575
Ending balance at Nov. 03, 2023	$ (15,147)	$ 288	7	(15,744)	302
Beginning balance (in shares) at Aug. 04, 2023		582
Beginning balance at Aug. 04, 2023	(14,732)	$ 291	12	(15,341)	306
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,773			1,773
Other comprehensive income (loss)	(4)				(4)
Cash dividends declared	(633)			(633)
Share-based payment expense	42		42
Repurchases of common stock (in shares)		(7)
Repurchases of common stock	(1,596)	$ (3)	(50)	(1,543)
Issuance of common stock under share-based payment plans	$ 3		3
Ending balance (in shares) at Nov. 03, 2023	575	575
Ending balance at Nov. 03, 2023	$ (15,147)	$ 288	7	(15,744)	302
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	5,833			5,833
Other comprehensive income (loss)	(8)				(8)
Cash dividends declared	(1,933)			(1,933)
Share-based payment expense	159		159
Repurchases of common stock (in shares)		(10)
Repurchases of common stock	(2,515)	$ (6)	(253)	(2,256)
Issuance of common stock under share-based payment plans (in shares)		1
Issuance of common stock under share-based payment plans	$ 95	$ 1	94
Ending balance (in shares) at Nov. 01, 2024	565	565
Ending balance at Nov. 01, 2024	$ (13,419)	$ 282	0	(13,993)	292
Beginning balance (in shares) at Aug. 02, 2024		568
Beginning balance at Aug. 02, 2024	(13,763)	$ 284	0	(14,342)	295
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,695			1,695
Other comprehensive income (loss)	(3)				(3)
Cash dividends declared	(650)			(650)
Share-based payment expense	49		49
Repurchases of common stock (in shares)		(3)
Repurchases of common stock	(758)	$ (2)	(60)	(696)
Issuance of common stock under share-based payment plans	$ 11		11
Ending balance (in shares) at Nov. 01, 2024	565	565
Ending balance at Nov. 01, 2024	$ (13,419)	$ 282	$ 0	$ (13,993)	$ 292

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders' Deficit (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends per share (in dollars per share)	$ 1.15	$ 1.10	$ 3.40	$ 3.25

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023
Cash flows from operating activities:
Net earnings	$ 5,833	$ 6,706
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	1,461	1,427
Noncash lease expense	392	370
Deferred income taxes	(10)	(27)
Loss on property and other assets – net	11	50
Gain on sale of business	(97)	(79)
Share-based payment expense	164	160
Changes in operating assets and liabilities:
Merchandise inventory – net	(672)	1,002
Other operating assets	114	236
Accounts payable	1,944	(610)
Other operating liabilities	(426)	(2,203)
Net cash provided by operating activities	8,714	7,032
Cash flows from investing activities:
Purchases of investments	(999)	(1,283)
Proceeds from sale/maturity of investments	918	1,215
Capital expenditures	(1,379)	(1,344)
Proceeds from sale of property and other long-term assets	54	29
Proceeds from sale of business	97	100
Other – net	(11)	(23)
Net cash used in investing activities	(1,320)	(1,306)
Cash flows from financing activities:
Net change in commercial paper	0	(499)
Net proceeds from issuance of debt	0	2,983
Repayment of debt	(522)	(576)
Proceeds from issuance of common stock under share-based payment plans	95	79
Cash dividend payments	(1,916)	(1,899)
Repurchases of common stock	(2,681)	(5,937)
Other – net	(20)	(15)
Net cash used in financing activities	(5,044)	(5,864)
Net increase/(decrease) in cash and cash equivalents	2,350	(138)
Cash and cash equivalents, beginning of period	921	1,348
Cash and cash equivalents, end of period	$ 3,271	$ 1,210

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Nov. 01, 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 November 1, 2024, and November 3, 2023, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and nine months ended November 1, 2024, and November 3, 2023, and cash flows for the nine months ended November 1, 2024, and November 3, 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 In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures . The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2028, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. Recent 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	9 Months Ended
	Nov. 01, 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 Nine Months Ended November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Products $ 19,304 $ 19,599 $ 62,699 $ 65,204 Services 532 517 1,612 1,623 Other 334 355 809 948 Net sales $ 20,170 $ 20,471 $ 65,120 $ 67,775 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 November 1, November 3, February 2, Anticipated sales returns Other current liabilities $ 212 $ 241 $ 191 Right of return assets Other current assets 123 140 111 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) November 1, November 3, February 2, Retail deferred revenue $ 878 $ 984 $ 796 Stored-value cards deferred revenue 481 515 612 Deferred revenue $ 1,359 $ 1,499 $ 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) November 1, November 3, February 2, Deferred revenue - Lowe’s protection plans $ 1,260 $ 1,228 $ 1,225 Three Months Ended Nine Months Ended (In millions) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Lowe’s protection plans deferred revenue recognized into sales $ 141 $ 139 $ 420 $ 411 Lowe’s protection plans claim expenses 54 64 158 171 Disaggregation of Revenues The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Nine Months Ended November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 7,541 37.4 % $ 7,782 38.0 % $ 23,386 35.9 % $ 24,686 36.4 % Building Products 2 6,730 33.4 6,841 33.4 20,470 31.4 21,080 31.1 Hardlines 3 5,326 26.4 5,216 25.5 19,672 30.2 20,238 29.9 Other 573 2.8 632 3.1 1,592 2.5 1,771 2.6 Total $ 20,170 100.0 % $ 20,471 100.0 % $ 65,120 100.0 % $ 67,775 100.0 % 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 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools.

Restricted Investments

Restricted Investments	9 Months Ended
	Nov. 01, 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) November 1, 2024 November 3, 2023 February 2, 2024 Short-term restricted investments $ 335 $ 321 $ 307 Long-term restricted investments 312 238 252 Total restricted investments $ 647 $ 559 $ 559

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Nov. 01, 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 November 1, 2024, November 3, 2023, and February 2, 2024: Fair Value Measurements as of (In millions) Classification Measurement Level November 1, November 3, February 2, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 184 $ 143 $ 152 Money market funds Short-term investments Level 1 71 49 56 Commercial paper Short-term investments Level 2 47 30 5 Corporate debt securities Short-term investments Level 2 20 62 50 Certificates of deposit Short-term investments Level 1 13 35 42 Municipal obligations Short-term investments Level 2 — 2 2 U.S. Treasury securities Long-term investments Level 1 194 215 213 Corporate debt securities Long-term investments Level 2 74 23 35 Foreign government debt securities Long-term investments Level 2 41 — 4 Municipal obligations Long-term investments Level 2 3 — — Derivative instruments: Fixed-to-floating interest rate swaps Other current liabilities Level 2 $ 11 $ — $ — Fixed-to-floating interest rate swaps Other liabilities Level 2 46 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 November 1, 2024, November 3, 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 nine months ended November 1, 2024 and November 3, 2023, is as follows: Three Months Ended Nine Months Ended (In millions) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Beginning balance $ — $ — $ — $ 21 Change in fair value 54 — 97 102 Proceeds received (54) — (97) (123) Ending balance $ — $ — $ — $ — Assets and Liabilities that are Measured at Fair Value on a Nonrecurring Basis During the three and nine months ended November 1, 2024, and November 3, 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: November 1, 2024 November 3, 2023 February 2, 2024 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 34,996 $ 31,651 $ 35,387 $ 30,207 $ 35,409 $ 32,757 Mortgage notes (Level 2) 1 1 2 2 2 2 Long-term debt (excluding finance lease obligations) $ 34,997 $ 31,652 $ 35,389 $ 30,209 $ 35,411 $ 32,759

Accounts Payable

Accounts Payable	9 Months Ended
	Nov. 01, 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) November 1, 2024 November 3, 2023 February 2, 2024 Financed payment obligations $ 1,707 $ 1,640 $ 1,356

Debt

Debt	9 Months Ended
	Nov. 01, 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) 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 November 1, 2024, November 3, 2023, 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 November 1, 2024.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Nov. 01, 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) November 1, November 3, 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	9 Months Ended
	Nov. 01, 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 November 1, 2024, the Company had $12.2 billion remaining in its share repurchase program. During the nine months ended November 1, 2024, the Company entered into Accelerated Share Repurchase (ASR) agreements with third-party financial institutions to repurchase a total of 4.5 million shares of the Company’s common stock for $1.1 billion. The terms of the ASR agreements entered into during the nine months ended November 1, 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 Q3 2024 Q3 2024 400 1.3 0.2 1.5 In addition, the Company repurchased shares of its common stock through the open market as follows: Three Months Ended Nine Months Ended November 1, 2024 November 1, 2024 (In millions) Shares Cost Shares Cost Open market share repurchases 1.3 $ 356 5.5 $ 1,321 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 nine months ended November 1, 2024, and November 3, 2023, were as follows: Three Months Ended November 1, 2024 November 3, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 2.8 $ 756 7.3 $ 1,595 Shares withheld from employees 0.1 2 — 1 Total share repurchases 2.9 $ 758 7.3 $ 1,596 Nine Months Ended November 1, 2024 November 3, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 10.0 $ 2,421 27.3 $ 5,795 Shares withheld from employees 0.3 94 0.7 135 Total share repurchases 10.3 $ 2,515 28.0 $ 5,930 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	9 Months Ended
	Nov. 01, 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 nine months ended November 1, 2024, and November 3, 2023: Three Months Ended Nine Months Ended (In millions, except per share data) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Basic earnings per common share: Net earnings $ 1,695 $ 1,773 $ 5,833 $ 6,706 Less: Net earnings allocable to participating securities (4) (4) (15) (18) Net earnings allocable to common shares, basic $ 1,691 $ 1,769 $ 5,818 $ 6,688 Weighted-average common shares outstanding 565 576 568 585 Basic earnings per common share $ 2.99 $ 3.07 $ 10.24 $ 11.43 Diluted earnings per common share: Net earnings $ 1,695 $ 1,773 $ 5,833 $ 6,706 Less: Net earnings allocable to participating securities (4) (4) (15) (18) Net earnings allocable to common shares, diluted $ 1,691 $ 1,769 $ 5,818 $ 6,688 Weighted-average common shares outstanding 565 576 568 585 Dilutive effect of non-participating share-based awards 1 1 1 2 Weighted-average common shares, as adjusted 566 577 569 587 Diluted earnings per common share $ 2.99 $ 3.06 $ 10.22 $ 11.40 Anti-dilutive securities excluded from diluted weighted-average common shares 0.1 0.6 0.2 0.5

Income Taxes

Income Taxes	9 Months Ended
	Nov. 01, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On October 1, 2024, the Internal Revenue Service (IRS) announced that businesses in North Carolina affected by Hurricane Helene would receive tax relief by postponing certain tax-payment deadlines. Under this relief, the Company’s quarterly federal estimated income tax payments originally due by October 15, 2024 and January 15, 2025, can be deferred until May 1, 2025. As of November 1, 2024, the Company deferred $130 million of federal income taxes payable originally due on October 15, 2024, which is included in other current liabilities in the consolidated balance sheet.

Supplemental Disclosure

Supplemental Disclosure	9 Months Ended
	Nov. 01, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Supplemental Disclosure	Supplemental Disclosure Net interest expense is comprised of the following: Three Months Ended Nine Months Ended (In millions) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Long-term debt $ 363 $ 365 $ 1,092 $ 1,075 Short-term borrowings — — — 15 Lease obligations 6 6 18 19 Interest income (50) (27) (124) (78) Interest capitalized (2) (1) (4) (4) Interest on tax uncertainties — — 3 — Other — 2 — 6 Interest – net $ 317 $ 345 $ 985 $ 1,033 Supplemental disclosures of cash flow information: Nine Months Ended (In millions) November 1, 2024 November 3, 2023 Cash paid for interest, net of amount capitalized $ 1,410 $ 1,415 Cash paid for income taxes – net 1,2 1,384 3,163 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 37 $ 46 Leased assets obtained in exchange for new operating lease liabilities 3 442 497 Cash dividends declared but not paid 650 633 1 Cash paid for income taxes - net for the nine months ended November 1, 2024 includes $800 million of cash paid for the purchase of federal transferable tax credits. 2 Cash paid for income taxes - net for the nine months ended November 3, 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 $31 million of leases signed but not yet commenced as of November 1, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Pay vs Performance Disclosure
Net earnings	$ 1,695	$ 1,773	$ 5,833	$ 6,706

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 01, 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)	9 Months Ended
	Nov. 01, 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 November 1, 2024, and November 3, 2023, and the statements of earnings, comprehensive income, and shareholders’ deficit for the three and nine months ended November 1, 2024, and November 3, 2023, and cash flows for the nine months ended November 1, 2024, and November 3, 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 In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures . The ASU requires a public business entity to provide disaggregated disclosures of certain categories of expenses on an annual and interim basis including purchases of inventory, employee compensation, depreciation, and intangible asset amortization for each income statement line item that contains those expenses. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended January 28, 2028, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. Recent 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)	9 Months Ended
	Nov. 01, 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 Nine Months Ended November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Products $ 19,304 $ 19,599 $ 62,699 $ 65,204 Services 532 517 1,612 1,623 Other 334 355 809 948 Net sales $ 20,170 $ 20,471 $ 65,120 $ 67,775
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 November 1, November 3, February 2, Anticipated sales returns Other current liabilities $ 212 $ 241 $ 191 Right of return assets Other current assets 123 140 111
Schedule of Deferred Revenue	Deferred revenue for retail and stored-value cards are as follows: (In millions) November 1, November 3, February 2, Retail deferred revenue $ 878 $ 984 $ 796 Stored-value cards deferred revenue 481 515 612 Deferred revenue $ 1,359 $ 1,499 $ 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) November 1, November 3, February 2, Deferred revenue - Lowe’s protection plans $ 1,260 $ 1,228 $ 1,225 Three Months Ended Nine Months Ended (In millions) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Lowe’s protection plans deferred revenue recognized into sales $ 141 $ 139 $ 420 $ 411 Lowe’s protection plans claim expenses 54 64 158 171
Schedule of Disaggregated Revenue	The following table presents the Company’s net sales disaggregated by merchandise division: Three Months Ended Nine Months Ended November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 (In millions) Net Sales % Net Sales % Net Sales % Net Sales % Home Décor 1 $ 7,541 37.4 % $ 7,782 38.0 % $ 23,386 35.9 % $ 24,686 36.4 % Building Products 2 6,730 33.4 6,841 33.4 20,470 31.4 21,080 31.1 Hardlines 3 5,326 26.4 5,216 25.5 19,672 30.2 20,238 29.9 Other 573 2.8 632 3.1 1,592 2.5 1,771 2.6 Total $ 20,170 100.0 % $ 20,471 100.0 % $ 65,120 100.0 % $ 67,775 100.0 % 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 Hardlines includes the following product categories: Hardware, Lawn & Garden, Seasonal & Outdoor Living, and Tools.

Restricted Investments (Tables)

Restricted Investments (Tables)	9 Months Ended
	Nov. 01, 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) November 1, 2024 November 3, 2023 February 2, 2024 Short-term restricted investments $ 335 $ 321 $ 307 Long-term restricted investments 312 238 252 Total restricted investments $ 647 $ 559 $ 559

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Nov. 01, 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 November 1, 2024, November 3, 2023, and February 2, 2024: Fair Value Measurements as of (In millions) Classification Measurement Level November 1, November 3, February 2, Available-for-sale debt securities: U.S. Treasury securities Short-term investments Level 1 $ 184 $ 143 $ 152 Money market funds Short-term investments Level 1 71 49 56 Commercial paper Short-term investments Level 2 47 30 5 Corporate debt securities Short-term investments Level 2 20 62 50 Certificates of deposit Short-term investments Level 1 13 35 42 Municipal obligations Short-term investments Level 2 — 2 2 U.S. Treasury securities Long-term investments Level 1 194 215 213 Corporate debt securities Long-term investments Level 2 74 23 35 Foreign government debt securities Long-term investments Level 2 41 — 4 Municipal obligations Long-term investments Level 2 3 — — Derivative instruments: Fixed-to-floating interest rate swaps Other current liabilities Level 2 $ 11 $ — $ — Fixed-to-floating interest rate swaps Other liabilities Level 2 46 92 76
Schedule of Contingent Consideration at Fair Value Rollforward	The rollforward of the fair value of contingent consideration for the three and nine months ended November 1, 2024 and November 3, 2023, is as follows: Three Months Ended Nine Months Ended (In millions) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Beginning balance $ — $ — $ — $ 21 Change in fair value 54 — 97 102 Proceeds received (54) — (97) (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: November 1, 2024 November 3, 2023 February 2, 2024 (In millions) Carrying Amount Fair Value Carrying Amount Fair Value Carrying Amount Fair Value Unsecured notes (Level 1) $ 34,996 $ 31,651 $ 35,387 $ 30,207 $ 35,409 $ 32,757 Mortgage notes (Level 2) 1 1 2 2 2 2 Long-term debt (excluding finance lease obligations) $ 34,997 $ 31,652 $ 35,389 $ 30,209 $ 35,411 $ 32,759

Accounts Payable (Tables)

Accounts Payable (Tables)	9 Months Ended
	Nov. 01, 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) November 1, 2024 November 3, 2023 February 2, 2024 Financed payment obligations $ 1,707 $ 1,640 $ 1,356

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Nov. 01, 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) November 1, November 3, February 2, Fair value hedges: Fixed-to-floating interest rate swap agreements $ 850 $ 850 $ 850

Shareholders' Deficit (Tables)

Shareholders' Deficit (Tables)	9 Months Ended
	Nov. 01, 2024
Stockholders' Equity Note [Abstract]
Summary of Accelerated Share Repurchases	The terms of the ASR agreements entered into during the nine months ended November 1, 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 Q3 2024 Q3 2024 400 1.3 0.2 1.5
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 Nine Months Ended November 1, 2024 November 1, 2024 (In millions) Shares Cost Shares Cost Open market share repurchases 1.3 $ 356 5.5 $ 1,321
Schedule of Share Repurchases	Total shares repurchased for the three and nine months ended November 1, 2024, and November 3, 2023, were as follows: Three Months Ended November 1, 2024 November 3, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 2.8 $ 756 7.3 $ 1,595 Shares withheld from employees 0.1 2 — 1 Total share repurchases 2.9 $ 758 7.3 $ 1,596 Nine Months Ended November 1, 2024 November 3, 2023 (In millions) Shares Cost Shares Cost Share repurchase program 1 10.0 $ 2,421 27.3 $ 5,795 Shares withheld from employees 0.3 94 0.7 135 Total share repurchases 10.3 $ 2,515 28.0 $ 5,930 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)	9 Months Ended
	Nov. 01, 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 nine months ended November 1, 2024, and November 3, 2023: Three Months Ended Nine Months Ended (In millions, except per share data) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Basic earnings per common share: Net earnings $ 1,695 $ 1,773 $ 5,833 $ 6,706 Less: Net earnings allocable to participating securities (4) (4) (15) (18) Net earnings allocable to common shares, basic $ 1,691 $ 1,769 $ 5,818 $ 6,688 Weighted-average common shares outstanding 565 576 568 585 Basic earnings per common share $ 2.99 $ 3.07 $ 10.24 $ 11.43 Diluted earnings per common share: Net earnings $ 1,695 $ 1,773 $ 5,833 $ 6,706 Less: Net earnings allocable to participating securities (4) (4) (15) (18) Net earnings allocable to common shares, diluted $ 1,691 $ 1,769 $ 5,818 $ 6,688 Weighted-average common shares outstanding 565 576 568 585 Dilutive effect of non-participating share-based awards 1 1 1 2 Weighted-average common shares, as adjusted 566 577 569 587 Diluted earnings per common share $ 2.99 $ 3.06 $ 10.22 $ 11.40 Anti-dilutive securities excluded from diluted weighted-average common shares 0.1 0.6 0.2 0.5

Supplemental Disclosure (Tables

Supplemental Disclosure (Tables)	9 Months Ended
	Nov. 01, 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 Nine Months Ended (In millions) November 1, 2024 November 3, 2023 November 1, 2024 November 3, 2023 Long-term debt $ 363 $ 365 $ 1,092 $ 1,075 Short-term borrowings — — — 15 Lease obligations 6 6 18 19 Interest income (50) (27) (124) (78) Interest capitalized (2) (1) (4) (4) Interest on tax uncertainties — — 3 — Other — 2 — 6 Interest – net $ 317 $ 345 $ 985 $ 1,033
Supplemental Disclosures of Cash Flow Information	Supplemental disclosures of cash flow information: Nine Months Ended (In millions) November 1, 2024 November 3, 2023 Cash paid for interest, net of amount capitalized $ 1,410 $ 1,415 Cash paid for income taxes – net 1,2 1,384 3,163 Non-cash investing and financing activities: Leased assets obtained in exchange for new finance lease liabilities $ 37 $ 46 Leased assets obtained in exchange for new operating lease liabilities 3 442 497 Cash dividends declared but not paid 650 633 1 Cash paid for income taxes - net for the nine months ended November 1, 2024 includes $800 million of cash paid for the purchase of federal transferable tax credits. 2 Cash paid for income taxes - net for the nine months ended November 3, 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 $31 million of leases signed but not yet commenced as of November 1, 2024.

Revenue - Sources of Revenue (D

Revenue - Sources of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 20,170	$ 20,471	$ 65,120	$ 67,775
Products
Disaggregation of Revenue [Line Items]
Net sales	19,304	19,599	62,699	65,204
Services
Disaggregation of Revenue [Line Items]
Net sales	532	517	1,612	1,623
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 334	$ 355	$ 809	$ 948

Revenue - Anticipated Sales Ret

Revenue - Anticipated Sales Returns (Details) - USD ($) $ in Millions	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 2023
Revenue from Contract with Customer [Abstract]
Anticipated sales returns	$ 212	$ 191	$ 241
Right of return assets	$ 123	$ 111	$ 140

Revenue - Deferred Revenue (Det

Revenue - Deferred Revenue (Details) - USD ($) $ in Millions	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 2023
Revenue from Contract with Customer [Abstract]
Retail deferred revenue	$ 878	$ 796	$ 984
Stored-value cards deferred revenue	481	612	515
Deferred revenue	$ 1,359	$ 1,408	$ 1,499

Revenue - Extended Protection P

Revenue - Extended Protection Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023	Feb. 02, 2024
Revenue from Contract with Customer [Abstract]
Deferred revenue – Lowe's protection plans	$ 1,260	$ 1,228	$ 1,260	$ 1,228	$ 1,225
Lowe’s protection plans deferred revenue recognized into sales	141	139	420	411
Lowe’s protection plans claim expenses	$ 54	$ 64	$ 158	$ 171

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 20,170	$ 20,471	$ 65,120	$ 67,775
Net sales (in percent)	100%	100%	100%	100%
Home Decor
Disaggregation of Revenue [Line Items]
Net sales	$ 7,541	$ 7,782	$ 23,386	$ 24,686
Net sales (in percent)	37.40%	38%	35.90%	36.40%
Building Products
Disaggregation of Revenue [Line Items]
Net sales	$ 6,730	$ 6,841	$ 20,470	$ 21,080
Net sales (in percent)	33.40%	33.40%	31.40%	31.10%
Hardlines
Disaggregation of Revenue [Line Items]
Net sales	$ 5,326	$ 5,216	$ 19,672	$ 20,238
Net sales (in percent)	26.40%	25.50%	30.20%	29.90%
Other
Disaggregation of Revenue [Line Items]
Net sales	$ 573	$ 632	$ 1,592	$ 1,771
Net sales (in percent)	2.80%	3.10%	2.50%	2.60%

Restricted Investments (Details

Restricted Investments (Details) - USD ($) $ in Millions	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 2023
Investments, Debt and Equity Securities [Abstract]
Short-term restricted investments	$ 335	$ 307	$ 321
Long-term restricted investments	312	252	238
Total restricted investments	$ 647	$ 559	$ 559

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 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, current	11	0	0
Derivative instrument, noncurrent	46	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	143
Available-for-sale debt securities, noncurrent	194	213	215
Recurring | Estimate of fair value | Money market funds | Fair value (Level 1)
Available-for-sale debt securities:
Available-for-sale debt securities, current	71	56	49
Recurring | Estimate of fair value | Commercial paper | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, current	47	5	30
Recurring | Estimate of fair value | Corporate debt securities | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, current	20	50	62
Available-for-sale debt securities, noncurrent	74	35	23
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	35
Recurring | Estimate of fair value | Municipal obligations | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, current	0	2	2
Available-for-sale debt securities, noncurrent	3	0	0
Recurring | Estimate of fair value | Foreign government debt securities | Fair value (Level 2)
Available-for-sale debt securities:
Available-for-sale debt securities, noncurrent	$ 41	$ 4	$ 0

Fair Value Measurements - Conti

Fair Value Measurements - Contingent Consideration (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Business Combination, Contingent Consideration [Roll Forward]
Beginning balance	$ 0	$ 0	$ 0	$ 21
Change in fair value	54	0	97	102
Proceeds received	(54)	0	(97)	(123)
Ending balance	$ 0	$ 0	$ 0	$ 0

Fair Value Measurements - Other

Fair Value Measurements - Other Fair Value Disclosures (Details) - USD ($) $ in Millions	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt carrying value (excluding finance lease obligations)	$ 34,997	$ 35,411	$ 35,389
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)	34,996	35,409	35,387
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)	31,652	32,759	30,209
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)	31,651	32,757	30,207
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	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 2023
Payables and Accruals [Abstract]
Financed payment obligations	$ 1,707	$ 1,356	$ 1,640

Debt (Details)

Debt (Details) - USD ($)	1 Months Ended
	Sep. 30, 2023	Dec. 31, 2021	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 2023
Commercial paper
Short-term Debt [Line Items]
Amount outstanding under the credit facility			$ 0	$ 0	$ 0
2023 Credit Agreement
Short-term Debt [Line Items]
Amount outstanding under the credit facility			0	0	0
Third Amended and Restated Credit Agreement
Short-term Debt [Line Items]
Amount outstanding under the credit facility			0	$ 0	$ 0
Revolving Credit Facility
Short-term Debt [Line Items]
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 | 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	Nov. 01, 2024	Feb. 02, 2024	Nov. 03, 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				9 Months Ended
	Nov. 01, 2024	Aug. 02, 2024	May 03, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Share repurchase program
Share Repurchases
Remaining share repurchases authorization, value	$ 12,200				$ 12,200
Share repurchases, cost	756			$ 1,595	$ 2,421	$ 5,795
Accelerated share repurchase
Share Repurchases
Share repurchases (in shares)					4.5
Share repurchases, cost					$ 1,100
ASR Agreement Amount	$ 400	$ 375	$ 325		$ 400
Initial Shares Delivered at Inception (in shares)	1.3	1.4	1.1
Additional Shares Delivered At Settlement (in shares)	0.2	0.3	0.2
Total Shares Delivered (in shares)	1.5	1.7	1.3
Open market share repurchases
Share Repurchases
Share repurchases (in shares)	1.3				5.5
Share repurchases, cost	$ 356				$ 1,321

Shareholders' Deficit - Summary

Shareholders' Deficit - Summary (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Total share repurchases
Share Repurchases
Share repurchases (in shares)	2.9	7.3	10.3	28
Share repurchases, cost	$ 758	$ 1,596	$ 2,515	$ 5,930
Share repurchase program
Share Repurchases
Share repurchases (in shares)	2.8	7.3	10	27.3
Share repurchases, cost	$ 756	$ 1,595	$ 2,421	$ 5,795
Shares withheld from employees
Share Repurchases
Share repurchases (in shares)	0.1	0	0.3	0.7
Share repurchases, cost	$ 2	$ 1	$ 94	$ 135

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Basic earnings per common share:
Net earnings	$ 1,695	$ 1,773	$ 5,833	$ 6,706
Less: Net earnings allocable to participating securities	(4)	(4)	(15)	(18)
Net earnings allocable to common shares, basic	$ 1,691	$ 1,769	$ 5,818	$ 6,688
Weighted-average common shares outstanding (in shares)	565	576	568	585
Basic earnings per common share (in dollars per share)	$ 2.99	$ 3.07	$ 10.24	$ 11.43
Diluted earnings per common share:
Net earnings	$ 1,695	$ 1,773	$ 5,833	$ 6,706
Less: Net earnings allocable to participating securities	(4)	(4)	(15)	(18)
Net earnings allocable to common shares, diluted	$ 1,691	$ 1,769	$ 5,818	$ 6,688
Weighted-average common shares outstanding (in shares)	565	576	568	585
Dilutive effect of non-participating share-based awards (in shares)	1	1	1	2
Weighted-average common shares, as adjusted (in shares)	566	577	569	587
Diluted earnings per common share (in dollars per share)	$ 2.99	$ 3.06	$ 10.22	$ 11.40
Anti-dilutive securities excluded from diluted weighted-average common shares (in shares)	0.1	0.6	0.2	0.5

Income Taxes (Details)

Income Taxes (Details) $ in Millions	Nov. 01, 2024 USD ($)
Income Tax Disclosure [Abstract]
Deferred federal income taxes payable	$ 130

Supplemental Disclosure - Net I

Supplemental Disclosure - Net Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023	Nov. 01, 2024	Nov. 03, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term debt	$ 363	$ 365	$ 1,092	$ 1,075
Short-term borrowings	0	0	0	15
Lease obligations	6	6	18	19
Interest income	(50)	(27)	(124)	(78)
Interest capitalized	(2)	(1)	(4)	(4)
Interest on tax uncertainties	0	0	3	0
Other	0	2	0	6
Interest – net	$ 317	$ 345	$ 985	$ 1,033

Supplemental Disclosure - Cash

Supplemental Disclosure - Cash Flow Information (Details) - USD ($) $ in Millions	9 Months Ended
	Nov. 01, 2024	Nov. 03, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash paid for interest, net of amount capitalized	$ 1,410	$ 1,415
Cash paid for income taxes - net	1,384	3,163
Non-cash investing and financing activities:
Leased assets obtained in exchange for new finance lease liabilities	37	46
Leased assets obtained in exchange for new operating lease liabilities	442	497
Cash dividends declared but not paid	650	633
Cash paid for the purchase of federal transferable tax credits	800
Deferred federal income taxes payable		$ 1,200
Operating leases signed but not commenced	$ 31