Best Buy (BBY) 10-Q 30 Nov 20 2021 Q3 Quarterly report Financial data

Document Information Statement

Document Information Statement - shares	9 Months Ended
	Oct. 31, 2020	Nov. 25, 2020
Document Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 31, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--02-01
Document Transition Report	false
Entity File Number	1-9595
Entity Registrant Name	BEST BUY CO., INC.
Entity Incorporation, State or Country Code	MN
Entity Address, Address Line One	7601 Penn Avenue South
Entity Address, City or Town	Richfield
Entity Address, State or Province	MN
Entity Tax Identification Number	41-0907483
Entity Address, Postal Zip Code	55423
City Area Code	612
Local Phone Number	291-1000
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	BBY
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		258,944,852
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000764478
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Current assets
Cash and cash equivalents	$ 5,136	$ 2,229	$ 1,205
Short-term investments	545
Receivables, net	1,028	1,149	1,056
Merchandise inventories	7,459	5,174	7,569
Other current assets	383	305	345
Total current assets	14,551	8,857	10,175
Property and equipment, net	2,265	2,328	2,359
Operating lease assets	2,692	2,709	2,751
Goodwill	986	984	982
Other assets	708	713	659
Total assets	21,202	15,591	16,926
Current liabilities
Accounts payable	9,110	5,288	7,232
Unredeemed gift card liabilities	278	281	271
Deferred revenue	788	501	445
Accrued compensation and related expenses	446	410	351
Accrued liabilities	968	906	769
Current portion of operating lease liabilities	685	660	644
Current portion of long-term debt	670	14	14
Total current liabilities	12,945	8,060	9,726
Long-term liabilities	798	657	636
Long-term operating lease liabilities	2,117	2,138	2,200
Long-term debt	1,256	1,257	1,239
Contingencies (Note 11)
Equity
Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none
Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 258 million, 256 million and 260 million shares, respectively	26	26	26
Additional paid-in capital	133
Retained earnings	3,659	3,158	2,809
Accumulated other comprehensive income	268	295	290
Total equity	4,086	3,479	3,125
Total liabilities and equity	$ 21,202	$ 15,591	$ 16,926

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Condensed Consolidated Balance Sheets [Abstract]
Preferred stock, par value (in dollars per share)	$ 1	$ 1	$ 1
Preferred stock, authorized shares	400,000	400,000	400,000
Preferred stock, issued shares	0	0	0
Preferred stock, outstanding shares	0	0	0
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10	$ 0.10
Common stock, authorized shares	1,000,000,000	1,000,000,000	1,000,000,000
Common stock, issued shares	258,000,000	256,000,000	260,000,000
Common stock, outstanding shares	258,000,000	256,000,000	260,000,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Condensed Consolidated Statements of Earnings [Abstract]
Revenue	$ 11,853	$ 9,764	$ 30,325	$ 28,442
Cost of sales	9,058	7,403	23,295	21,629
Gross profit	2,795	2,361	7,030	6,813
Selling, general and administrative expenses	2,123	1,973	5,560	5,730
Restructuring charges	111	(7)	112	41
Operating income	561	395	1,358	1,042
Other income (expense):
Gain on sale of investments		1		1
Investment income and other	5	9	19	33
Interest expense	(11)	(16)	(43)	(50)
Earnings before income tax expense	555	389	1,334	1,026
Income tax expense	164	96	352	230
Net earnings	$ 391	$ 293	$ 982	$ 796
Basic earnings per share	$ 1.50	$ 1.11	$ 3.79	$ 2.99
Diluted earnings per share	$ 1.48	$ 1.10	$ 3.74	$ 2.96
Weighted-average common shares outstanding
Basic	259.8	263.2	259.3	266
Diluted	263.7	265.2	262.5	269.1

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 391	$ 293	$ 982	$ 796
Foreign currency translation adjustments, net of tax	10	(4)	(25)	(4)
Cash flow hedges	2		(2)
Comprehensive income	$ 403	$ 289	$ 955	$ 792

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Operating activities
Net earnings	$ 982	$ 796
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation and amortization	628	607
Restructuring charges	112	41
Stock-based compensation	107	109
Deferred income taxes	19	20
Other, net	10	16
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Receivables	106	(36)
Merchandise inventories	(2,300)	(2,159)
Other assets	(60)	(2)
Accounts payable	3,824	1,984
Income taxes	121	(147)
Other liabilities	358	(292)
Total cash provided by operating activities	3,907	937
Investing activities
Additions to property and equipment	(534)	(586)
Purchases of investments	(620)	(319)
Acquisitions, net of cash acquired		(145)
Sales of investments		322
Other, net	1	1
Total cash used in investing activities	(1,153)	(727)
Financing activities
Repurchase of common stock	(62)	(696)
Issuance of common stock	28	45
Dividends paid	(426)	(398)
Borrowings of debt	1,892
Repayments of debt	(1,261)	(11)
Other, net	(1)
Total cash provided by (used in) financing activities	170	(1,060)
Effect of exchange rate changes on cash and cash equivalents	(8)	(2)
Increase (decrease) in cash, cash equivalents and restricted cash	2,916	(852)
Cash, cash equivalents and restricted cash at beginning of period	2,355	2,184
Cash, cash equivalents and restricted cash at end of period	$ 5,271	$ 1,332

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) shares in Millions, $ in Millions	Common Stock [Member]	Additional Paid-In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Balances (Accounting Standards Update 2016-02 [Member]) at Feb. 02, 2019			$ (22)		$ (22)
Balances at Feb. 02, 2019	$ 27		2,985	$ 294	3,306
Balances (in shares) at Feb. 02, 2019	266
Net earnings			796		796
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax				(4)	(4)
Stock-based compensation		$ 109			109
Issuance of common stock		45			45
Issuance of common stock (in shares)	4
Common stock dividends		6	(404)		(398)
Repurchase of common stock	$ (1)	(160)	(546)		(707)
Repurchase of common stock (in shares)	(10)
Balances at Nov. 02, 2019	$ 26		2,809	290	3,125
Balances (in shares) at Nov. 02, 2019	260
Balances at Aug. 03, 2019	$ 26		2,965	294	3,285
Balances (in shares) at Aug. 03, 2019	265
Net earnings			293		293
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax				(4)	(4)
Stock-based compensation		35			35
Issuance of common stock		18			18
Common stock dividends		2	(133)		(131)
Repurchase of common stock		(55)	(316)		(371)
Repurchase of common stock (in shares)	(5)
Balances at Nov. 02, 2019	$ 26		2,809	290	3,125
Balances (in shares) at Nov. 02, 2019	260
Balances at Feb. 01, 2020	$ 26		3,158	295	3,479
Balances (in shares) at Feb. 01, 2020	256
Net earnings			982		982
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax				(25)	(25)
Cash flow hedges				(2)	(2)
Stock-based compensation		106			106
Issuance of common stock		28			28
Issuance of common stock (in shares)	3
Common stock dividends		7	(433)		(426)
Repurchase of common stock		(8)	(48)		(56)
Repurchase of common stock (in shares)	(1)
Balances at Oct. 31, 2020	$ 26	133	3,659	268	4,086
Balances (in shares) at Oct. 31, 2020	258
Balances at Aug. 01, 2020	$ 26	83	3,413	256	3,778
Balances (in shares) at Aug. 01, 2020	258
Net earnings			391		391
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments, net of tax				10	10
Cash flow hedges				2	2
Stock-based compensation		41			41
Issuance of common stock		6			6
Common stock dividends		3	(145)		(142)
Balances at Oct. 31, 2020	$ 26	$ 133	$ 3,659	$ 268	$ 4,086
Balances (in shares) at Oct. 31, 2020	258

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Dividends declared per common share	$ 0.55	$ 0.50	$ 1.65	$ 1.50

Basis of Presentation

Basis of Presentation	9 Months Ended
	Oct. 31, 2020
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation Unless the context otherwise requires, the use of the terms “Best Buy,” “we,” “us” and “our” in these Notes to Condensed Consolidated Financial Statements refers to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. Historically, we have generated a large proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2020. The first nine months of fiscal 2021 and fiscal 2020 included 39 weeks. In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Mexico operations on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our condensed consolidated financial statements. Other than as disclosed in Note 2, Restructuring Charges , no such events were identified for the reported periods. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from October 31, 2020, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for the reported periods. Total Cash, Cash Equivalents and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows was as follows ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Cash and cash equivalents $ 5,136 $ 2,229 $ 1,205 Restricted cash included in Other current assets 135 126 127 Total cash, cash equivalents and restricted cash $ 5,271 $ 2,355 $ 1,332 Amounts included in restricted cash are pledged as collateral or restricted to use for workers’ compensation and general liability insurance claims.

Restructuring Charges

Restructuring Charges	9 Months Ended
	Oct. 31, 2020
Restructuring Charges [Abstract]
Restructuring Charges	2. Restructuring Charges Restructuring charges were as follows ($ in millions): Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Mexico Exit and Corporate Reorganization (1) $ 148 $ - $ 148 $ - Fiscal 2020 U.S. Retail Operating Model Changes ( 1 ) ( 7 ) - 41 Total $ 147 $ ( 7 ) $ 148 $ 41 (1) Includes $ 36 million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the three and nine months ended October 31, 2020. Mexico Exit and Corporate Reorganization The novel coronavirus disease ("COVID-19") has had significant impacts on, for example, the economic conditions of the markets in which we operate, customer shopping behaviors, the role of technology in peoples’ lives and the way we meet these needs. In light of these changes, we have re-examined our Building the New Blue Strategy and adjusted our plans to ensure that our focus and resources are closely aligned with the opportunities we see in front of us. As a result, during the third quarter of fiscal 2021, we made the decision to exit our operations in Mexico later this fiscal year and took other actions within our Domestic segment to more broadly align our corporate organizational structure in support of our strategy. Charges incurred in our International segment related to our decision to exit our operations in Mexico. We expect to incur additional pre-tax restructuring charges, primarily related to foreign currency translation adjustments, of approximately $ 50 million to $ 75 million. We expect operations in Mexico to be substantially complete during the fourth quarter of fiscal 2021 or early fiscal 2022. Charges incurred in our Domestic segment primarily related to termination benefits associated with corporate organizational changes as well as impairments of technology assets held in service of our Mexico operations. As we continue to evolve our Building the New Blue Strategy, it is possible that we will incur material future restructuring costs in both our Domestic and International segments, but we are unable to forecast the timing and magnitude of such costs. All charges incurred related to this plan are from continuing operations and are presented on our Condensed Consolidated Statements of Earnings as follows ($ in millions): Statement of Three and Nine Months Ended October 31, 2020 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ 36 $ 36 Asset impairments Restructuring charges 10 48 58 Termination benefits Restructuring charges 36 18 54 $ 46 $ 102 $ 148 As of October 31, 2020, our termination benefits liability was $ 47 million, which included $ 7 million of cash payments related to our Domestic segment. Fiscal 2020 U.S. Retail Operating Model Changes In the second quarter of fiscal 2020, we made changes primarily related to our U.S. retail operating model to increase organization effectiveness and create a more seamless customer experience across all channels. All charges incurred, including $ 10 million related to a voluntary early retirement offer, related to termination benefits within our Domestic segment and are presented within Restructuring charges from continuing operations on our Condensed Consolidated Statements of Earnings. As of October 31, 2020, the cumulative amount of charges incurred was $ 41 million and no material liability remains.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Oct. 31, 2020
Fair Value Measurements [Abstract]
Fair Value Measurements	3. Fair Value Measurements Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data). Recurring Fair Value Measurements Financial assets and liabilities accounted for at fair value were as follows ($ in millions): Fair Value at Balance Sheet Location (1) Fair Value Hierarchy October 31, 2020 February 1, 2020 November 2, 2019 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 4,119 $ 524 $ 21 Commercial paper (2) Cash and cash equivalents Level 2 - 75 - Time deposits (3) Cash and cash equivalents Level 2 84 185 85 Time deposits (3) Short-term investments Level 2 545 - - Money market funds (2) Other current assets Level 1 29 16 20 Time deposits (3) Other current assets Level 2 100 101 100 Foreign currency derivative instruments (4) Other current assets Level 2 2 1 - Interest rate swap derivative instruments (4) Other current assets Level 2 7 - - Marketable securities that fund deferred compensation (5) Other assets Level 1 51 48 47 Interest rate swap derivative instruments (4) Other assets Level 2 95 89 70 (1) Balance sheet location is determined by the length to maturity from the current period-end date. (2) Valued at quoted market prices in active markets for same (Level 1) or similar (Level 2) instruments. (3) Valued at face value plus accrued interest, which approximates fair value. (4) Valued using readily observable market inputs. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market. See Note 7, Derivative Instruments , for additional information. (5) Valued using select mutual fund performance that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis. Fair Value of Financial Instruments The fair values of cash, receivables, accounts payable and other payables approximated their carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Fair values for other investments held at cost are not readily available, but we estimate that the carrying values for these investments approximate their fair values. Long-term debt is presented at carrying value on our Condensed Consolidated Balance Sheets. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. Long-term debt balances were as follows ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,954 $ 1,902 $ 1,322 $ 1,239 $ 1,288 $ 1,220 (1) Includes the current portion of long-term debt and excludes debt discounts, issuance costs and finance lease obligations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Oct. 31, 2020
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	4. Goodwill and Intangible Assets Goodwill Balances related to goodwill were as follows ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Domestic $ 1,053 $ ( 67 ) $ 1,051 $ ( 67 ) $ 1,049 $ ( 67 ) International 608 ( 608 ) 608 ( 608 ) 608 ( 608 ) Total $ 1,661 $ ( 675 ) $ 1,659 $ ( 675 ) $ 1,657 $ ( 675 ) No impairment charges were recorded during the fiscal periods presented. Indefinite-Lived Intangible Assets In the first quarter of fiscal 2021, we made the decision to phase out our Pacific Sales tradename in our U.S. Best Buy stores over the coming years. Consequently, we reclassified the tradename from an indefinite-lived intangible asset to a definite-lived intangible asset and have no indefinite-lived intangible assets remaining as of October 31, 2020. The carrying value of the tradename was $ 18 million as of February 1, 2020, and November 2, 2019, respectively, and was recorded within Other assets on our Condensed Consolidated Balance Sheets. Definite-Lived Intangible Assets We have definite-lived intangible assets which are recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of October 31, 2020 (in years) Customer relationships $ 339 $ 111 $ 339 $ 70 $ 341 $ 56 6.7 Tradenames 81 20 63 10 63 9 5.1 Developed technology 56 24 56 15 56 11 2.8 Total $ 476 $ 155 $ 458 $ 95 $ 460 $ 76 6.0 Amortization expense was as follows ($ in millions): Statement of Three Months Ended Nine Months Ended Earnings Location October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Amortization expense SG&A $ 20 $ 18 $ 60 $ 53 Amortization expense expected to be recognized in future periods is as follows ($ in millions): Amortization Expense Remainder of fiscal 2021 $ 20 Fiscal 2022 80 Fiscal 2023 79 Fiscal 2024 54 Fiscal 2025 16 Fiscal 2026 16 Thereafter 56

Debt

Debt	9 Months Ended
	Oct. 31, 2020
Debt [Abstract]
Debt	5. Debt Short-Term Debt In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we executed a short-term draw on the full amount of our $ 1.25 billion five year senior unsecured revolving credit facility (the “Facility”) on March 19, 2020, which remained outstanding until July 27, 2020, when the Facility was repaid in full. There were no borrowings outstanding under the Facility as of October 31, 2020, February 1, 2020, or November 2, 2019. Information regarding our short-term debt for the nine months ended October 31, 2020, was as follows ($ in millions): Average Amount Outstanding Maximum Amount Outstanding Weighted Average Interest Rate Short-term debt $ 595 $ 1,250 0.9 % Long-Term Debt Long-term debt consisted of the following ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Notes, 5.50 %, due March 15, 2021 (“2021 Notes”) $ 650 $ 650 $ 650 Notes, 4.45 %, due October 1, 2028 (“2028 Notes”) 500 500 500 Notes, 1.95 %, due October 1, 2030 (“2030 Notes”) 650 - - Interest rate swap valuation adjustments 102 89 70 Subtotal 1,902 1,239 1,220 Debt discounts and issuance costs ( 13 ) ( 6 ) ( 6 ) Finance lease obligations 37 38 39 Total long-term debt 1,926 1,271 1,253 Less current portion 670 14 14 Total long-term debt, less current portion $ 1,256 $ 1,257 $ 1,239 2030 Notes In October 2020, we issued the 2030 Notes that bear interest at a fixed rate of 1.95 % per year, payable semi-annually on April 1 and October 1 of each year, beginning on April 1, 2021. Net proceeds from the issuance were $ 642 million after underwriting and issuance discounts totaling $ 8 million. The net proceeds will be used to replace our 2021 Notes that mature in March 2021, which we expect to retire during the fourth quarter of fiscal 2021 by exercising our option to redeem the 2021 Notes at par. We may redeem some or all of the 2030 Notes at any time at a redemption price equal to the greater of (i) 100 % of the principal amount, and (ii) the sum of the present values of each remaining scheduled payment of principal and interest discounted to the redemption date on a semiannual basis, plus accrued and unpaid interest on the principal amount to the redemption date as described in the indenture (including the supplemental indenture) relating to the 2030 Notes. Furthermore, if a change of control triggering event occurs, we will be required to offer to purchase the remaining unredeemed 2030 Notes at a price equal to 101 % of their principal amount, plus accrued and unpaid interest to the purchase date. The 2030 Notes are unsecured and unsubordinated obligations and rank equally with all of our other unsecured and unsubordinated debt. The 2030 Notes contain covenants that, among other things, limit our ability to incur debt secured by liens or to enter into sale and lease-back transactions. See Note 3, Fair Value Measurements , for the fair value of long-term debt.

Revenue

Revenue	9 Months Ended
	Oct. 31, 2020
Revenue [Abstract]
Revenue	6. Revenue We generate all of our revenue from contracts with customers from the sale of products and services. Contract balances primarily consist of receivables and contract liabilities related to product merchandise not yet delivered to customers, unredeemed gift cards, services not yet completed and options that provide a material right to customers, such as our customer loyalty programs. Contract balances were as follows ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Receivables, net (1) $ 625 $ 567 $ 591 Short-term contract liabilities included in: Unredeemed gift card liabilities 278 281 271 Deferred revenue 788 501 445 Accrued liabilities 71 139 145 Long-term contract liabilities included in: Long-term liabilities 7 9 9 (1) Receivables are recorded net of allowances for doubtful accounts of $ 30 million, $ 14 million and $ 13 million as of October 31, 2020, February 1, 2020, and November 2, 2019, respectively. During the first nine months of fiscal 2021 and fiscal 2020, $ 792 million and $ 762 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods. See Note 10, Segments , for information on our revenue by reportable segment and product category.

Derivative Instruments

Derivative Instruments	9 Months Ended
	Oct. 31, 2020
Derivative Instruments [Abstract]
Derivative Instruments	7. Derivative Instruments We manage our economic and transaction exposure to certain risks by using foreign exchange forward contracts to hedge against the effect of Canadian dollar exchange rate fluctuations on a portion of our net investment in our Canadian operations. We also use interest rate swaps to mitigate the effect of interest rate fluctuations on our 2021 Notes and 2028 Notes. In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies. During the second quarter of fiscal 2021, we entered into Treasury Rate Lock ("T-Lock") contracts to hedge the base interest rate variability on a portion of our then-expected refinancing of our maturing 2021 Notes . The T-Lock contracts were cash settled during the third quarter of fiscal 2021 upon issuance of our 2030 Notes. The fair value of the T-lock contracts upon settlement was released from Accumulated other comprehensive income on our Condensed Consolidated Balance Sheets and will be recorded in Interest expense on our Condensed Consolidated Statements of Earnings as interest is accrued over the life of the 2030 Notes. Our derivative instruments designated as net investment hedges, interest rate swaps and cash flow hedges are recorded on our Condensed Consolidated Balance Sheets at fair value. See Note 3, Fair Value Measurements , for gross fair values of our outstanding derivative instruments and corresponding fair value classifications. Notional amounts of our derivative instruments were as follows ($ in millions): Contract Type October 31, 2020 February 1, 2020 November 2, 2019 Derivatives designated as net investment hedges $ 68 $ 129 $ 30 Derivatives designated as interest rate swaps 1,150 1,150 1,150 No hedge designation (foreign exchange contracts) 81 31 62 Total $ 1,299 $ 1,310 $ 1,242 Effects of our derivatives on our Condensed Consolidated Statements of Earnings were as follows ($ in millions): Gain (Loss) Recognized Three Months Ended Nine Months Ended Statement of Earnings Location October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Interest rate swap contracts Interest expense $ ( 32 ) $ ( 8 ) $ 13 $ 45 Adjustments to carrying value of long-term debt Interest expense 32 8 ( 13 ) ( 45 ) Total $ - $ - $ - $ -

Earnings per Share

Earnings per Share	9 Months Ended
	Oct. 31, 2020
Earnings per Share [Abstract]
Earnings per Share	8. Earnings per Share We compute our basic earnings per share based on the weighted-average common shares outstanding and our diluted earnings per share based on the weighted-average common shares outstanding adjusted by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued. Reconciliations of the numerators and denominators of basic and diluted earnings per share were as follows ($ and shares in millions, except per share amounts): Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Numerator Net earnings $ 391 $ 293 $ 982 $ 796 Denominator Weighted-average common shares outstanding 259.8 263.2 259.3 266.0 Dilutive effect of stock compensation plan awards 3.9 2.0 3.2 3.1 Weighted-average common shares outstanding, assuming dilution 263.7 265.2 262.5 269.1 Potential shares which were anti-dilutive and excluded from weighted-average share computations - 1.1 - 0.9 Basic earnings per share $ 1.50 $ 1.11 $ 3.79 $ 2.99 Diluted earnings per share $ 1.48 $ 1.10 $ 3.74 $ 2.96

Repurchase of Common Stock

Repurchase of Common Stock	9 Months Ended
	Oct. 31, 2020
Repurchase of Common Stock [Abstract]
Repurchase of Common Stock	9. Repurchase of Common Stock On February 23, 2019, our Board of Directors authorized a $ 3.0 billion share repurchase program. There is no expiration date governing the period over which we can repurchase shares under the February 2019 authorization. On March 21, 2020, we announced the suspension of all share repurchases to conserve liquidity in light of COVID-19-related uncertainties. We resumed repurchases in the fourth quarter of fiscal 2021. Information regarding the shares we repurchased was as follows ($ and shares in millions, except per share amounts): Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Total cost of shares repurchased $ - $ 371 $ 56 $ 707 Average price per share $ - $ 67.28 $ 86.30 $ 68.56 Number of shares repurchased - 5.5 0.6 10.3 As of October 31, 2020, $ 1.9 billion of the $ 3.0 billion share repurchase authorization was available.

Segments

Segments	9 Months Ended
	Oct. 31, 2020
Segments [Abstract]
Segments	10. Segments Segment and product category revenue information was as follows ($ in millions): Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Revenue by reportable segment Domestic $ 10,850 $ 8,964 $ 27,893 $ 26,266 International 1,003 800 2,432 2,176 Total revenue $ 11,853 $ 9,764 $ 30,325 $ 28,442 Revenue by product category Domestic: Computing and Mobile Phones $ 5,059 $ 4,238 $ 13,130 $ 12,006 Consumer Electronics 3,197 2,659 8,090 8,101 Appliances 1,478 1,071 3,703 3,170 Entertainment 509 441 1,430 1,353 Services 578 519 1,461 1,526 Other 29 36 79 110 Total Domestic revenue $ 10,850 $ 8,964 $ 27,893 $ 26,266 International: Computing and Mobile Phones $ 531 $ 407 $ 1,211 $ 1,020 Consumer Electronics 265 229 663 663 Appliances 93 67 243 209 Entertainment 50 37 156 109 Services 51 50 119 138 Other 13 10 40 37 Total International revenue $ 1,003 $ 800 $ 2,432 $ 2,176 Operating income (loss) by reportable segment and the reconciliation to consolidated earnings before income tax expense was as follows ($ in millions): Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Domestic $ 612 $ 388 $ 1,377 $ 1,029 International ( 51 ) 7 ( 19 ) 13 Total operating income 561 395 1,358 1,042 Other income (expense): Gain on sale of investments - 1 - 1 Investment income and other 5 9 19 33 Interest expense ( 11 ) ( 16 ) ( 43 ) ( 50 ) Earnings before income tax expense $ 555 $ 389 $ 1,334 $ 1,026 Assets by reportable segment were as follows ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Domestic $ 19,525 $ 14,247 $ 15,442 International 1,677 1,344 1,484 Total assets $ 21,202 $ 15,591 $ 16,926

Contingencies

Contingencies	9 Months Ended
	Oct. 31, 2020
Contingencies [Abstract]
Contingencies	11. Contingencies We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters, which are reflected on our Condensed Consolidated Financial Statements. However, there are cases where liability is not probable or the amount cannot be reasonably estimated and, therefore, accruals have not been made. We provide disclosure of matters where we believe it is reasonably possible the impact may be material to our Condensed Consolidated Financial Statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Oct. 31, 2020
Basis of Presentation [Abstract]
Basis of Presentation	Unless the context otherwise requires, the use of the terms “Best Buy,” “we,” “us” and “our” in these Notes to Condensed Consolidated Financial Statements refers to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. Historically, we have generated a large proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2020. The first nine months of fiscal 2021 and fiscal 2020 included 39 weeks. In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Mexico operations on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our condensed consolidated financial statements. Other than as disclosed in Note 2, Restructuring Charges , no such events were identified for the reported periods. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from October 31, 2020, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for the reported periods.
Total Cash, Cash Equivalents and Restricted Cash	Total Cash, Cash Equivalents and Restricted Cash The reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows was as follows ($ in millions): October 31, 2020 February 1, 2020 November 2, 2019 Cash and cash equivalents $ 5,136 $ 2,229 $ 1,205 Restricted cash included in Other current assets 135 126 127 Total cash, cash equivalents and restricted cash $ 5,271 $ 2,355 $ 1,332 Amounts included in restricted cash are pledged as collateral or restricted to use for workers’ compensation and general liability insurance claims.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Oct. 31, 2020
Basis of Presentation [Abstract]
Total Cash, Cash Equivalents and Restricted Cash	October 31, 2020 February 1, 2020 November 2, 2019 Cash and cash equivalents $ 5,136 $ 2,229 $ 1,205 Restricted cash included in Other current assets 135 126 127 Total cash, cash equivalents and restricted cash $ 5,271 $ 2,355 $ 1,332

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Oct. 31, 2020
Restructuring Cost and Reserve [Line Items]
Composition of Restructuring Charges	Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Mexico Exit and Corporate Reorganization (1) $ 148 $ - $ 148 $ - Fiscal 2020 U.S. Retail Operating Model Changes ( 1 ) ( 7 ) - 41 Total $ 147 $ ( 7 ) $ 148 $ 41 (1) Includes $ 36 million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the three and nine months ended October 31, 2020.
Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Composition of Restructuring Charges	Statement of Three and Nine Months Ended October 31, 2020 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ 36 $ 36 Asset impairments Restructuring charges 10 48 58 Termination benefits Restructuring charges 36 18 54 $ 46 $ 102 $ 148

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Oct. 31, 2020
Fair Value Measurements [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value at Balance Sheet Location (1) Fair Value Hierarchy October 31, 2020 February 1, 2020 November 2, 2019 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 4,119 $ 524 $ 21 Commercial paper (2) Cash and cash equivalents Level 2 - 75 - Time deposits (3) Cash and cash equivalents Level 2 84 185 85 Time deposits (3) Short-term investments Level 2 545 - - Money market funds (2) Other current assets Level 1 29 16 20 Time deposits (3) Other current assets Level 2 100 101 100 Foreign currency derivative instruments (4) Other current assets Level 2 2 1 - Interest rate swap derivative instruments (4) Other current assets Level 2 7 - - Marketable securities that fund deferred compensation (5) Other assets Level 1 51 48 47 Interest rate swap derivative instruments (4) Other assets Level 2 95 89 70 (1) Balance sheet location is determined by the length to maturity from the current period-end date. (2) Valued at quoted market prices in active markets for same (Level 1) or similar (Level 2) instruments. (3) Valued at face value plus accrued interest, which approximates fair value. (4) Valued using readily observable market inputs. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market. See Note 7, Derivative Instruments , for additional information. (5) Valued using select mutual fund performance that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis.
Fair Value of Financial Instruments	October 31, 2020 February 1, 2020 November 2, 2019 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,954 $ 1,902 $ 1,322 $ 1,239 $ 1,288 $ 1,220 (1) Includes the current portion of long-term debt and excludes debt discounts, issuance costs and finance lease obligations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Oct. 31, 2020
Goodwill and Intangible Assets [Abstract]
Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment	October 31, 2020 February 1, 2020 November 2, 2019 Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Domestic $ 1,053 $ ( 67 ) $ 1,051 $ ( 67 ) $ 1,049 $ ( 67 ) International 608 ( 608 ) 608 ( 608 ) 608 ( 608 ) Total $ 1,661 $ ( 675 ) $ 1,659 $ ( 675 ) $ 1,657 $ ( 675 )
Definite-Lived Intangible Assets	October 31, 2020 February 1, 2020 November 2, 2019 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of October 31, 2020 (in years) Customer relationships $ 339 $ 111 $ 339 $ 70 $ 341 $ 56 6.7 Tradenames 81 20 63 10 63 9 5.1 Developed technology 56 24 56 15 56 11 2.8 Total $ 476 $ 155 $ 458 $ 95 $ 460 $ 76 6.0
Amortization Expense	Statement of Three Months Ended Nine Months Ended Earnings Location October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Amortization expense SG&A $ 20 $ 18 $ 60 $ 53
Amortization Expense Expected to be Recognized	Amortization Expense Remainder of fiscal 2021 $ 20 Fiscal 2022 80 Fiscal 2023 79 Fiscal 2024 54 Fiscal 2025 16 Fiscal 2026 16 Thereafter 56

Debt (Tables)

Debt (Tables)	9 Months Ended
	Oct. 31, 2020
Debt [Abstract]
Schedule of Short-term Debt	Average Amount Outstanding Maximum Amount Outstanding Weighted Average Interest Rate Short-term debt $ 595 $ 1,250 0.9 %
Schedule of Long-term Debt	October 31, 2020 February 1, 2020 November 2, 2019 Notes, 5.50 %, due March 15, 2021 (“2021 Notes”) $ 650 $ 650 $ 650 Notes, 4.45 %, due October 1, 2028 (“2028 Notes”) 500 500 500 Notes, 1.95 %, due October 1, 2030 (“2030 Notes”) 650 - - Interest rate swap valuation adjustments 102 89 70 Subtotal 1,902 1,239 1,220 Debt discounts and issuance costs ( 13 ) ( 6 ) ( 6 ) Finance lease obligations 37 38 39 Total long-term debt 1,926 1,271 1,253 Less current portion 670 14 14 Total long-term debt, less current portion $ 1,256 $ 1,257 $ 1,239

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Oct. 31, 2020
Revenue [Abstract]
Contract Balances and Changes in Contract Balances	October 31, 2020 February 1, 2020 November 2, 2019 Receivables, net (1) $ 625 $ 567 $ 591 Short-term contract liabilities included in: Unredeemed gift card liabilities 278 281 271 Deferred revenue 788 501 445 Accrued liabilities 71 139 145 Long-term contract liabilities included in: Long-term liabilities 7 9 9 (1) Receivables are recorded net of allowances for doubtful accounts of $ 30 million, $ 14 million and $ 13 million as of October 31, 2020, February 1, 2020, and November 2, 2019, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Oct. 31, 2020
Derivative Instruments [Abstract]
Notional Amount of Derivative Instruments	Contract Type October 31, 2020 February 1, 2020 November 2, 2019 Derivatives designated as net investment hedges $ 68 $ 129 $ 30 Derivatives designated as interest rate swaps 1,150 1,150 1,150 No hedge designation (foreign exchange contracts) 81 31 62 Total $ 1,299 $ 1,310 $ 1,242
Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings	Gain (Loss) Recognized Three Months Ended Nine Months Ended Statement of Earnings Location October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Interest rate swap contracts Interest expense $ ( 32 ) $ ( 8 ) $ 13 $ 45 Adjustments to carrying value of long-term debt Interest expense 32 8 ( 13 ) ( 45 ) Total $ - $ - $ - $ -

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Oct. 31, 2020
Earnings per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Numerator Net earnings $ 391 $ 293 $ 982 $ 796 Denominator Weighted-average common shares outstanding 259.8 263.2 259.3 266.0 Dilutive effect of stock compensation plan awards 3.9 2.0 3.2 3.1 Weighted-average common shares outstanding, assuming dilution 263.7 265.2 262.5 269.1 Potential shares which were anti-dilutive and excluded from weighted-average share computations - 1.1 - 0.9 Basic earnings per share $ 1.50 $ 1.11 $ 3.79 $ 2.99 Diluted earnings per share $ 1.48 $ 1.10 $ 3.74 $ 2.96

Repurchase of Common Stock (Tab

Repurchase of Common Stock (Tables)	9 Months Ended
	Oct. 31, 2020
Repurchase of Common Stock [Abstract]
Schedule of Share Repurchases	Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Total cost of shares repurchased $ - $ 371 $ 56 $ 707 Average price per share $ - $ 67.28 $ 86.30 $ 68.56 Number of shares repurchased - 5.5 0.6 10.3

Segments (Tables)

Segments (Tables)	9 Months Ended
	Oct. 31, 2020
Segments [Abstract]
Revenue by Reportable Segment and Product Category	Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Revenue by reportable segment Domestic $ 10,850 $ 8,964 $ 27,893 $ 26,266 International 1,003 800 2,432 2,176 Total revenue $ 11,853 $ 9,764 $ 30,325 $ 28,442 Revenue by product category Domestic: Computing and Mobile Phones $ 5,059 $ 4,238 $ 13,130 $ 12,006 Consumer Electronics 3,197 2,659 8,090 8,101 Appliances 1,478 1,071 3,703 3,170 Entertainment 509 441 1,430 1,353 Services 578 519 1,461 1,526 Other 29 36 79 110 Total Domestic revenue $ 10,850 $ 8,964 $ 27,893 $ 26,266 International: Computing and Mobile Phones $ 531 $ 407 $ 1,211 $ 1,020 Consumer Electronics 265 229 663 663 Appliances 93 67 243 209 Entertainment 50 37 156 109 Services 51 50 119 138 Other 13 10 40 37 Total International revenue $ 1,003 $ 800 $ 2,432 $ 2,176
Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense	Three Months Ended Nine Months Ended October 31, 2020 November 2, 2019 October 31, 2020 November 2, 2019 Domestic $ 612 $ 388 $ 1,377 $ 1,029 International ( 51 ) 7 ( 19 ) 13 Total operating income 561 395 1,358 1,042 Other income (expense): Gain on sale of investments - 1 - 1 Investment income and other 5 9 19 33 Interest expense ( 11 ) ( 16 ) ( 43 ) ( 50 ) Earnings before income tax expense $ 555 $ 389 $ 1,334 $ 1,026
Assets by Reportable Segment	October 31, 2020 February 1, 2020 November 2, 2019 Domestic $ 19,525 $ 14,247 $ 15,442 International 1,677 1,344 1,484 Total assets $ 21,202 $ 15,591 $ 16,926

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019	Feb. 02, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Cash and cash equivalents	$ 5,136	$ 2,229	$ 1,205
Restricted cash included in Other current assets	135	126	127
Total cash, cash equivalents and restricted cash	$ 5,271	$ 2,355	$ 1,332	$ 2,184

Restructuring Charges (Narrativ

Restructuring Charges (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Aug. 03, 2019	Oct. 31, 2020	Nov. 02, 2019
Restructuring Cost and Reserve [Line Items]
Revenue	$ 11,853	$ 9,764		$ 30,325	$ 28,442
Operating income	561	395		1,358	1,042
Restructuring charges	111	$ (7)		112	$ 41
Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges				148
Restructuring Reserve	47			47
Mexico Exit And Corporate Reorganization [Member] | Domestic [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	7			7
Voluntary Early Retirement [Member] | U.S. Operating Model [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 10
Cumulative Amount	41			41
Minimum [Member] | Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Expected charges	50			50
Maximum [Member] | Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Expected charges	$ 75			$ 75

Restructuring Charges (Composit

Restructuring Charges (Composition of Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 111	$ (7)	$ 112	$ 41
Continuing Operations [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	147	(7)	148	41
Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			148
Inventory markdown	36		36
Mexico Exit And Corporate Reorganization [Member] | Continuing Operations [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	148		148
Mexico Exit And Corporate Reorganization [Member] | Domestic [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			46
Mexico Exit And Corporate Reorganization [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			102
Mexico Exit And Corporate Reorganization [Member] | Inventory Markdowns [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			36
Mexico Exit And Corporate Reorganization [Member] | Inventory Markdowns [Member] | International [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			36
Mexico Exit And Corporate Reorganization [Member] | Asset Impairments [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			58
Mexico Exit And Corporate Reorganization [Member] | Asset Impairments [Member] | Domestic [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			10
Mexico Exit And Corporate Reorganization [Member] | Asset Impairments [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			48
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			54
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | Domestic [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			36
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 18
U.S. Operating Model [Member] | Continuing Operations [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (1)	$ (7)		$ 41

Fair Value Measurements (Fair V

Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Level 1 [Member] | Money market funds [Member]
Assets
Cash and cash equivalents	$ 4,119	$ 524	$ 21
Other current assets	29	16	20
Level 1 [Member] | Marketable securities that fund deferred compensation [Member]
Assets
Other assets	51	48	47
Level 2 [Member] | Commercial paper [Member]
Assets
Cash and cash equivalents		75
Level 2 [Member] | Time deposits [Member]
Assets
Cash and cash equivalents	84	185	85
Short-term investments	545
Other current assets	100	101	100
Level 2 [Member] | Foreign currency derivative instruments [Member]
Assets
Other current assets	2	1
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member]
Assets
Other current assets	7
Other assets	$ 95	$ 89	$ 70

Fair Value Measurements (Fair_2

Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	$ 1,902	$ 1,239	$ 1,220
Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	1,902	1,239	1,220
Level 2 [Member] | Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,954	$ 1,322	$ 1,288

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	9 Months Ended		12 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Feb. 01, 2020
Intangible Assets [Line Items]
Goodwill and intangible assets impairment charges	$ 0	$ 0	$ 0
Tradename [Member]
Intangible Assets [Line Items]
Indefinite-lived intangible	$ 0
Definite-lived intangible assets		$ 18,000,000	$ 18,000,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Goodwill [Line Items]
Gross Carrying Amount	$ 1,661	$ 1,659	$ 1,657
Cumulative Impairment	(675)	(675)	(675)
Domestic [Member]
Goodwill [Line Items]
Gross Carrying Amount	1,053	1,051	1,049
Cumulative Impairment	(67)	(67)	(67)
International [Member]
Goodwill [Line Items]
Gross Carrying Amount	608	608	608
Cumulative Impairment	$ (608)	$ (608)	$ (608)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Definite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 476	$ 458	$ 460
Accumulated Amortization	$ 155	95	76
Weighted-Average Useful Life Remaining	6 years
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 339	339	341
Accumulated Amortization	$ 111	70	56
Weighted-Average Useful Life Remaining	6 years 8 months 12 days
Tradename [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 81	63	63
Accumulated Amortization	$ 20	10	9
Weighted-Average Useful Life Remaining	5 years 1 month 6 days
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 56	56	56
Accumulated Amortization	$ 24	$ 15	$ 11
Weighted-Average Useful Life Remaining	2 years 9 months 18 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Goodwill and Intangible Assets [Abstract]
Amortization expense	$ 20	$ 18	$ 60	$ 53

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions	Oct. 31, 2020USD ($)
Goodwill and Intangible Assets [Abstract]
Remainder of fiscal 2021	$ 20
Fiscal 2022	80
Fiscal 2023	79
Fiscal 2024	54
Fiscal 2025	16
Fiscal 2026	16
Thereafter	$ 56

Debt (Narrative) (Short-Term De

Debt (Narrative) (Short-Term Debt) (Details) - Revolving Credit Facility [Member] - USD ($)	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,250,000,000
Outstanding borrowings	$ 0	$ 0	$ 0

Debt (Narrative) (Long-Term Deb

Debt (Narrative) (Long-Term Debt) (Details) - Notes Due 2030 [Member] $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2020USD ($)	Oct. 31, 2020USD ($)
Debt Instrument [Line Items]
Interest rate	1.95%	1.95%
Debt Issuance Costs, Gross	$ 8	$ 8
Proceeds from Debt, Net of Issuance Costs	$ 642
Debt Instrument, Redemption Price, Percentage		100.00%
Debt Instrument, Redemption Price, Control Triggering Percentage		101.00%

Debt (Schedule of Short-term De

Debt (Schedule of Short-term Debt) (Details) $ in Millions	9 Months Ended
	Oct. 31, 2020USD ($)
Debt [Abstract]
Average Outstanding Amount	$ 595
Maximum Amount Outstanding	$ 1,250
Weighted Average Interest Rate	0.90%

Debt (Schedule of Long-Term Deb

Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Debt Instrument [Line Items]
Total	$ 1,902	$ 1,239	$ 1,220
Debt discounts and issuance costs	(13)	(6)	(6)
Finance lease obligations	37	38	39
Total long-term debt	1,926	1,271	1,253
Less current portion	670	14	14
Total long-term debt, less current portion	1,256	1,257	1,239
Interest Rate Swap Derivative Instruments [Member]
Debt Instrument [Line Items]
Interest rate swap valuation adjustments	102	89	70
Notes due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 650	650	650
Interest rate	5.50%
Notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 500	$ 500	$ 500
Interest rate	4.45%
Notes Due 2030 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 650
Interest rate	1.95%

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019
Revenue [Abstract]
Revenue recognized	$ 792	$ 762

Revenue (Contract Balances and

Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Revenue from Contract with Customer [Line Items]
Receivables, net	$ 625	$ 567	$ 591
Short-term contract liabilities included in:
Short-term contract liabilities	278	281	271
Long-term contract liabilities included in:
Long-term liabilities	7	9	9
Receivables, allowance for doubtful accounts	30	14	13
Unredeemed Gift Cards [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	278	281	271
Deferred Revenue [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	788	501	445
Accrued Liability [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	$ 71	$ 139	$ 145

Derivative Instruments (Notiona

Derivative Instruments (Notional Amount of Derivative Instruments) (Details) - Not Designated As Hedging Instrument [Member] - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 81	$ 31	$ 62
Derivatives Designated As Net Investment Hedges [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	68	129	30
Interest Rate Swap Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	1,150	1,150	1,150
Foreign Exchange Forward Contracts [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 1,299	$ 1,310	$ 1,242

Derivative Instruments (Effects

Derivative Instruments (Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings) (Details) - Designated As Hedging Instrument [Member] - Interest Expense [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized
Interest Rate Swap Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	(32)	(8)	13	45
Carrying Value Of Long Term Debt [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	$ 32	$ 8	$ (13)	$ (45)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Earnings per Share [Abstract]
Net earnings	$ 391	$ 293	$ 982	$ 796
Weighted-average common shares outstanding (in shares)	259.8	263.2	259.3	266
Dilutive effect of stock compensation plan awards (in shares)	3.9	2	3.2	3.1
Weighted-average common shares outstanding, assuming dilution (in shares)	263.7	265.2	262.5	269.1
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares)		1.1		0.9
Basic earnings per share	$ 1.50	$ 1.11	$ 3.79	$ 2.99
Diluted earnings per share	$ 1.48	$ 1.10	$ 3.74	$ 2.96

Repurchase of Common Stock (Nar

Repurchase of Common Stock (Narrative) (Details) - February 2019 Share Repurchase Program [Member] - USD ($) $ in Billions	Oct. 31, 2020	Feb. 23, 2019
Stock Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount	$ 3	$ 3
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1.9

Repurchase of Common Stock (Sch

Repurchase of Common Stock (Schedule of share repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	9 Months Ended
	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Repurchase of Common Stock [Abstract]
Total cost of shares repurchased	$ 371	$ 56	$ 707
Average price per share	$ 67.28	$ 86.30	$ 68.56
Number of shares repurchased	5.5	0.6	10.3

Segments (Revenue by Reportable

Segments (Revenue by Reportable Segment and Product Category) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 11,853	$ 9,764	$ 30,325	$ 28,442
Domestic Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	10,850	8,964	27,893	26,266
Domestic Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	5,059	4,238	13,130	12,006
Domestic Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,197	2,659	8,090	8,101
Domestic Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,478	1,071	3,703	3,170
Domestic Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	509	441	1,430	1,353
Domestic Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	578	519	1,461	1,526
Domestic Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	29	36	79	110
International Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,003	800	2,432	2,176
International Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	531	407	1,211	1,020
International Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	265	229	663	663
International Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	93	67	243	209
International Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	50	37	156	109
International Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	51	50	119	138
International Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 13	$ 10	$ 40	$ 37

Segments (Operating Income by R

Segments (Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Oct. 31, 2020	Nov. 02, 2019	Oct. 31, 2020	Nov. 02, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 561	$ 395	$ 1,358	$ 1,042
Gain on sale of investments		1		1
Investment income and other	5	9	19	33
Interest expense	(11)	(16)	(43)	(50)
Earnings before income tax expense	555	389	1,334	1,026
Domestic Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	612	388	1,377	1,029
International Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ (51)	$ 7	$ (19)	$ 13

Segments (Assets by Reportable

Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions	Oct. 31, 2020	Feb. 01, 2020	Nov. 02, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 21,202	$ 15,591	$ 16,926
Domestic Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	19,525	14,247	15,442
International Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,677	$ 1,344	$ 1,484