Best Buy (BBY) 10-Q 4 Jun 21 2022 Q1 Quarterly report Financial data

Document Information Statement

Document Information Statement - shares	3 Months Ended
	May 01, 2021	Jun. 02, 2021
Document Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 1, 2021
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--01-29
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		250,472,993
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000764478
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Current assets
Cash and cash equivalents	$ 4,278	$ 5,494	$ 3,919
Short-term investments	60
Receivables, net	850	1,061	749
Merchandise inventories	5,721	5,612	3,993
Other current assets	359	373	335
Total current assets	11,268	12,540	8,996
Property and equipment, net	2,233	2,260	2,291
Operating lease assets	2,563	2,612	2,631
Goodwill	986	986	986
Other assets	655	669	701
Total assets	17,705	19,067	15,605
Current liabilities
Accounts payable	6,360	6,979	4,428
Accrued compensation and related expenses	493	725	213
Accrued liabilities	978	972	769
Short-term debt	110	110	1,250
Current portion of operating lease liabilities	654	693	683
Current portion of long-term debt	15	14	673
Total current liabilities	9,641	10,521	8,804
Long-term liabilities	694	694	694
Long-term operating lease liabilities	1,983	2,012	2,076
Long-term debt	1,229	1,253	621
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 – 250.4 million, 256.9 million and 257.6 million shares, respectively	25	26	26
Additional paid-in capital	33		15
Retained earnings	3,762	4,233	3,126
Accumulated other comprehensive income	338	328	243
Total equity	4,158	4,587	3,410
Total liabilities and equity	17,705	19,067	15,605
Gift Card [Member]
Current liabilities
Short-term contract liabilities	297	317	257
Deferred Revenue [Member]
Current liabilities
Short-term contract liabilities	$ 734	$ 711	$ 531

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 01, 2021	Jan. 30, 2021	May 02, 2020
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	250,400,000	256,900,000	257,600,000
Common stock, outstanding shares	250,400,000	256,900,000	257,600,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Condensed Consolidated Statements of Earnings [Abstract]
Revenue	$ 11,637	$ 8,562
Cost of sales	8,922	6,597
Gross profit	2,715	1,965
Selling, general and administrative expenses	1,988	1,735
Restructuring charges	(42)	1
Operating income	769	229
Other income (expense):
Investment income and other	3	6
Interest expense	(6)	(17)
Earnings before income tax expense and equity in income of affiliates	766	218
Income tax expense	172	59
Equity in income of affiliates	1
Net earnings	$ 595	$ 159
Basic earnings per share	$ 2.35	$ 0.61
Diluted earnings per share	$ 2.32	$ 0.61
Weighted-average common shares outstanding
Basic	253.1	258.3
Diluted	256.7	260.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 595	$ 159
Foreign currency translation adjustments, net of tax	10	(52)
Comprehensive income	$ 605	$ 107

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Operating activities
Net earnings	$ 595	$ 159
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation and amortization	216	207
Restructuring charges	(42)	1
Stock-based compensation	37	15
Other, net	6	20
Changes in operating assets and liabilities:
Receivables	210	383
Merchandise inventories	(90)	1,136
Other assets	(6)	(12)
Accounts payable	(630)	(816)
Income taxes	113	31
Other liabilities	(304)	(297)
Total cash provided by operating activities	105	827
Investing activities
Additions to property and equipment	(161)	(178)
Purchases of investments	(90)	(5)
Other, net	(2)	4
Total cash used in investing activities	(253)	(179)
Financing activities
Repurchase of common stock	(927)	(62)
Dividends paid	(175)	(141)
Borrowings of debt		1,250
Other, net	13	2
Total cash provided by (used in) financing activities	(1,089)	1,049
Effect of exchange rate changes on cash and cash equivalents	5	(18)
Increase (decrease) in cash, cash equivalents and restricted cash	(1,232)	1,679
Cash, cash equivalents and restricted cash at beginning of period	5,625	2,355
Cash, cash equivalents and restricted cash at end of period	$ 4,393	$ 4,034

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 at Feb. 01, 2020	$ 26		$ 3,158	$ 295	$ 3,479
Balances (in shares) at Feb. 01, 2020	256.5
Net earnings			159		159
Other comprehensive income:
Foreign currency translation adjustments, net of tax				(52)	(52)
Stock-based compensation		$ 15			15
Issuance of common stock		6			6
Issuance of common stock (in shares)	1.7
Common stock dividends		2	(143)		(141)
Repurchase of common stock		(8)	(48)		(56)
Repurchase of common stock (in shares)	(0.6)
Balances at May. 02, 2020	$ 26	15	3,126	243	3,410
Balances (in shares) at May. 02, 2020	257.6
Balances at Jan. 30, 2021	$ 26		4,233	328	4,587
Balances (in shares) at Jan. 30, 2021	256.9
Net earnings			595		595
Other comprehensive income:
Foreign currency translation adjustments, net of tax				10	10
Stock-based compensation		37			37
Issuance of common stock		19			19
Issuance of common stock (in shares)	1.9
Common stock dividends		3	(178)		(175)
Repurchase of common stock	$ (1)	(26)	(888)		(915)
Repurchase of common stock (in shares)	(8.4)
Balances at May. 01, 2021	$ 25	$ 33	$ 3,762	$ 338	$ 4,158
Balances (in shares) at May. 01, 2021	250.4

Basis of Presentation

Basis of Presentation	3 Months Ended
	May 01, 2021
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. During the third quarter of fiscal 2021, we made the decision to exit our operations in Mexico. All stores in Mexico were closed as of the end of the first quarter of fiscal 2022 and our International segment will be comprised of operations in Canada going forward. Refer to Note 2, Restructuring , for additional information. In March 2020 the World Health Organization declared the outbreak of novel coronavirus disease (“COVID-19”) as a pandemic. Except where otherwise directed by state and local authorities, on March 22, 2020, we made the decision for the health and safety of our customers and employees to move our stores to a contactless, curbside-only operating model. We also temporarily suspended in-home delivery, repair and consultation services from March 22, 2020, through April 27, 2020, after implementing new safety guidelines. As of June 22, 2020, almost all of our stores were open for shopping and remained open through the first quarter of fiscal 2022. We continue to offer contactless curbside pick-up and in-store consultations for customers who prefer to shop that way. 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 January 30, 2021. The first three months of fiscal 2022 and fiscal 2021 included 13 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. No such events were identified for the reported periods. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from May 1, 2021, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. Other than the refinancing of our $ 1.25 billion five year senior unsecured revolving credit facility described in Note 5, Debt , n o such events were identified for the reported periods. Total Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets is reconciled to the total shown on our Condensed Consolidated Statements of Cash Flows as follows ($ in millions): May 1, 2021 January 30, 2021 May 2, 2020 Cash and cash equivalents $ 4,278 $ 5,494 $ 3,919 Restricted cash included in Other current assets 115 131 115 Total cash, cash equivalents and restricted cash $ 4,393 $ 5,625 $ 4,034 Amounts included in restricted cash are primarily restricted to use for workers’ compensation and general liability insurance claims.

Restructuring

Restructuring	3 Months Ended
	May 01, 2021
Restructuring [Abstract]
Restructuring	2. Restructuring Restructuring charges were as follows ($ in millions): Three Months Ended May 1, 2021 May 2, 2020 Mexico Exit and Strategic Realignment (1) $ ( 48 ) $ - Fiscal 2020 U.S. Retail Operating Model Changes - 1 Total $ ( 48 ) $ 1 (1) Includes ($ 6 ) million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the three months ended May 1, 2021. Mexico Exit and Strategic Realignment The COVID-19 pandemic 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 their needs. In light of these changes, we are adapting our Building the New Blue Strategy to ensure that our focus and resources are closely aligned with the opportunities we see in front of us. As a result, in the third quarter of fiscal 2021, we made the decision to exit our operations in Mexico and began taking other actions to more broadly align our organizational structure in support of our strategy. Charges incurred in our International segment primarily related to our decision to exit our operations in Mexico. As of May 1, 2021, all stores are closed and we do not expect to incur material future restructuring charges related to the exit. Charges incurred in our Domestic segment primarily related to actions taken to align our organizational structure in support of our strategy. During the first quarter of fiscal 2022, we recorded a $ 44 million credit primarily due to a reduction in expected termination benefits resulting from adjustments to previously planned organizational changes and higher-than-expected employee retention. As we continue to evolve our Building the New Blue Strategy, it is possible that we will incur material future restructuring costs, but we are unable to forecast the timing and magnitude of such costs. All charges incurred related to the exit from Mexico and strategic realignment described above were from continuing operations and were presented as follows ($ in millions): Statement of Three Months Ended May 1, 2021 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ ( 6 ) $ ( 6 ) Asset impairments Restructuring charges - 3 3 Termination benefits Restructuring charges ( 44 ) ( 1 ) ( 45 ) $ ( 44 ) $ ( 4 ) $ ( 48 ) Statement of Cumulative Amount as of May 1, 2021 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ 17 $ 17 Asset impairments (1) Restructuring charges 10 60 70 Termination benefits Restructuring charges 79 19 98 Currency translation adjustment Restructuring charges - 39 39 Other (2) Restructuring charges - 5 5 $ 89 $ 140 $ 229 (1) Remaining net carrying value approximates fair value and was immaterial as of May 1, 2021. (2) Other charges are primarily comprised of contract termination costs. Restructuring accrual activity related to the exit from Mexico and strategic realignment described above was as follows ($ in millions): Termination Benefits Domestic International Total Balances at January 30, 2021 $ 104 $ 20 $ 124 Cash payments ( 39 ) ( 12 ) ( 51 ) Adjustments (1) ( 44 ) ( 1 ) ( 45 ) Changes in foreign currency exchange rates - ( 1 ) ( 1 ) Balances at May 1, 2021 $ 21 $ 6 $ 27 (1) Represents adjustments to previously planned organizational changes in our Domestic segment and higher-than-expected employee retention in both our Domestic and International segments. 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 were related to termination benefits within our Domestic segment and were presented within Restructuring charges from continuing operations on our Condensed Consolidated Statements of Earnings. As of May 1, 2021, the cumulative amount of charges incurred was $ 41 million and no material liability remains.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	May 01, 2021
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 May 1, 2021 January 30, 2021 May 2, 2020 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 1,063 $ 1,575 $ 1,153 Time deposits (3) Cash and cash equivalents Level 2 639 865 465 Time deposits (3) Short-term investments Level 2 60 - - Time deposits (3) Other current assets Level 2 65 65 101 Interest rate swap derivative instruments (4) Other current assets Level 2 - - 11 Interest rate swap derivative instruments (4) Other assets Level 2 65 91 107 Marketable securities that fund deferred compensation (5) Other assets Level 1 53 53 45 (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): May 1, 2021 January 30, 2021 May 2, 2020 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,260 $ 1,215 $ 1,331 $ 1,241 $ 1,315 $ 1,268 (1) Excludes debt discounts, issuance costs and finance lease obligations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	May 01, 2021
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	4. Goodwill and Intangible Assets Goodwill Balances related to goodwill remained unchanged as of May 1, 2021, January 30, 2021, and May 2, 2020, as follows ($ in millions): Gross Carrying Amount Cumulative Impairment Domestic $ 1,053 $ ( 67 ) International 608 ( 608 ) Total $ 1,661 $ ( 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. 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): May 1, 2021 January 30, 2021 May 2, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of May 1, 2021 (in years) Customer relationships $ 339 $ 138 $ 339 $ 124 $ 339 $ 83 6.5 Tradenames 81 27 81 24 81 13 4.7 Developed technology 56 30 56 27 56 18 2.3 Total $ 476 $ 195 $ 476 $ 175 $ 476 $ 114 5.8 Amortization expense was as follows ($ in millions): Statement of Three Months Ended Earnings Location May 1, 2021 May 2, 2020 Amortization expense SG&A $ 20 $ 19 Amortization expense expected to be recognized in future periods is as follows ($ in millions): Amortization Expense Remainder of fiscal 2022 $ 60 Fiscal 2023 79 Fiscal 2024 54 Fiscal 2025 16 Fiscal 2026 16 Fiscal 2027 13 Thereafter 43

Debt

Debt	3 Months Ended
	May 01, 2021
Debt [Abstract]
Debt	5. Debt Short-Term Debt U.S. Revolving Credit Facility Subsequent to the first quarter of fiscal 2022, on May 18, 2021, we entered into a $ 1.25 billion five year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with a syndicate of banks. The Five-Year Facility Agreement replaced the previous $ 1.25 billion senior unsecured revolving credit facility (the “Previous Facility”) with a syndicate of banks, which was originally scheduled to expire in April 2023, but was terminated on May 18, 2021. The Five-Year Facility Agreement permits borrowings of up to $ 1.25 billion and expires in May 2026. The interest rate under the Five-Year Facility Agreement is variable and is determined at our option as: (i) the sum of (a) the greatest of (1) JPMorgan Chase Bank, N.A.’s prime rate, (2) the greater of the federal funds rate and the overnight bank funding rate plus, in each case, 0.5 %, and (3) the one-month London Interbank Offered Rate (“LIBOR”), subject to certain adjustments plus 1 %, and (b) a variable margin rate (the “ABR Margin”); or (ii) the LIBOR plus a variable margin rate (the “LIBOR Margin”). In addition, a facility fee is assessed on the commitment amount. The ABR Margin, LIBOR Margin and the facility fee are based upon our current senior unsecured debt rating. Under the Five-Year Facility Agreement, the ABR Margin ranges from 0.00 % to 0.225 %, the LIBOR Margin ranges from 0.805 % to 1.225 %, and the facility fee ranges from 0.07 % to 0.15 %. Additionally, the Five-Year Facility Agreement includes fallback language related to the transition from LIBOR to alternative rates. The Five-Year Facility Agreement is guaranteed by certain of our subsidiaries and contains customary affirmative and negative covenants. Among other things, these covenants restrict our and certain of our subsidiaries’ abilities to incur liens on certain assets; make material changes in corporate structure or the nature of our business; dispose of material assets; engage in certain mergers, consolidations and other fundamental changes; or engage in certain transactions with affiliates. The Five-Year Facility Agreement also contains covenants that require us to maintain a maximum cash flow leverage ratio. The Five-Year Facility Agreement contains default provisions including, but not limited to, failure to pay interest or principal when due and failure to comply with covenants. In the first quarter of fiscal 2021, 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 Previous Facility on March 19, 2020, which remained outstanding until July 27, 2020, when the Previous Facility was repaid in full. There were no borrowings outstanding under the Previous Facility as of May 1, 2021, and January 30, 2021. Bank Advance In conjunction with a solar energy investment, we were advanced $ 110 million due October 31, 2021. The advance is recorded within Short-term debt on our Condensed Consolidated Balance Sheets and bears interest at 0.14 %. Long-Term Debt Long-term debt consisted of the following ($ in millions): May 1, 2021 January 30, 2021 May 2, 2020 Notes, 5.50%, due March 15, 2021 $ - $ - $ 650 Notes, 4.45%, due October 1, 2028 500 500 500 Notes, 1.95%, due October 1, 2030 650 650 - Interest rate swap valuation adjustments 65 91 118 Subtotal 1,215 1,241 1,268 Debt discounts and issuance costs ( 12 ) ( 12 ) ( 8 ) Finance lease obligations 41 38 34 Total long-term debt 1,244 1,267 1,294 Less current portion 15 14 673 Total long-term debt, less current portion $ 1,229 $ 1,253 $ 621 See Note 3, Fair Value Measurements , for the fair value of long-term debt.

Revenue

Revenue	3 Months Ended
	May 01, 2021
Revenue [Abstract]
Revenue	6. Revenue We generate substantially all of our revenue from contracts with customers from the sale of products and services. Contract balances primarily consist of receivables and 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): May 1, 2021 January 30, 2021 May 2, 2020 Receivables, net (1) $ 545 $ 618 $ 396 Short-term contract liabilities included in: Unredeemed gift card liabilities 297 317 257 Deferred revenue 734 711 531 Accrued liabilities 79 71 45 (1) Receivables are recorded net of allowances for doubtful accounts of $ 25 million, $ 32 million and $ 29 million as of May 1, 2021, January 30, 2021, and May 2, 2020, respectively. During the first three months of fiscal 2022 and fiscal 2021, $ 684 million and $ 492 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	3 Months Ended
	May 01, 2021
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 $ 650 million principal amount of notes due March 15, 2021, prior to their retirement in December 2020, and on our $ 500 million principal amount of notes due October 1, 2028. 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. Our derivative instruments designated as net investment hedges and interest rate swaps 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 May 1, 2021 January 30, 2021 May 2, 2020 Derivatives designated as net investment hedges $ 94 $ 153 $ 126 Derivatives designated as interest rate swaps 500 500 1,150 No hedge designation (foreign exchange contracts) 34 51 21 Total $ 628 $ 704 $ 1,297 Effects of our derivatives on our Condensed Consolidated Statements of Earnings were as follows ($ in millions): Gain (Loss) Recognized Three Months Ended Statement of Earnings Location May 1, 2021 May 2, 2020 Interest rate swap contracts Interest expense $ ( 26 ) $ 29 Adjustments to carrying value of long-term debt Interest expense 26 ( 29 ) Total $ - $ -

Earnings per Share

Earnings per Share	3 Months Ended
	May 01, 2021
Earnings per Share [Abstract]
Earnings per Share	8. Earnings per Share We compute our basic earnings per share based on the weighted-average number of common shares outstanding and our diluted earnings per share based on the weighted-average number of 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 May 1, 2021 May 2, 2020 Numerator Net earnings $ 595 $ 159 Denominator Weighted-average common shares outstanding 253.1 258.3 Dilutive effect of stock compensation plan awards 3.6 2.1 Weighted-average common shares outstanding, assuming dilution 256.7 260.4 Potential shares which were anti-dilutive and excluded from weighted-average share computations 1.1 0.6 Basic earnings per share $ 2.35 $ 0.61 Diluted earnings per share $ 2.32 $ 0.61

Repurchase of Common Stock

Repurchase of Common Stock	3 Months Ended
	May 01, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity	9. Repurchase of Common Stock On February 16, 2021, our Board of Directors approved a new $ 5.0 billion share repurchase program, which replaced the $ 3.0 billion share repurchase program authorized on February 23, 2019 . There is no expiration date governing the period over which we can repurchase shares under this authorization. As of May 1, 2021, $ 4.2 billion of the $ 5.0 billion share repurchase authorization was available. On May 27, 2021, we announced an increase in the amount of share repurchases planned in fiscal 2022 to $ 2.5 billion. Information regarding the shares we repurchased was as follows ($ and shares in millions, except per share amounts): Three Months Ended May 1, 2021 May 2, 2020 Total cost of shares repurchased $ 915 $ 56 Average price per share $ 108.69 $ 86.30 Number of shares repurchased 8.4 0.6 The total cost of shares repurchased increased in the first quarter of fiscal 2022 primarily due to the temporary suspension of all share repurchases from March to November of fiscal 2021 to conserve liquidity in light of COVID-19-related concerns. Between the end of the first quarter of fiscal 2022 on May 1, 2021, and June 2, 2021, we repurchased an incremental 0.2 million shares of our common stock at a cost of $ 28 million.

Segments

Segments	3 Months Ended
	May 01, 2021
Segments [Abstract]
Segments	10. Segments Segment and product category revenue information was as follows ($ in millions): Three Months Ended May 1, 2021 May 2, 2020 Revenue by reportable segment Domestic $ 10,841 $ 7,915 International 796 647 Total revenue $ 11,637 $ 8,562 Revenue by product category Domestic Computing and Mobile Phones $ 4,793 $ 3,805 Consumer Electronics 3,238 2,219 Appliances 1,548 935 Entertainment 669 510 Services 556 421 Other 37 25 Total Domestic revenue $ 10,841 $ 7,915 International Computing and Mobile Phones $ 394 $ 309 Consumer Electronics 217 177 Appliances 68 58 Entertainment 65 57 Services 35 32 Other 17 14 Total International revenue $ 796 $ 647 Operating income (loss) by reportable segment and the reconciliation to consolidated earnings before income tax expense and equity in income of affiliates was as follows ($ in millions): Three Months Ended May 1, 2021 May 2, 2020 Domestic $ 734 $ 241 International 35 ( 12 ) Total operating income 769 229 Other income (expense): Investment income and other 3 6 Interest expense ( 6 ) ( 17 ) Earnings before income tax expense and equity in income of affiliates $ 766 $ 218 Assets by reportable segment were as follows ($ in millions): May 1, 2021 January 30, 2021 May 2, 2020 Domestic $ 16,490 $ 17,625 $ 14,320 International 1,215 1,442 1,285 Total assets $ 17,705 $ 19,067 $ 15,605

Contingencies

Contingencies	3 Months Ended
	May 01, 2021
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)	3 Months Ended
	May 01, 2021
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. During the third quarter of fiscal 2021, we made the decision to exit our operations in Mexico. All stores in Mexico were closed as of the end of the first quarter of fiscal 2022 and our International segment will be comprised of operations in Canada going forward. Refer to Note 2, Restructuring , for additional information. In March 2020 the World Health Organization declared the outbreak of novel coronavirus disease (“COVID-19”) as a pandemic. Except where otherwise directed by state and local authorities, on March 22, 2020, we made the decision for the health and safety of our customers and employees to move our stores to a contactless, curbside-only operating model. We also temporarily suspended in-home delivery, repair and consultation services from March 22, 2020, through April 27, 2020, after implementing new safety guidelines. As of June 22, 2020, almost all of our stores were open for shopping and remained open through the first quarter of fiscal 2022. We continue to offer contactless curbside pick-up and in-store consultations for customers who prefer to shop that way. 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 January 30, 2021. The first three months of fiscal 2022 and fiscal 2021 included 13 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. No such events were identified for the reported periods. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from May 1, 2021, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. Other than the refinancing of our $ 1.25 billion five year senior unsecured revolving credit facility described in Note 5, Debt , n o such events were identified for the reported periods.
Total Cash, Cash Equivalents and Restricted Cash	Total Cash, Cash Equivalents and Restricted Cash Cash, cash equivalents and restricted cash reported on our Condensed Consolidated Balance Sheets is reconciled to the total shown on our Condensed Consolidated Statements of Cash Flows as follows ($ in millions): May 1, 2021 January 30, 2021 May 2, 2020 Cash and cash equivalents $ 4,278 $ 5,494 $ 3,919 Restricted cash included in Other current assets 115 131 115 Total cash, cash equivalents and restricted cash $ 4,393 $ 5,625 $ 4,034 Amounts included in restricted cash are primarily restricted to use for workers’ compensation and general liability insurance claims.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	May 01, 2021
Basis of Presentation [Abstract]
Total Cash, Cash Equivalents and Restricted Cash	May 1, 2021 January 30, 2021 May 2, 2020 Cash and cash equivalents $ 4,278 $ 5,494 $ 3,919 Restricted cash included in Other current assets 115 131 115 Total cash, cash equivalents and restricted cash $ 4,393 $ 5,625 $ 4,034

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	May 01, 2021
Restructuring Cost and Reserve [Line Items]
Composition of Restructuring Charges	Three Months Ended May 1, 2021 May 2, 2020 Mexico Exit and Strategic Realignment (1) $ ( 48 ) $ - Fiscal 2020 U.S. Retail Operating Model Changes - 1 Total $ ( 48 ) $ 1 (1) Includes ($ 6 ) million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the three months ended May 1, 2021.
Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Composition of Restructuring Charges	Statement of Three Months Ended May 1, 2021 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ ( 6 ) $ ( 6 ) Asset impairments Restructuring charges - 3 3 Termination benefits Restructuring charges ( 44 ) ( 1 ) ( 45 ) $ ( 44 ) $ ( 4 ) $ ( 48 ) Statement of Cumulative Amount as of May 1, 2021 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ 17 $ 17 Asset impairments (1) Restructuring charges 10 60 70 Termination benefits Restructuring charges 79 19 98 Currency translation adjustment Restructuring charges - 39 39 Other (2) Restructuring charges - 5 5 $ 89 $ 140 $ 229 (1) Remaining net carrying value approximates fair value and was immaterial as of May 1, 2021. (2) Other charges are primarily comprised of contract termination costs.
Restructuring Accrual Activity	Termination Benefits Domestic International Total Balances at January 30, 2021 $ 104 $ 20 $ 124 Cash payments ( 39 ) ( 12 ) ( 51 ) Adjustments (1) ( 44 ) ( 1 ) ( 45 ) Changes in foreign currency exchange rates - ( 1 ) ( 1 ) Balances at May 1, 2021 $ 21 $ 6 $ 27 (1) Represents adjustments to previously planned organizational changes in our Domestic segment and higher-than-expected employee retention in both our Domestic and International segments.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	May 01, 2021
Fair Value Measurements [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value at Balance Sheet Location (1) Fair Value Hierarchy May 1, 2021 January 30, 2021 May 2, 2020 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 1,063 $ 1,575 $ 1,153 Time deposits (3) Cash and cash equivalents Level 2 639 865 465 Time deposits (3) Short-term investments Level 2 60 - - Time deposits (3) Other current assets Level 2 65 65 101 Interest rate swap derivative instruments (4) Other current assets Level 2 - - 11 Interest rate swap derivative instruments (4) Other assets Level 2 65 91 107 Marketable securities that fund deferred compensation (5) Other assets Level 1 53 53 45 (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	May 1, 2021 January 30, 2021 May 2, 2020 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,260 $ 1,215 $ 1,331 $ 1,241 $ 1,315 $ 1,268 (1) Excludes debt discounts, issuance costs and finance lease obligations.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	May 01, 2021
Goodwill and Intangible Assets [Abstract]
Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment	Gross Carrying Amount Cumulative Impairment Domestic $ 1,053 $ ( 67 ) International 608 ( 608 ) Total $ 1,661 $ ( 675 )
Definite-Lived Intangible Assets	May 1, 2021 January 30, 2021 May 2, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of May 1, 2021 (in years) Customer relationships $ 339 $ 138 $ 339 $ 124 $ 339 $ 83 6.5 Tradenames 81 27 81 24 81 13 4.7 Developed technology 56 30 56 27 56 18 2.3 Total $ 476 $ 195 $ 476 $ 175 $ 476 $ 114 5.8
Amortization Expense	Statement of Three Months Ended Earnings Location May 1, 2021 May 2, 2020 Amortization expense SG&A $ 20 $ 19
Amortization Expense Expected to be Recognized	Amortization Expense Remainder of fiscal 2022 $ 60 Fiscal 2023 79 Fiscal 2024 54 Fiscal 2025 16 Fiscal 2026 16 Fiscal 2027 13 Thereafter 43

Debt (Tables)

Debt (Tables)	3 Months Ended
	May 01, 2021
Debt [Abstract]
Schedule of Long-term Debt	May 1, 2021 January 30, 2021 May 2, 2020 Notes, 5.50%, due March 15, 2021 $ - $ - $ 650 Notes, 4.45%, due October 1, 2028 500 500 500 Notes, 1.95%, due October 1, 2030 650 650 - Interest rate swap valuation adjustments 65 91 118 Subtotal 1,215 1,241 1,268 Debt discounts and issuance costs ( 12 ) ( 12 ) ( 8 ) Finance lease obligations 41 38 34 Total long-term debt 1,244 1,267 1,294 Less current portion 15 14 673 Total long-term debt, less current portion $ 1,229 $ 1,253 $ 621

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	May 01, 2021
Revenue [Abstract]
Contract Balances and Changes in Contract Balances	May 1, 2021 January 30, 2021 May 2, 2020 Receivables, net (1) $ 545 $ 618 $ 396 Short-term contract liabilities included in: Unredeemed gift card liabilities 297 317 257 Deferred revenue 734 711 531 Accrued liabilities 79 71 45 (1) Receivables are recorded net of allowances for doubtful accounts of $ 25 million, $ 32 million and $ 29 million as of May 1, 2021, January 30, 2021, and May 2, 2020, respectively.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	May 01, 2021
Derivative Instruments [Abstract]
Notional Amount of Derivative Instruments	Contract Type May 1, 2021 January 30, 2021 May 2, 2020 Derivatives designated as net investment hedges $ 94 $ 153 $ 126 Derivatives designated as interest rate swaps 500 500 1,150 No hedge designation (foreign exchange contracts) 34 51 21 Total $ 628 $ 704 $ 1,297
Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings	Gain (Loss) Recognized Three Months Ended Statement of Earnings Location May 1, 2021 May 2, 2020 Interest rate swap contracts Interest expense $ ( 26 ) $ 29 Adjustments to carrying value of long-term debt Interest expense 26 ( 29 ) Total $ - $ -

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	May 01, 2021
Earnings per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	Three Months Ended May 1, 2021 May 2, 2020 Numerator Net earnings $ 595 $ 159 Denominator Weighted-average common shares outstanding 253.1 258.3 Dilutive effect of stock compensation plan awards 3.6 2.1 Weighted-average common shares outstanding, assuming dilution 256.7 260.4 Potential shares which were anti-dilutive and excluded from weighted-average share computations 1.1 0.6 Basic earnings per share $ 2.35 $ 0.61 Diluted earnings per share $ 2.32 $ 0.61

Repurchase of Common Stock (Tab

Repurchase of Common Stock (Tables)	3 Months Ended
	May 01, 2021
Shareholders' Equity [Abstract]
Schedule of Share Repurchases	Three Months Ended May 1, 2021 May 2, 2020 Total cost of shares repurchased $ 915 $ 56 Average price per share $ 108.69 $ 86.30 Number of shares repurchased 8.4 0.6

Segments (Tables)

Segments (Tables)	3 Months Ended
	May 01, 2021
Segments [Abstract]
Revenue by Reportable Segment and Product Category	Three Months Ended May 1, 2021 May 2, 2020 Revenue by reportable segment Domestic $ 10,841 $ 7,915 International 796 647 Total revenue $ 11,637 $ 8,562 Revenue by product category Domestic Computing and Mobile Phones $ 4,793 $ 3,805 Consumer Electronics 3,238 2,219 Appliances 1,548 935 Entertainment 669 510 Services 556 421 Other 37 25 Total Domestic revenue $ 10,841 $ 7,915 International Computing and Mobile Phones $ 394 $ 309 Consumer Electronics 217 177 Appliances 68 58 Entertainment 65 57 Services 35 32 Other 17 14 Total International revenue $ 796 $ 647
Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense	Three Months Ended May 1, 2021 May 2, 2020 Domestic $ 734 $ 241 International 35 ( 12 ) Total operating income 769 229 Other income (expense): Investment income and other 3 6 Interest expense ( 6 ) ( 17 ) Earnings before income tax expense and equity in income of affiliates $ 766 $ 218
Assets by Reportable Segment	May 1, 2021 January 30, 2021 May 2, 2020 Domestic $ 16,490 $ 17,625 $ 14,320 International 1,215 1,442 1,285 Total assets $ 17,705 $ 19,067 $ 15,605

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - Revolving Credit Facility [Member]	3 Months Ended
	May 01, 2021USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,250,000,000
Debt instrument, term	5 years

Basis of Presentation (Total Ca

Basis of Presentation (Total Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020	Feb. 01, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Cash and cash equivalents	$ 4,278	$ 5,494	$ 3,919
Restricted cash included in Other current assets	115	131	115
Total cash, cash equivalents and restricted cash	$ 4,393	$ 5,625	$ 4,034	$ 2,355

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($)	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (42,000,000)	$ 1,000,000
U.S. Operating Model [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring Reserve	0
Cumulative Amount	41,000,000
Termination Benefits [Member] | Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	44,000,000
Restructuring Reserve	$ 27,000,000		$ 124,000,000

Restructuring (Composition of R

Restructuring (Composition of Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	May 01, 2021	May 02, 2020	May 01, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (48)	$ 1
Mexico Exit And Corporate Reorganization [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(48)		$ 229
Mexico Exit And Corporate Reorganization [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(6)
Mexico Exit And Corporate Reorganization [Member] | Domestic [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(44)		89
Mexico Exit And Corporate Reorganization [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(4)		140
Mexico Exit And Corporate Reorganization [Member] | Inventory Markdowns [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(6)
Mexico Exit And Corporate Reorganization [Member] | Inventory Markdowns [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			17
Mexico Exit And Corporate Reorganization [Member] | Inventory Markdowns [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(6)
Mexico Exit And Corporate Reorganization [Member] | Inventory Markdowns [Member] | International [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			17
Mexico Exit And Corporate Reorganization [Member] | Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3
Mexico Exit And Corporate Reorganization [Member] | Asset Impairments [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			70
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 Cost and Reserve [Line Items]
Restructuring charges	3
Mexico Exit And Corporate Reorganization [Member] | Asset Impairments [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			60
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(45)
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			98
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | Domestic [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(44)
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | Domestic [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			79
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (1)
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			19
Mexico Exit And Corporate Reorganization [Member] | Currency Translation Adjustment [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			39
Mexico Exit And Corporate Reorganization [Member] | Currency Translation Adjustment [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			39
Mexico Exit And Corporate Reorganization [Member] | Other [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			5
Mexico Exit And Corporate Reorganization [Member] | Other [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			$ 5
U.S. Operating Model [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 1

Restructuring (Restructuring Ac

Restructuring (Restructuring Accrual Activity) (Details)	3 Months Ended
	May 01, 2021USD ($)
U.S. Operating Model [Member]
Restructuring Reserve [Roll Forward]
Balances	$ 0
Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member]
Restructuring Reserve [Roll Forward]
Balances	124,000,000
Cash payments	(51,000,000)
Adjustments	(45,000,000)
Changes in foreign currency exchange rates	(1,000,000)
Balances	27,000,000
Domestic [Member] | Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member]
Restructuring Reserve [Roll Forward]
Balances	104,000,000
Cash payments	(39,000,000)
Adjustments	(44,000,000)
Balances	21,000,000
International [Member] | Mexico Exit And Corporate Reorganization [Member] | Termination Benefits [Member]
Restructuring Reserve [Roll Forward]
Balances	20,000,000
Cash payments	(12,000,000)
Adjustments	(1,000,000)
Changes in foreign currency exchange rates	(1,000,000)
Balances	$ 6,000,000

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	May 01, 2021	Jan. 30, 2021	May 02, 2020
Level 1 [Member] | Money market funds [Member]
Assets
Cash and cash equivalents	$ 1,063	$ 1,575	$ 1,153
Level 1 [Member] | Marketable securities that fund deferred compensation [Member]
Assets
Other assets	53	53	45
Level 2 [Member] | Time deposits [Member]
Assets
Cash and cash equivalents	639	865	465
Short-term investments	60
Other current assets	65	65	101
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member]
Assets
Other current assets			11
Other assets	$ 65	$ 91	$ 107

Fair Value Measurements (Fair_2

Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	$ 1,215	$ 1,241	$ 1,268
Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	1,215	1,241	1,268
Level 2 [Member] | Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,260	$ 1,331	$ 1,315

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Intangible Assets [Line Items]
Goodwill and intangible assets impairment charges	$ 0	$ 0	$ 0
Tradename [Member]
Intangible Assets [Line Items]
Indefinite-lived intangible	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details) $ in Millions	May 01, 2021USD ($)
Goodwill [Line Items]
Gross Carrying Amount	$ 1,661
Cumulative Impairment	(675)
Domestic [Member]
Goodwill [Line Items]
Gross Carrying Amount	1,053
Cumulative Impairment	(67)
International [Member]
Goodwill [Line Items]
Gross Carrying Amount	608
Cumulative Impairment	$ (608)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Definite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	Jan. 30, 2021	May 02, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 476	$ 476	$ 476
Accumulated Amortization	$ 195	175	114
Weighted-Average Useful Life Remaining	5 years 9 months 18 days
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 339	339	339
Accumulated Amortization	$ 138	124	83
Weighted-Average Useful Life Remaining	6 years 6 months
Tradename [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 81	81	81
Accumulated Amortization	$ 27	24	13
Weighted-Average Useful Life Remaining	4 years 8 months 12 days
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 56	56	56
Accumulated Amortization	$ 30	$ 27	$ 18
Weighted-Average Useful Life Remaining	2 years 3 months 18 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Goodwill and Intangible Assets [Abstract]
Amortization expense	$ 20	$ 19

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions	May 01, 2021USD ($)
Goodwill and Intangible Assets [Abstract]
Remainder of fiscal 2022	$ 60
Fiscal 2023	79
Fiscal 2024	54
Fiscal 2025	16
Fiscal 2026	16
Fiscal 2027	13
Thereafter	$ 43

Debt (Narrative) (Short-Term De

Debt (Narrative) (Short-Term Debt) (Details) - USD ($)	May 18, 2021	May 01, 2021	Jan. 30, 2021
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,250,000,000
Debt instrument, term		5 years
Five-Year Facility Agreement [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,250,000,000
Debt instrument, term	5 years
Five-Year Facility Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Variable interest rate	0.50%
Five-Year Facility Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	1.00%
Five-Year Facility Agreement [Member] | Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Facility fee	0.07%
Five-Year Facility Agreement [Member] | Minimum [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	0.00%
Five-Year Facility Agreement [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	0.805%
Five-Year Facility Agreement [Member] | Maximum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Facility fee	0.15%
Five-Year Facility Agreement [Member] | Maximum [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	0.225%
Five-Year Facility Agreement [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	1.225%
Previous Facility [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 1,250,000,000
Outstanding borrowings		$ 0	$ 0
Bank Advance [Member]
Line of Credit Facility [Line Items]
Interest rate		0.14%
Debt Instrument, Face Amount		$ 110,000,000

Debt (Schedule of Long-Term Deb

Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Debt Instrument [Line Items]
Total	$ 1,215	$ 1,241	$ 1,268
Debt discounts and issuance costs	(12)	(12)	(8)
Finance lease obligations	41	38	34
Total long-term debt	1,244	1,267	1,294
Less current portion	15	14	673
Total long-term debt, less current portion	1,229	1,253	621
Interest Rate Swap Derivative Instruments [Member]
Debt Instrument [Line Items]
Interest rate swap valuation adjustments	65	91	118
Notes due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt			650
Notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt	500	500	$ 500
Notes Due 2030 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 650	$ 650

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	May 01, 2021	Jan. 30, 2021
Revenue [Abstract]
Revenue recognized	$ 684	$ 492

Revenue (Contract Balances and

Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Revenue from Contract with Customer [Line Items]
Receivables, net	$ 545	$ 618	$ 396
Short-term contract liabilities included in:
Receivables, allowance for doubtful accounts	25	32	29
Unredeemed Gift Cards [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	297	317	257
Deferred Revenue [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	734	711	531
Accrued Liability [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	$ 79	$ 71	$ 45

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details) - USD ($)	May 01, 2021	Jan. 30, 2021	May 02, 2020
Not Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	$ 34,000,000	$ 51,000,000	$ 21,000,000
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	94,000,000	153,000,000	126,000,000
Foreign Exchange Forward Contracts [Member] | Not Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	628,000,000	$ 704,000,000	$ 1,297,000,000
Notes due 2021 [Member]
Derivative [Line Items]
Debt Instrument, Face Amount	650,000,000
Notes due 2028 [Member]
Derivative [Line Items]
Debt Instrument, Face Amount	$ 500,000,000

Derivative Instruments (Notiona

Derivative Instruments (Notional Amount of Derivative Instruments) (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 34	$ 51	$ 21
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	94	153	126
Interest Rate Swap Derivative Instruments [Member] | Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	500	500	1,150
Foreign Exchange Forward Contracts [Member] | Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 628	$ 704	$ 1,297

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
	May 01, 2021	May 02, 2020
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized
Interest Rate Swap Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	(26)	29
Carrying Value Of Long Term Debt [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	$ 26	$ (29)

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings per Share [Abstract]
Net earnings	$ 595	$ 159
Weighted-average common shares outstanding (in shares)	253.1	258.3
Dilutive effect of stock compensation plan awards (in shares)	3.6	2.1
Weighted-average common shares outstanding, assuming dilution (in shares)	256.7	260.4
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares)	1.1	0.6
Basic earnings per share	$ 2.35	$ 0.61
Diluted earnings per share	$ 2.32	$ 0.61

Repurchase of Common Stock (Nar

Repurchase of Common Stock (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Jun. 02, 2021	May 01, 2021	May 02, 2020	May 27, 2021	Feb. 16, 2021	Feb. 23, 2019
Stock Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount				$ 2,500
Repurchase of common stock		$ 915	$ 56
February 2021 Share Repurchase Program [Member]
Stock Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount		5,000			$ 5,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 4,200
February 2019 Share Repurchase Program [Member]
Stock Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount						$ 3,000
Subsequent Event [Member]
Stock Repurchases [Line Items]
Repurchase of common stock	$ 28
Repurchase of common stock (in shares)	0.2

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
	May 01, 2021	May 02, 2020
Shareholders' Equity [Abstract]
Total cost of shares repurchased	$ 915	$ 56
Average price per share	$ 108.69	$ 86.30
Number of shares repurchased	8.4	0.6

Segments (Revenue by Reportable

Segments (Revenue by Reportable Segment and Product Category) (Details) - USD ($) $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 11,637	$ 8,562
Domestic Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	10,841	7,915
Domestic Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,793	3,805
Domestic Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,238	2,219
Domestic Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,548	935
Domestic Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	669	510
Domestic Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	556	421
Domestic Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	37	25
International Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	796	647
International Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	394	309
International Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	217	177
International Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	68	58
International Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	65	57
International Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	35	32
International Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 17	$ 14

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
	May 01, 2021	May 02, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 769	$ 229
Investment income and other	3	6
Interest expense	(6)	(17)
Earnings before income tax expense and equity in income of affiliates	766	218
Domestic Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	734	241
International Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 35	$ (12)

Segments (Assets by Reportable

Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions	May 01, 2021	Jan. 30, 2021	May 02, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 17,705	$ 19,067	$ 15,605
Domestic Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	16,490	17,625	14,320
International Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,215	$ 1,442	$ 1,285