Best Buy (BBY) 10-Q 31 Aug 21 2022 Q2 Quarterly report Financial data

Document Information Statement

Document Information Statement - shares	6 Months Ended
	Jul. 31, 2021	Aug. 27, 2021
Document Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 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		245,964,220
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000764478
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets
Cash and cash equivalents	$ 4,340	$ 5,494	$ 5,305
Receivables, net	883	1,061	906
Merchandise inventories	6,417	5,612	4,136
Other current assets	400	373	336
Total current assets	12,040	12,540	10,683
Property and equipment, net	2,226	2,260	2,277
Operating lease assets	2,670	2,612	2,770
Goodwill	986	986	986
Other assets	657	669	696
Total assets	18,579	19,067	17,412
Current liabilities
Accounts payable	6,946	6,979	6,613
Accrued compensation and related expenses	605	725	253
Accrued liabilities	892	972	893
Short-term debt	110	110
Current portion of operating lease liabilities	643	693	674
Current portion of long-term debt	14	14	681
Total current liabilities	10,357	10,521	10,080
Long-term operating lease liabilities	2,090	2,012	2,206
Long-term debt	1,243	1,253	632
Long-term liabilities	554	694	716
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 - 247.3 million, 256.9 million and 257.6 million shares, respectively	25	26	26
Additional paid-in capital			83
Retained earnings	3,975	4,233	3,413
Accumulated other comprehensive income	335	328	256
Total equity	4,335	4,587	3,778
Total liabilities and equity	18,579	19,067	17,412
Gift Card [Member]
Current liabilities
Short-term contract liabilities	293	317	267
Deferred Revenue [Member]
Current liabilities
Short-term contract liabilities	$ 854	$ 711	$ 699

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 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	247,300,000	256,900,000
Common stock, outstanding shares	247,300,000	256,900,000	258,800,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Condensed Consolidated Statements of Earnings [Abstract]
Revenue	$ 11,849	$ 9,910	$ 23,486	$ 18,472
Cost of sales	9,039	7,640	17,961	14,237
Gross profit	2,810	2,270	5,525	4,235
Selling, general and administrative expenses	2,009	1,702	3,997	3,437
Restructuring charges	4		(38)	1
Operating income	797	568	1,566	797
Other income (expense)
Investment income and other	3	8	6	14
Interest expense	(6)	(15)	(12)	(32)
Earnings before income tax expense and equity in income of affiliates	794	561	1,560	779
Income tax expense	64	129	236	188
Equity in income of affiliates	4		5
Net earnings	$ 734	$ 432	$ 1,329	$ 591
Basic earnings per share	$ 2.93	$ 1.67	$ 5.28	$ 2.28
Diluted earnings per share	$ 2.90	$ 1.65	$ 5.22	$ 2.26
Weighted-average common shares outstanding
Basic	250.2	259.5	251.7	259
Diluted	252.8	262.1	254.7	261.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 734	$ 432	$ 1,329	$ 591
Foreign currency translation adjustments, net of tax	(3)	17	7	(35)
Cash flow hedges		(4)		(4)
Comprehensive income	$ 731	$ 445	$ 1,336	$ 552

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Operating activities
Net earnings	$ 1,329	$ 591
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation and amortization	430	414
Restructuring charges	(38)	1
Stock-based compensation	71	65
Deferred income taxes	2	13
Other, net		9
Changes in operating assets and liabilities:
Receivables	175	232
Merchandise inventories	(794)	1,014
Other assets	(19)	(17)
Accounts payable	(58)	1,343
Income taxes	(162)	108
Other liabilities	(72)	15
Total cash provided by operating activities	864	3,788
Investing activities
Additions to property and equipment	(323)	(340)
Purchases of investments	(93)	(46)
Sales of investments	60
Other, net	(2)	3
Total cash used in investing activities	(358)	(383)
Financing activities
Repurchase of common stock	(1,323)	(62)
Issuance of common stock	22	22
Dividends paid	(350)	(284)
Borrowings of debt		1,250
Repayments of debt	(10)	(1,257)
Other, net	(1)	(1)
Total cash used in financing activities	(1,662)	(332)
Effect of exchange rate changes on cash and cash equivalents	5	(6)
Increase (decrease) in cash, cash equivalents and restricted cash	(1,151)	3,067
Cash, cash equivalents and restricted cash at beginning of period	5,625	2,355
Cash, cash equivalents and restricted cash at end of period	$ 4,474	$ 5,422

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			591		591
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax				(35)	(35)
Cash flow hedges				(4)	(4)
Stock-based compensation		$ 65			65
Issuance of common stock		22			22
Issuance of common stock (in shares)	2.9
Common stock dividends		4	(288)		(284)
Repurchase of common stock		(8)	(48)		(56)
Repurchase of common stock (in shares)	(0.6)
Balances at Aug. 01, 2020	$ 26	83	3,413	256	3,778
Balances (in shares) at Aug. 01, 2020	258.8
Balances at May. 02, 2020	$ 26	15	3,126	243	3,410
Balances (in shares) at May. 02, 2020	257.6
Net earnings			432		432
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax				17	17
Cash flow hedges				(4)	(4)
Stock-based compensation		50			50
Issuance of common stock		16			16
Issuance of common stock (in shares)	1.2
Common stock dividends		2	(145)		(143)
Balances at Aug. 01, 2020	$ 26	83	3,413	256	3,778
Balances (in shares) at Aug. 01, 2020	258.8
Balances at Jan. 30, 2021	$ 26		4,233	328	4,587
Balances (in shares) at Jan. 30, 2021	256.9
Net earnings			1,329		1,329
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax				7	7
Stock-based compensation		71			71
Issuance of common stock		22			22
Issuance of common stock (in shares)	2.5
Common stock dividends		8	(358)		(350)
Repurchase of common stock	$ (1)	(101)	(1,229)		(1,331)
Repurchase of common stock (in shares)	(12.1)
Balances at Jul. 31, 2021	$ 25		3,975	335	4,335
Balances (in shares) at Jul. 31, 2021	247.3
Balances at May. 01, 2021	$ 25	33	3,762	338	4,158
Balances (in shares) at May. 01, 2021	250.4
Net earnings			734		734
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax				(3)	(3)
Stock-based compensation		34			34
Issuance of common stock		3			3
Issuance of common stock (in shares)	0.6
Common stock dividends		5	(180)		(175)
Repurchase of common stock		$ (75)	(341)		(416)
Repurchase of common stock (in shares)	(3.7)
Balances at Jul. 31, 2021	$ 25		$ 3,975	$ 335	$ 4,335
Balances (in shares) at Jul. 31, 2021	247.3

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.70	$ 0.55	$ 1.40	$ 1.10

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jul. 31, 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 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. 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 six months of fiscal 2022 and fiscal 2021 included 26 weeks. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from July 31, 2021, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. 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 are reconciled to the total shown on our Condensed Consolidated Statements of Cash Flows as follows ($ in millions): July 31, 2021 January 30, 2021 August 1, 2020 Cash and cash equivalents $ 4,340 $ 5,494 $ 5,305 Restricted cash included in Other current assets 134 131 117 Total cash, cash equivalents and restricted cash $ 4,474 $ 5,625 $ 5,422 Amounts included in restricted cash are primarily restricted to use for workers’ compensation and general liability insurance claims.

Restructuring

Restructuring	6 Months Ended
	Jul. 31, 2021
Restructuring [Abstract]
Restructuring	2. Restructuring Restructuring charges were as follows ($ in millions): Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Mexico Exit and Strategic Realignment (1) $ 4 $ - $ ( 44 ) $ - Fiscal 2020 U.S. Retail Operating Model Changes - - - 1 Total $ 4 $ - $ ( 44 ) $ 1 (1) Includes ($ 6 ) million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the six months ended July 31, 2021. Mexico Exit and Strategic Realignment In March 2020 the World Health Organization declared the outbreak of novel coronavirus disease (“COVID-19”) as a pandemic. 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. All remaining stores in Mexico were closed in the first quarter of fiscal 2022 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 six months ended July 31, 2021, 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 July 31, 2021 Six Months Ended July 31, 2021 Earnings Location Domestic International Total Domestic International Total Inventory markdowns Cost of sales $ - $ - $ - $ - $ ( 6 ) $ ( 6 ) Asset impairments Restructuring charges - 4 4 - 7 7 Termination benefits Restructuring charges - - - ( 44 ) ( 1 ) ( 45 ) $ - $ 4 $ 4 $ ( 44 ) $ - $ ( 44 ) Statement of Cumulative Amount as of July 31, 2021 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ 17 $ 17 Asset impairments (1) Restructuring charges 10 64 74 Termination benefits Restructuring charges 79 19 98 Currency translation adjustment Restructuring charges - 39 39 Other (2) Restructuring charges - 5 5 $ 89 $ 144 $ 233 (1) Remaining net carrying value approximates fair value and was immaterial as of July 31, 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 ( 48 ) ( 15 ) ( 63 ) Adjustments (1) ( 44 ) ( 1 ) ( 45 ) Changes in foreign currency exchange rates - ( 1 ) ( 1 ) Balances at July 31, 2021 $ 12 $ 3 $ 15 (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 July 31, 2021, the cumulative amount of charges incurred was $ 41 million and no material liability remains.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Jul. 31, 2021
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets Goodwill Balances related to goodwill remained unchanged as of July 31, 2021, January 30, 2021, and August 1, 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. Definite-Lived Intangible Assets We have definite-lived intangible assets recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions): July 31, 2021 January 30, 2021 August 1, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of July 31, 2021 (in years) Customer relationships $ 339 $ 152 $ 339 $ 124 $ 339 $ 97 6.5 Tradenames 81 31 81 24 81 17 4.5 Developed technology 56 32 56 27 56 21 2.1 Total $ 476 $ 215 $ 476 $ 175 $ 476 $ 135 5.7 Amortization expense was as follows ($ in millions): Statement of Three Months Ended Six Months Ended Earnings Location July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Amortization expense SG&A $ 20 $ 20 $ 40 $ 40 Amortization expense expected to be recognized in future periods is as follows ($ in millions): Amortization Expense Remainder of fiscal 2022 $ 40 Fiscal 2023 79 Fiscal 2024 54 Fiscal 2025 16 Fiscal 2026 16 Fiscal 2027 13 Thereafter 43

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jul. 31, 2021
Fair Value Measurements [Abstract]
Fair Value Measurements	4 . 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 July 31, 2021 January 30, 2021 August 1, 2020 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 1,113 $ 1,575 $ 1,729 Time deposits (3) Cash and cash equivalents Level 2 625 865 390 Time deposits (3) Other current assets Level 2 65 65 101 Interest rate swap derivative instruments (4) Other current assets Level 2 - - 18 Interest rate swap derivative instruments (4) Other assets Level 2 79 91 115 Marketable securities that fund deferred compensation (5) Other assets Level 1 54 53 49 (1) Balance sheet location is determined by length to maturity. (2) Valued at quoted market prices in active markets. (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 5, 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): July 31, 2021 January 30, 2021 August 1, 2020 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,306 $ 1,229 $ 1,331 $ 1,241 $ 1,386 $ 1,283 (1) Excludes debt discounts, issuance costs and finance lease obligations.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jul. 31, 2021
Derivative Instruments [Abstract]
Derivative Instruments	5. 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 (“2021 Notes”), prior to their retirement in December 2020, and on our $ 500 million principal amount of notes due October 1, 2028 (“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 upon issuance of our $ 650 million principal amount of notes due October 1, 2030 (“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 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 and interest rate swaps are recorded on our Condensed Consolidated Balance Sheets at fair value. See Note 4, 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 July 31, 2021 January 30, 2021 August 1, 2020 Derivatives designated as net investment hedges $ 109 $ 153 $ 68 Derivatives designated as interest rate swaps 500 500 1,150 Derivatives designated as cash flow hedges - - 325 No hedge designation (foreign exchange contracts) 46 51 37 Total $ 655 $ 704 $ 1,580 Effects of our derivatives on our Condensed Consolidated Statements of Earnings were as follows ($ in millions): Gain (Loss) Recognized Statement of Three Months Ended Six Months Ended Earnings Location July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Interest rate swap contracts Interest expense $ 14 $ 15 $ ( 12 ) $ 44 Adjustments to carrying value of long-term debt Interest expense ( 14 ) ( 15 ) 12 ( 44 ) Total $ - $ - $ - $ -

Debt

Debt	6 Months Ended
	Jul. 31, 2021
Debt [Abstract]
Debt	6. Debt Short-Term Debt U.S. Revolving Credit Facility 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 Five-Year Facility Agreement as of July 31, 2021, or the Previous Facility as of January 30, 2021, and August 1, 2020. 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): July 31, 2021 January 30, 2021 August 1, 2020 2021 Notes $ - $ - $ 650 2028 Notes 500 500 500 2030 Notes 650 650 - Interest rate swap valuation adjustments 79 91 133 Subtotal 1,229 1,241 1,283 Debt discounts and issuance costs ( 12 ) ( 12 ) ( 5 ) Finance lease obligations 40 38 35 Total long-term debt 1,257 1,267 1,313 Less current portion 14 14 681 Total long-term debt, less current portion $ 1,243 $ 1,253 $ 632 See Note 4, Fair Value Measurements , for the fair value of long-term debt.

Revenue

Revenue	6 Months Ended
	Jul. 31, 2021
Revenue [Abstract]
Revenue	7. 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): July 31, 2021 January 30, 2021 August 1, 2020 Receivables, net (1) $ 528 $ 618 $ 567 Short-term contract liabilities included in: Unredeemed gift card liabilities 293 317 267 Deferred revenue 854 711 699 Accrued liabilities 79 71 60 (1) Receivables are recorded net of allowances for doubtful accounts of $ 24 million, $ 32 million and $ 28 million as of July 31, 2021, January 30, 2021, and August 1, 2020, respectively. During the first six months of fiscal 2022 and fiscal 2021, $ 866 million and $ 662 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods. See Note 12, Segments , for information on our revenue by reportable segment and product category.

Earnings per Share

Earnings per Share	6 Months Ended
	Jul. 31, 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 Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator Net earnings $ 734 $ 432 $ 1,329 $ 591 Denominator Weighted-average common shares outstanding 250.2 259.5 251.7 259.0 Dilutive effect of stock compensation plan awards 2.6 2.6 3.0 2.4 Weighted-average common shares outstanding, assuming dilution 252.8 262.1 254.7 261.4 Potential shares which were anti-dilutive and excluded from weighted-average share computations - 0.1 - 0.5 Basic earnings per share $ 2.93 $ 1.67 $ 5.28 $ 2.28 Diluted earnings per share $ 2.90 $ 1.65 $ 5.22 $ 2.26

Repurchase of Common Stock

Repurchase of Common Stock	6 Months Ended
	Jul. 31, 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 . There is no expiration date governing the period over which we can repurchase shares under this authorization. We temporarily suspended all share repurchases from March to November of fiscal 2021 to conserve liquidity in light of COVID-19-related uncertainties. On August 24, 2021, we announced our plan to repurchase more than $ 2.5 billion of shares in fiscal 2022. Information regarding the shares we repurchased was as follows ($ and shares in millions, except per share amounts): Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Total cost of shares repurchased $ 416 $ - $ 1,331 $ 56 Average price per share $ 112.75 $ - $ 109.92 $ 86.30 Number of shares repurchased 3.7 - 12.1 0.6 As of July 31, 2021, $ 3.8 billion of the $ 5.0 billion share repurchase authorization was available. Between the end of the second quarter of fiscal 2022 on July 31, 2021, and August 27, 2021, we repurchased an incremental 1.4 million shares of our common stock at a cost of $ 160 million.

Income Taxes

Income Taxes	6 Months Ended
	Jul. 31, 2021
Income Taxes [Abstract]
Income Taxes	10. Income Taxes Unrecognized Tax Benefits Our income tax returns are routinely examined by domestic and foreign tax authorities. During the second quarter of fiscal 2022, we reduced our unrecognized tax benefits by $ 101 million relating to multi-jurisdiction, multi-year non-cash benefits from the resolution of certain discrete tax matters, all of which resulted in a tax benefit in the current quarter.

Contingencies

Contingencies	6 Months Ended
	Jul. 31, 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.

Segments

Segments	6 Months Ended
	Jul. 31, 2021
Segments [Abstract]
Segments	12. Segments Segment and product category revenue information was as follows ($ in millions): Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Revenue by reportable segment Domestic $ 11,011 $ 9,128 $ 21,852 $ 17,043 International 838 782 1,634 1,429 Total revenue $ 11,849 $ 9,910 $ 23,486 $ 18,472 Revenue by product category Domestic Computing and Mobile Phones $ 4,765 $ 4,306 $ 9,558 $ 8,111 Consumer Electronics 3,380 2,634 6,618 4,853 Appliances 1,688 1,290 3,237 2,225 Entertainment 560 411 1,228 921 Services 570 462 1,126 883 Other 48 25 85 50 Total Domestic revenue $ 11,011 $ 9,128 $ 21,852 $ 17,043 International Computing and Mobile Phones $ 373 $ 382 $ 767 $ 691 Consumer Electronics 250 212 467 388 Appliances 103 91 173 150 Entertainment 57 49 122 106 Services 40 35 75 67 Other 15 13 30 27 Total International revenue $ 838 $ 782 $ 1,634 $ 1,429 Operating income 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 Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Domestic $ 757 $ 524 $ 1,491 $ 765 International 40 44 75 32 Total operating income 797 568 1,566 797 Other income (expense): Investment income and other 3 8 6 14 Interest expense ( 6 ) ( 15 ) ( 12 ) ( 32 ) Earnings before income tax expense and equity in income of affiliates $ 794 $ 561 $ 1,560 $ 779 Assets by reportable segment were as follows ($ in millions): July 31, 2021 January 30, 2021 August 1, 2020 Domestic $ 17,296 $ 17,625 $ 15,964 International 1,283 1,442 1,448 Total assets $ 18,579 $ 19,067 $ 17,412

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jul. 31, 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 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. 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 six months of fiscal 2022 and fiscal 2021 included 26 weeks. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from July 31, 2021, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. 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 are reconciled to the total shown on our Condensed Consolidated Statements of Cash Flows as follows ($ in millions): July 31, 2021 January 30, 2021 August 1, 2020 Cash and cash equivalents $ 4,340 $ 5,494 $ 5,305 Restricted cash included in Other current assets 134 131 117 Total cash, cash equivalents and restricted cash $ 4,474 $ 5,625 $ 5,422 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)	6 Months Ended
	Jul. 31, 2021
Basis of Presentation [Abstract]
Total Cash, Cash Equivalents and Restricted Cash	July 31, 2021 January 30, 2021 August 1, 2020 Cash and cash equivalents $ 4,340 $ 5,494 $ 5,305 Restricted cash included in Other current assets 134 131 117 Total cash, cash equivalents and restricted cash $ 4,474 $ 5,625 $ 5,422

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jul. 31, 2021
Restructuring Cost and Reserve [Line Items]
Composition of Restructuring Charges	Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Mexico Exit and Strategic Realignment (1) $ 4 $ - $ ( 44 ) $ - Fiscal 2020 U.S. Retail Operating Model Changes - - - 1 Total $ 4 $ - $ ( 44 ) $ 1 (1) Includes ($ 6 ) million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the six months ended July 31, 2021.
Mexico Exit And Strategic Realignment [Member]
Restructuring Cost and Reserve [Line Items]
Composition of Restructuring Charges	Statement of Three Months Ended July 31, 2021 Six Months Ended July 31, 2021 Earnings Location Domestic International Total Domestic International Total Inventory markdowns Cost of sales $ - $ - $ - $ - $ ( 6 ) $ ( 6 ) Asset impairments Restructuring charges - 4 4 - 7 7 Termination benefits Restructuring charges - - - ( 44 ) ( 1 ) ( 45 ) $ - $ 4 $ 4 $ ( 44 ) $ - $ ( 44 ) Statement of Cumulative Amount as of July 31, 2021 Earnings Location Domestic International Total Inventory markdowns Cost of sales $ - $ 17 $ 17 Asset impairments (1) Restructuring charges 10 64 74 Termination benefits Restructuring charges 79 19 98 Currency translation adjustment Restructuring charges - 39 39 Other (2) Restructuring charges - 5 5 $ 89 $ 144 $ 233 (1) Remaining net carrying value approximates fair value and was immaterial as of July 31, 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 ( 48 ) ( 15 ) ( 63 ) Adjustments (1) ( 44 ) ( 1 ) ( 45 ) Changes in foreign currency exchange rates - ( 1 ) ( 1 ) Balances at July 31, 2021 $ 12 $ 3 $ 15 (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.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Jul. 31, 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	July 31, 2021 January 30, 2021 August 1, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of July 31, 2021 (in years) Customer relationships $ 339 $ 152 $ 339 $ 124 $ 339 $ 97 6.5 Tradenames 81 31 81 24 81 17 4.5 Developed technology 56 32 56 27 56 21 2.1 Total $ 476 $ 215 $ 476 $ 175 $ 476 $ 135 5.7
Amortization Expense	Statement of Three Months Ended Six Months Ended Earnings Location July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Amortization expense SG&A $ 20 $ 20 $ 40 $ 40
Amortization Expense Expected to be Recognized	Amortization Expense Remainder of fiscal 2022 $ 40 Fiscal 2023 79 Fiscal 2024 54 Fiscal 2025 16 Fiscal 2026 16 Fiscal 2027 13 Thereafter 43

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jul. 31, 2021
Fair Value Measurements [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value at Balance Sheet Location (1) Fair Value Hierarchy July 31, 2021 January 30, 2021 August 1, 2020 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 1,113 $ 1,575 $ 1,729 Time deposits (3) Cash and cash equivalents Level 2 625 865 390 Time deposits (3) Other current assets Level 2 65 65 101 Interest rate swap derivative instruments (4) Other current assets Level 2 - - 18 Interest rate swap derivative instruments (4) Other assets Level 2 79 91 115 Marketable securities that fund deferred compensation (5) Other assets Level 1 54 53 49 (1) Balance sheet location is determined by length to maturity. (2) Valued at quoted market prices in active markets. (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 5, 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	July 31, 2021 January 30, 2021 August 1, 2020 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,306 $ 1,229 $ 1,331 $ 1,241 $ 1,386 $ 1,283 (1) Excludes debt discounts, issuance costs and finance lease obligations.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jul. 31, 2021
Derivative Instruments [Abstract]
Notional Amount of Derivative Instruments	Contract Type July 31, 2021 January 30, 2021 August 1, 2020 Derivatives designated as net investment hedges $ 109 $ 153 $ 68 Derivatives designated as interest rate swaps 500 500 1,150 Derivatives designated as cash flow hedges - - 325 No hedge designation (foreign exchange contracts) 46 51 37 Total $ 655 $ 704 $ 1,580
Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings	Gain (Loss) Recognized Statement of Three Months Ended Six Months Ended Earnings Location July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Interest rate swap contracts Interest expense $ 14 $ 15 $ ( 12 ) $ 44 Adjustments to carrying value of long-term debt Interest expense ( 14 ) ( 15 ) 12 ( 44 ) Total $ - $ - $ - $ -

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jul. 31, 2021
Debt [Abstract]
Schedule of Long-term Debt	July 31, 2021 January 30, 2021 August 1, 2020 2021 Notes $ - $ - $ 650 2028 Notes 500 500 500 2030 Notes 650 650 - Interest rate swap valuation adjustments 79 91 133 Subtotal 1,229 1,241 1,283 Debt discounts and issuance costs ( 12 ) ( 12 ) ( 5 ) Finance lease obligations 40 38 35 Total long-term debt 1,257 1,267 1,313 Less current portion 14 14 681 Total long-term debt, less current portion $ 1,243 $ 1,253 $ 632

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jul. 31, 2021
Revenue [Abstract]
Contract Balances and Changes in Contract Balances	July 31, 2021 January 30, 2021 August 1, 2020 Receivables, net (1) $ 528 $ 618 $ 567 Short-term contract liabilities included in: Unredeemed gift card liabilities 293 317 267 Deferred revenue 854 711 699 Accrued liabilities 79 71 60 (1) Receivables are recorded net of allowances for doubtful accounts of $ 24 million, $ 32 million and $ 28 million as of July 31, 2021, January 30, 2021, and August 1, 2020, respectively.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
	Jul. 31, 2021
Earnings per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Numerator Net earnings $ 734 $ 432 $ 1,329 $ 591 Denominator Weighted-average common shares outstanding 250.2 259.5 251.7 259.0 Dilutive effect of stock compensation plan awards 2.6 2.6 3.0 2.4 Weighted-average common shares outstanding, assuming dilution 252.8 262.1 254.7 261.4 Potential shares which were anti-dilutive and excluded from weighted-average share computations - 0.1 - 0.5 Basic earnings per share $ 2.93 $ 1.67 $ 5.28 $ 2.28 Diluted earnings per share $ 2.90 $ 1.65 $ 5.22 $ 2.26

Repurchase of Common Stock (Tab

Repurchase of Common Stock (Tables)	6 Months Ended
	Jul. 31, 2021
Shareholders' Equity [Abstract]
Schedule of Share Repurchases	Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Total cost of shares repurchased $ 416 $ - $ 1,331 $ 56 Average price per share $ 112.75 $ - $ 109.92 $ 86.30 Number of shares repurchased 3.7 - 12.1 0.6

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jul. 31, 2021
Segments [Abstract]
Revenue by Reportable Segment and Product Category	Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Revenue by reportable segment Domestic $ 11,011 $ 9,128 $ 21,852 $ 17,043 International 838 782 1,634 1,429 Total revenue $ 11,849 $ 9,910 $ 23,486 $ 18,472 Revenue by product category Domestic Computing and Mobile Phones $ 4,765 $ 4,306 $ 9,558 $ 8,111 Consumer Electronics 3,380 2,634 6,618 4,853 Appliances 1,688 1,290 3,237 2,225 Entertainment 560 411 1,228 921 Services 570 462 1,126 883 Other 48 25 85 50 Total Domestic revenue $ 11,011 $ 9,128 $ 21,852 $ 17,043 International Computing and Mobile Phones $ 373 $ 382 $ 767 $ 691 Consumer Electronics 250 212 467 388 Appliances 103 91 173 150 Entertainment 57 49 122 106 Services 40 35 75 67 Other 15 13 30 27 Total International revenue $ 838 $ 782 $ 1,634 $ 1,429
Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense	Three Months Ended Six Months Ended July 31, 2021 August 1, 2020 July 31, 2021 August 1, 2020 Domestic $ 757 $ 524 $ 1,491 $ 765 International 40 44 75 32 Total operating income 797 568 1,566 797 Other income (expense): Investment income and other 3 8 6 14 Interest expense ( 6 ) ( 15 ) ( 12 ) ( 32 ) Earnings before income tax expense and equity in income of affiliates $ 794 $ 561 $ 1,560 $ 779
Assets by Reportable Segment	July 31, 2021 January 30, 2021 August 1, 2020 Domestic $ 17,296 $ 17,625 $ 15,964 International 1,283 1,442 1,448 Total assets $ 18,579 $ 19,067 $ 17,412

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020	Feb. 01, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Cash and cash equivalents	$ 4,340	$ 5,494	$ 5,305
Restricted cash included in Other current assets	134	131	117
Total cash, cash equivalents and restricted cash	$ 4,474	$ 5,625	$ 5,422	$ 2,355

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021	Aug. 01, 2020	May 01, 2021	Jan. 30, 2021
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,000,000	$ (38,000,000)	$ 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 Strategic Realignment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 44,000,000
Restructuring Reserve				$ 15,000,000	$ 124,000,000

Restructuring (Composition of R

Restructuring (Composition of Restructuring Charges) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	May 01, 2021	Jul. 31, 2021	Aug. 01, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4		$ (44)	$ 1
Domestic [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			(44)
International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4
Inventory Markdowns [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			(6)
Inventory Markdowns [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			(6)
Asset Impairments [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4		7
Asset Impairments [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4		7
Termination Benefits [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			(45)
Termination Benefits [Member] | Domestic [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			(44)
Termination Benefits [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges			(1)
Mexico Exit And Strategic Realignment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4	$ 233	$ (44)
Mexico Exit And Strategic Realignment [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		(6)
Mexico Exit And Strategic Realignment [Member] | Domestic [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		89
Mexico Exit And Strategic Realignment [Member] | International [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		144
Mexico Exit And Strategic Realignment [Member] | Inventory Markdowns [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		17
Mexico Exit And Strategic Realignment [Member] | Inventory Markdowns [Member] | International [Member] | Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		17
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		74
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | Domestic [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		10
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		64
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		98
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | Domestic [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		79
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		19
Mexico Exit And Strategic Realignment [Member] | Currency Translation Adjustment [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		39
Mexico Exit And Strategic Realignment [Member] | Currency Translation Adjustment [Member] | International [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		39
Mexico Exit And Strategic Realignment [Member] | Other [Member] | Restructuring Charges [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges		5
Mexico Exit And Strategic Realignment [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 Strategic Realignment [Member] | Termination Benefits [Member]
Restructuring Reserve [Roll Forward]
Balances	124,000,000
Cash payments	(63,000,000)
Adjustments	(45,000,000)
Changes in foreign currency exchange rates	(1,000,000)
Balances	15,000,000
Domestic [Member] | Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member]
Restructuring Reserve [Roll Forward]
Balances	104,000,000
Cash payments	(48,000,000)
Adjustments	(44,000,000)
Balances	12,000,000
International [Member] | Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member]
Restructuring Reserve [Roll Forward]
Balances	20,000,000
Cash payments	(15,000,000)
Adjustments	(1,000,000)
Changes in foreign currency exchange rates	(1,000,000)
Balances	$ 3,000,000

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Goodwill and Intangible Assets [Abstract]
Goodwill and intangible assets impairment charges	$ 0	$ 0	$ 0

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details) $ in Millions	Jul. 31, 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	6 Months Ended
	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 476	$ 476	$ 476
Accumulated Amortization	$ 215	175	135
Weighted-Average Useful Life Remaining	5 years 8 months 12 days
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 339	339	339
Accumulated Amortization	$ 152	124	97
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	$ 31	24	17
Weighted-Average Useful Life Remaining	4 years 6 months
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 56	56	56
Accumulated Amortization	$ 32	$ 27	$ 21
Weighted-Average Useful Life Remaining	2 years 1 month 6 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Goodwill and Intangible Assets [Abstract]
Amortization expense	$ 20	$ 20	$ 40	$ 40

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions	Jul. 31, 2021USD ($)
Goodwill and Intangible Assets [Abstract]
Remainder of fiscal 2022	$ 40
Fiscal 2023	79
Fiscal 2024	54
Fiscal 2025	16
Fiscal 2026	16
Fiscal 2027	13
Thereafter	$ 43

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	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Level 1 [Member] | Money market funds [Member]
Assets
Cash and cash equivalents	$ 1,113	$ 1,575	$ 1,729
Level 1 [Member] | Marketable securities that fund deferred compensation [Member]
Assets
Other assets	54	53	49
Level 2 [Member] | Time deposits [Member]
Assets
Cash and cash equivalents	625	865	390
Other current assets	65	65	101
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member]
Assets
Other current assets			18
Other assets	$ 79	$ 91	$ 115

Fair Value Measurements (Fair_2

Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	$ 1,229	$ 1,241	$ 1,283
Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	1,229	1,241	1,283
Level 2 [Member] | Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,306	$ 1,331	$ 1,386

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details)	Jul. 31, 2021USD ($)
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	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional Amount			$ 325
Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 655	$ 704	1,580
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	109	153	68
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	$ 46	$ 51	$ 37

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		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized
Interest Rate Swap Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	14	15	(12)	44
Carrying Value Of Long Term Debt [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	$ (14)	$ (15)	$ 12	$ (44)

Debt (Narrative) (Short-Term De

Debt (Narrative) (Short-Term Debt) (Details) - USD ($)	6 Months Ended
	Jul. 31, 2021	May 01, 2021	Jan. 30, 2021
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
Outstanding borrowings		$ 0	$ 0
Five-Year Facility Agreement [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | Revolving Credit Facility [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] | 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] | Minimum [Member] | Alternative Base Rate [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	0.00%
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] | London Interbank Offered Rate (LIBOR) [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	1.225%
Five-Year Facility Agreement [Member] | Maximum [Member] | Alternative Base Rate [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Variable interest rate	0.225%
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	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Debt Instrument [Line Items]
Total	$ 1,229	$ 1,241	$ 1,283
Debt discounts and issuance costs	(12)	(12)	(5)
Finance lease obligations	40	38	35
Total long-term debt	1,257	1,267	1,313
Less current portion	14	14	681
Total long-term debt, less current portion	1,243	1,253	632
Interest Rate Swap Derivative Instruments [Member]
Debt Instrument [Line Items]
Interest rate swap valuation adjustments	79	91	133
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	6 Months Ended	12 Months Ended
	Jul. 31, 2021	Jan. 30, 2021
Revenue [Abstract]
Revenue recognized	$ 866	$ 662

Revenue (Contract Balances and

Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Revenue from Contract with Customer [Line Items]
Receivables, net	$ 528	$ 618	$ 567
Short-term contract liabilities included in:
Receivables, allowance for doubtful accounts	24	32	28
Unredeemed Gift Cards [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	293	317	267
Deferred Revenue [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	854	711	699
Accrued Liability [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	$ 79	$ 71	$ 60

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings per Share [Abstract]
Net earnings	$ 734	$ 432	$ 1,329	$ 591
Weighted-average common shares outstanding (in shares)	250.2	259.5	251.7	259
Dilutive effect of stock compensation plan awards (in shares)	2.6	2.6	3	2.4
Weighted-average common shares outstanding, assuming dilution (in shares)	252.8	262.1	254.7	261.4
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares)		0.1		0.5
Basic earnings per share	$ 2.93	$ 1.67	$ 5.28	$ 2.28
Diluted earnings per share	$ 2.90	$ 1.65	$ 5.22	$ 2.26

Repurchase of Common Stock (Nar

Repurchase of Common Stock (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	Aug. 24, 2021	Aug. 27, 2021	Jul. 31, 2021	Jul. 31, 2021	Aug. 01, 2020
Stock Repurchases [Line Items]
Repurchase of common stock			$ 416	$ 1,331	$ 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			$ 3,800	$ 3,800
Scenario, Plan [Member] | February 2021 Share Repurchase Program [Member]
Stock Repurchases [Line Items]
Repurchase of common stock	$ 2,500
Subsequent Event [Member]
Stock Repurchases [Line Items]
Repurchase of common stock		$ 160
Repurchase of common stock (in shares)		1.4

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	6 Months Ended
	Jul. 31, 2021	Jul. 31, 2021	Aug. 01, 2020
Shareholders' Equity [Abstract]
Total cost of shares repurchased	$ 416	$ 1,331	$ 56
Average price per share	$ 112.75	$ 109.92	$ 86.30
Number of shares repurchased	3.7	12.1	0.6

Income Taxes (Details)

Income Taxes (Details) $ in Millions	3 Months Ended
	Jul. 31, 2021USD ($)
Income Taxes [Abstract]
Decrease in unrecognized tax benefits	$ 101

Segments (Revenue by Reportable

Segments (Revenue by Reportable Segment and Product Category) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 11,849	$ 9,910	$ 23,486	$ 18,472
Domestic Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	11,011	9,128	21,852	17,043
Domestic Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,765	4,306	9,558	8,111
Domestic Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,380	2,634	6,618	4,853
Domestic Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,688	1,290	3,237	2,225
Domestic Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	560	411	1,228	921
Domestic Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	570	462	1,126	883
Domestic Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	48	25	85	50
International Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	838	782	1,634	1,429
International Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	373	382	767	691
International Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	250	212	467	388
International Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	103	91	173	150
International Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	57	49	122	106
International Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	40	35	75	67
International Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 15	$ 13	$ 30	$ 27

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		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 797	$ 568	$ 1,566	$ 797
Investment income and other	3	8	6	14
Interest expense	(6)	(15)	(12)	(32)
Earnings before income tax expense and equity in income of affiliates	794	561	1,560	779
Domestic Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	757	524	1,491	765
International Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 40	$ 44	$ 75	$ 32

Segments (Assets by Reportable

Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 18,579	$ 19,067	$ 17,412
Domestic Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	17,296	17,625	15,964
International Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,283	$ 1,442	$ 1,448