Document Information Statement
Document Information Statement - shares | 9 Months Ended | |
Oct. 30, 2021 | Dec. 01, 2021 | |
Document Information [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Oct. 30, 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, $0.10 par value per share | |
Trading Symbol | BBY | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 240,560,898 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000764478 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Current assets | |||
Cash and cash equivalents | $ 3,465 | $ 5,494 | $ 5,136 |
Short-term investments | 545 | ||
Receivables, net | 1,016 | 1,061 | 1,028 |
Merchandise inventories | 8,553 | 5,612 | 7,459 |
Other current assets | 486 | 373 | 383 |
Total current assets | 13,520 | 12,540 | 14,551 |
Property and equipment, net | 2,256 | 2,260 | 2,265 |
Operating lease assets | 2,688 | 2,612 | 2,692 |
Goodwill | 986 | 986 | 986 |
Other assets | 652 | 669 | 708 |
Total assets | 20,102 | 19,067 | 21,202 |
Current liabilities | |||
Accounts payable | 8,405 | 6,979 | 9,110 |
Accrued compensation and related expenses | 703 | 725 | 446 |
Accrued liabilities | 895 | 972 | 968 |
Short-term debt | 110 | ||
Current portion of operating lease liabilities | 645 | 693 | 685 |
Current portion of long-term debt | 15 | 14 | 670 |
Total current liabilities | 11,946 | 10,521 | 12,945 |
Long-term operating lease liabilities | 2,102 | 2,012 | 2,117 |
Long-term debt | 1,223 | 1,253 | 1,256 |
Long-term liabilities | 553 | 694 | 798 |
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 - 243.8 million, 256.9 million and 258.8 million shares, respectively | 24 | 26 | 26 |
Additional paid-in capital | 133 | ||
Retained earnings | 3,917 | 4,233 | 3,659 |
Accumulated other comprehensive income | 337 | 328 | 268 |
Total equity | 4,278 | 4,587 | 4,086 |
Total liabilities and equity | 20,102 | 19,067 | 21,202 |
Gift Card [Member] | |||
Current liabilities | |||
Short-term contract liabilities | 306 | 317 | 278 |
Deferred Revenue [Member] | |||
Current liabilities | |||
Short-term contract liabilities | $ 977 | $ 711 | $ 788 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 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 | 243,800,000 | 256,900,000 | 258,800,000 |
Common stock, outstanding shares | 243,800,000 | 256,900,000 | 258,800,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Condensed Consolidated Statements of Earnings [Abstract] | ||||
Revenue | $ 11,910 | $ 11,853 | $ 35,396 | $ 30,325 |
Cost of sales | 9,108 | 9,058 | 27,069 | 23,295 |
Gross profit | 2,802 | 2,795 | 8,327 | 7,030 |
Selling, general and administrative expenses | 2,133 | 2,123 | 6,130 | 5,560 |
Restructuring charges | (1) | 111 | (39) | 112 |
Operating income | 670 | 561 | 2,236 | 1,358 |
Other income (expense): | ||||
Investment income and other | 1 | 5 | 7 | 19 |
Interest expense | (7) | (11) | (19) | (43) |
Earnings before income tax expense and equity in income of affiliates | 664 | 555 | 2,224 | 1,334 |
Income tax expense | 166 | 164 | 402 | 352 |
Equity in income of affiliates | 1 | 6 | ||
Net earnings | $ 499 | $ 391 | $ 1,828 | $ 982 |
Basic earnings per share | $ 2.02 | $ 1.50 | $ 7.31 | $ 3.79 |
Diluted earnings per share | $ 2 | $ 1.48 | $ 7.23 | $ 3.74 |
Weighted-average common shares outstanding | ||||
Basic | 246.4 | 259.8 | 249.9 | 259.3 |
Diluted | 249.1 | 263.7 | 252.9 | 262.5 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net earnings | $ 499 | $ 391 | $ 1,828 | $ 982 |
Foreign currency translation adjustments, net of tax | 2 | 10 | 9 | (25) |
Cash flow hedges | 2 | (2) | ||
Comprehensive income | $ 501 | $ 403 | $ 1,837 | $ 955 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
Operating activities | ||
Net earnings | $ 1,828 | $ 982 |
Adjustments to reconcile net earnings to total cash provided by operating activities: | ||
Depreciation and amortization | 644 | 628 |
Restructuring charges | (39) | 112 |
Stock-based compensation | 105 | 107 |
Deferred income taxes | (16) | 19 |
Other, net | 3 | 10 |
Changes in operating assets and liabilities: | ||
Receivables | 43 | 106 |
Merchandise inventories | (2,924) | (2,300) |
Other assets | (12) | (60) |
Accounts payable | 1,387 | 3,824 |
Income taxes | (172) | 121 |
Other liabilities | 214 | 358 |
Total cash provided by operating activities | 1,061 | 3,907 |
Investing activities | ||
Additions to property and equipment | (548) | (534) |
Purchases of investments | (221) | (620) |
Sales of investments | 64 | |
Other, net | (2) | 1 |
Total cash used in investing activities | (707) | (1,153) |
Financing activities | ||
Repurchase of common stock | (1,728) | (62) |
Issuance of common stock | 28 | 28 |
Dividends paid | (522) | (426) |
Borrowings of debt | 1,892 | |
Repayments of debt | (123) | (1,261) |
Other, net | (2) | (1) |
Total cash provided by (used in) financing activities | (2,347) | 170 |
Effect of exchange rate changes on cash and cash equivalents | 6 | (8) |
Increase (decrease) in cash, cash equivalents and restricted cash | (1,987) | 2,916 |
Cash, cash equivalents and restricted cash at beginning of period | 5,625 | 2,355 |
Cash, cash equivalents and restricted cash at end of period | $ 3,638 | $ 5,271 |
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 | 982 | 982 | |||
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments, net of tax | (25) | (25) | |||
Cash flow hedges | (2) | (2) | |||
Stock-based compensation | $ 106 | 106 | |||
Issuance of common stock | 28 | 28 | |||
Issuance of common stock (in shares) | 2.9 | ||||
Common stock dividends | 7 | (433) | (426) | ||
Repurchase of common stock | (8) | (48) | (56) | ||
Repurchase of common stock (in shares) | (0.6) | ||||
Balances at Oct. 31, 2020 | $ 26 | 133 | 3,659 | 268 | 4,086 |
Balances (in shares) at Oct. 31, 2020 | 258.8 | ||||
Balances at Aug. 01, 2020 | $ 26 | 83 | 3,413 | 256 | 3,778 |
Balances (in shares) at Aug. 01, 2020 | 258.8 | ||||
Net earnings | 391 | 391 | |||
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments, net of tax | 10 | 10 | |||
Cash flow hedges | 2 | 2 | |||
Stock-based compensation | 41 | 41 | |||
Issuance of common stock | 6 | 6 | |||
Common stock dividends | 3 | (145) | (142) | ||
Balances at Oct. 31, 2020 | $ 26 | 133 | 3,659 | 268 | 4,086 |
Balances (in shares) at Oct. 31, 2020 | 258.8 | ||||
Balances at Jan. 30, 2021 | $ 26 | 4,233 | 328 | 4,587 | |
Balances (in shares) at Jan. 30, 2021 | 256.9 | ||||
Net earnings | 1,828 | 1,828 | |||
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments, net of tax | 9 | 9 | |||
Stock-based compensation | 105 | 105 | |||
Issuance of common stock | 28 | 28 | |||
Issuance of common stock (in shares) | 2.7 | ||||
Common stock dividends | 11 | (533) | (522) | ||
Repurchase of common stock | $ (2) | (144) | (1,611) | (1,757) | |
Repurchase of common stock (in shares) | (15.8) | ||||
Balances at Oct. 30, 2021 | $ 24 | 3,917 | 337 | 4,278 | |
Balances (in shares) at Oct. 30, 2021 | 243.8 | ||||
Balances at Jul. 31, 2021 | $ 25 | 3,975 | 335 | 4,335 | |
Balances (in shares) at Jul. 31, 2021 | 247.3 | ||||
Net earnings | 499 | 499 | |||
Other comprehensive income (loss): | |||||
Foreign currency translation adjustments, net of tax | 2 | 2 | |||
Stock-based compensation | 34 | 34 | |||
Issuance of common stock | 6 | 6 | |||
Issuance of common stock (in shares) | 0.2 | ||||
Common stock dividends | 3 | (175) | (172) | ||
Repurchase of common stock | $ (1) | $ (43) | (382) | (426) | |
Repurchase of common stock (in shares) | (3.7) | ||||
Balances at Oct. 30, 2021 | $ 24 | $ 3,917 | $ 337 | $ 4,278 | |
Balances (in shares) at Oct. 30, 2021 | 243.8 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract] | ||||
Common Stock, Dividends, Per Share, Declared | $ 0.70 | $ 0.55 | $ 2.10 | $ 1.65 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Oct. 30, 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 is now comprised of operations in Canada. 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 nine months of fiscal 2022 and fiscal 2021 included 39 weeks. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from October 30, 2021, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. Other than the acquisitions described in Note 13, Subsequent Events, no 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): October 30, 2021 January 30, 2021 October 31, 2020Cash and cash equivalents$ 3,465 $ 5,494 $ 5,136 Restricted cash included in Other current assets 173 131 135 Total cash, cash equivalents and restricted cash$ 3,638 $ 5,625 $ 5,271 Amounts included in restricted cash are primarily restricted to use for workers’ compensation and general liability insurance claims, and product protection plans provided under our Best Buy TotaltechTM membership offering. |
Restructuring
Restructuring | 9 Months Ended |
Oct. 30, 2021 | |
Restructuring [Abstract] | |
Restructuring | 2. Restructuring Restructuring charges were as follows ($ in millions): Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Mexico Exit and Strategic Realignment(1) $ (1) $ 148 $ (45) $ 148 Fiscal 2020 U.S. Retail Operating Model Changes - (1) - - Total $ (1) $ 147 $ (45) $ 148 (1)Includes inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings of ($6) million for the nine months ended October 30, 2021, and $36 million for the three and nine months ended October 31, 2020. 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 nine months ended October 30, 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 ofThree Months Ended October 30, 2021 Nine Months Ended October 30, 2021 Earnings LocationDomestic International Total Domestic International TotalInventory markdownsCost of sales$ - $ - $ - $ - $ (6) $ (6) Asset impairmentsRestructuring charges - (1) (1) - 6 6 Termination benefitsRestructuring charges - - - (44) (1) (45) $ - $ (1) $ (1) $ (44) $ (1) $ (45) Statement ofThree and Nine Months Ended October 31, 2020 Earnings LocationDomestic International TotalInventory markdownsCost of sales$ - $ 36 $ 36 Asset impairmentsRestructuring charges 10 48 58 Termination benefitsRestructuring charges 36 18 54 $ 46 $ 102 $ 148 Statement ofCumulative Amount as of October 30, 2021 Earnings LocationDomestic International TotalInventory markdownsCost of sales$ - $ 17 $ 17 Asset impairments(1)Restructuring charges 10 63 73 Termination benefitsRestructuring charges 79 19 98 Currency translation adjustmentRestructuring charges - 39 39 Other(2)Restructuring charges - 5 5 $ 89 $ 143 $ 232 (1)Remaining net carrying value approximates fair value and was immaterial as of October 30, 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 TotalBalances at February 1, 2020$ - $ - $ - Charges 36 18 54 Cash payments (7) - (7) Balances at October 31, 2020$ 29 $ 18 $ 47 Balances at January 30, 2021$ 104 $ 20 $ 124 Cash payments (54) (17) (71) Adjustments(1) (44) (1) (45) Changes in foreign currency exchange rates - (1) (1) Balances at October 30, 2021$ 6 $ 1 $ 7 (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 October 30, 2021, the cumulative amount of charges incurred was $41 million and no material liability remains. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Oct. 30, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets Goodwill Balances related to goodwill remained unchanged as of October 30, 2021, January 30, 2021, and October 31, 2020, as follows ($ in millions): Gross Carrying Amount Cumulative ImpairmentDomestic$ 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): October 30, 2021 January 30, 2021 October 31, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of October 30, 2021 (in years)Customer relationships$ 339 $ 165 $ 339 $ 124 $ 339 $ 111 6.5 Tradenames 81 34 81 24 81 20 4.3 Developed technology 56 36 56 27 56 24 1.9 Total$ 476 $ 235 $ 476 $ 175 $ 476 $ 155 5.7 Amortization expense was as follows ($ in millions): Statement of Three Months Ended Nine Months Ended Earnings Location October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Amortization expenseSG&A $ 20 $ 20 $ 60 $ 60 Amortization expense expected to be recognized in future periods is as follows ($ in millions): Amortization ExpenseRemainder of fiscal 2022 $ 20 Fiscal 2023 79 Fiscal 2024 54 Fiscal 2025 16 Fiscal 2026 16 Fiscal 2027 13 Thereafter 43 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Oct. 30, 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 October 30, 2021 January 30, 2021 October 31, 2020Assets Money market funds(2) Cash and cash equivalentsLevel 1 $ 313 $ 1,575 $ 4,119 Time deposits(3) Cash and cash equivalentsLevel 2 625 865 84 Time deposits(3) Short-term investments Level 2 - - 545 Time deposits(3) Other current assets Level 2 - 65 100 Interest rate swap derivative instruments(4) Other current assets Level 2 - - 7 Interest rate swap derivative instruments(4) Other assets Level 2 58 91 95 Marketable securities that fund deferred compensation(5)Other assets Level 1 54 53 51 (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): October 30, 2021 January 30, 2021 October 31, 2020 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying ValueLong-term debt(1)$ 1,257 $ 1,208 $ 1,331 $ 1,241 $ 1,954 $ 1,902 (1)Excludes debt discounts, issuance costs and finance lease obligations. |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Oct. 30, 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 $500 million principal amount of notes due October 1, 2028 (“2028 Notes”). In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies. Our derivative instruments designated as net investment hedges and interest rate swaps are recorded on our Condensed Consolidated Balance Sheets at fair value. See Note 4, Fair Value Measurements, for gross fair values of our outstanding derivative instruments and corresponding fair value classifications. Notional amounts of our derivative instruments were as follows ($ in millions): Contract Type October 30, 2021 January 30, 2021 October 31, 2020Derivatives designated as net investment hedges $ 125 $ 153 $ 68 Derivatives designated as interest rate swaps 500 500 1,150 No hedge designation (foreign exchange contracts) 106 51 81 Total $ 731 $ 704 $ 1,299 Effects of our derivatives on our Condensed Consolidated Statements of Earnings were as follows ($ in millions): Gain (Loss) Recognized Three Months Ended Nine Months Ended Statement of Earnings LocationOctober 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Interest rate swap contractsInterest expense$ (21) $ (32) $ (33) $ 13 Adjustments to carrying value of long-term debtInterest expense 21 32 33 (13) Total $ - $ - $ - $ - |
Debt
Debt | 9 Months Ended |
Oct. 30, 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. There were no borrowings outstanding under the Five-Year Facility Agreement as of October 30, 2021, or the Previous Facility as of January 30, 2021, and October 31, 2020. Bank Advance In conjunction with a solar energy investment, we were advanced $110 million due October 31, 2021. The advance was recorded within Short-term debt on our Condensed Consolidated Balance Sheets as of January 30, 2021, and bore interest at 0.14%. This advance was repaid on October 29, 2021. Long-Term Debt Long-term debt consisted of the following ($ in millions): October 30, 2021 January 30, 2021 October 31, 20202021 Notes $ - $ - $ 650 2028 Notes 500 500 500 2030 Notes 650 650 650 Interest rate swap valuation adjustments 58 91 102 Subtotal 1,208 1,241 1,902 Debt discounts and issuance costs (11) (12) (13) Finance lease obligations 41 38 37 Total long-term debt 1,238 1,267 1,926 Less current portion 15 14 670 Total long-term debt, less current portion $ 1,223 $ 1,253 $ 1,256 See Note 4, Fair Value Measurements, for the fair value of long-term debt. |
Revenue
Revenue | 9 Months Ended |
Oct. 30, 2021 | |
Revenue [Abstract] | |
Revenue | 7. Revenue We generate substantially all of our revenue from contracts with customers for 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): October 30, 2021 January 30, 2021 October 31, 2020Receivables, net(1)$ 638 $ 618 $ 625 Short-term contract liabilities included in: Unredeemed gift card liabilities 306 317 278 Deferred revenue 977 711 788 Accrued liabilities 88 71 71 (1)Receivables are recorded net of allowances for doubtful accounts of $24 million, $32 million and $30 million as of October 30, 2021, January 30, 2021, and October 31, 2020, respectively. During the first nine months of fiscal 2022 and fiscal 2021, $1,001 million and $792 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods. See Note 12, Segments, for information on our revenue by reportable segment and product category. |
Earnings per Share
Earnings per Share | 9 Months Ended |
Oct. 30, 2021 | |
Earnings per Share [Abstract] | |
Earnings per Share | 8. Earnings per Share We compute our basic earnings per share based on the weighted-average number of common shares outstanding and our diluted earnings per share based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued. Reconciliations of the numerators and denominators of basic and diluted earnings per share were as follows ($ and shares in millions, except per share amounts): Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Numerator Net earnings$ 499 $ 391 $ 1,828 $ 982 Denominator Weighted-average common shares outstanding 246.4 259.8 249.9 259.3 Dilutive effect of stock compensation plan awards 2.7 3.9 3.0 3.2 Weighted-average common shares outstanding, assuming dilution 249.1 263.7 252.9 262.5 Basic earnings per share$ 2.02 $ 1.50 $ 7.31 $ 3.79 Diluted earnings per share$ 2.00 $ 1.48 $ 7.23 $ 3.74 |
Repurchase of Common Stock
Repurchase of Common Stock | 9 Months Ended |
Oct. 30, 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 Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Total cost of shares repurchased$ 426 $ - $ 1,757 $ 56 Average price per share$ 115.94 $ - $ 111.33 $ 86.30 Number of shares repurchased 3.7 - 15.8 0.6 As of October 30, 2021, $3.4 billion of the $5.0 billion share repurchase authorization was available. Between the end of the third quarter of fiscal 2022 on October 30, 2021, and December 1, 2021, we repurchased an incremental 3.6 million shares of our common stock at a cost of $452 million. |
Income Taxes
Income Taxes | 9 Months Ended |
Oct. 30, 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 $101 million relating to multi-jurisdiction, multi-year non-cash benefits from the resolution of certain discrete tax matters, all of which resulted in a tax benefit in the second quarter. |
Contingencies
Contingencies | 9 Months Ended |
Oct. 30, 2021 | |
Contingencies [Abstract] | |
Contingencies | 11. Contingencies We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters, which are reflected on our Condensed Consolidated Financial Statements. However, there are cases where liability is not probable or the amount cannot be reasonably estimated and, therefore, accruals have not been made. We provide disclosure of matters where we believe it is reasonably possible the impact may be material to our Condensed Consolidated Financial Statements. |
Segments
Segments | 9 Months Ended |
Oct. 30, 2021 | |
Segments [Abstract] | |
Segments | 12. Segments Reportable segment and product category revenue information was as follows ($ in millions): Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Revenue by reportable segment Domestic $ 10,985 $ 10,850 $ 32,837 $ 27,893 International 925 1,003 2,559 2,432 Total revenue $ 11,910 $ 11,853 $ 35,396 $ 30,325 Revenue by product category Domestic: Computing and Mobile Phones $ 4,901 $ 5,059 $ 14,460 $ 13,130 Consumer Electronics 3,346 3,197 9,964 8,090 Appliances 1,628 1,478 4,864 3,703 Entertainment 527 509 1,755 1,430 Services 541 578 1,667 1,461 Other 42 29 127 79 Total Domestic revenue $ 10,985 $ 10,850 $ 32,837 $ 27,893 International: Computing and Mobile Phones $ 462 $ 531 $ 1,230 $ 1,211 Consumer Electronics 253 265 720 663 Appliances 87 93 260 243 Entertainment 54 50 176 156 Services 54 51 128 119 Other 15 13 45 40 Total International revenue $ 925 $ 1,003 $ 2,559 $ 2,432 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 Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Domestic $ 609 $ 612 $ 2,100 $ 1,377 International 61 (51) 136 (19) Total operating income 670 561 2,236 1,358 Other income (expense): Investment income and other 1 5 7 19 Interest expense (7) (11) (19) (43) Earnings before income tax expense and equity in income of affiliates$ 664 $ 555 $ 2,224 $ 1,334 Assets by reportable segment were as follows ($ in millions): October 30, 2021 January 30, 2021 October 31, 2020Domestic$ 18,518 $ 17,625 $ 19,525 International 1,584 1,442 1,677 Total assets$ 20,102 $ 19,067 $ 21,202 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Oct. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On October 10, 2021, we signed a definitive agreement to acquire Current Health Ltd. (“Current Health”), a care-at-home technology platform that brings together remote patient monitoring, telehealth and patient engagement into a single solution for healthcare organizations, for approximately $400 million. The acquisition was completed on November 2, 2021, and will be included in our consolidated results beginning in the fourth quarter of fiscal 2022. On October 18, 2021, we signed a definitive agreement to acquire Two Peaks, LLC d/b/a Yardbird Furniture (“Yardbird”), an outdoor furniture company, for approximately $85 million. The acquisition was completed on November 4, 2021, and will be included in our consolidated results beginning in the fourth quarter of fiscal 2022. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Oct. 30, 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 is now comprised of operations in Canada. 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 nine months of fiscal 2022 and fiscal 2021 included 39 weeks. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from October 30, 2021, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. Other than the acquisitions described in Note 13, Subsequent Events, no 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): October 30, 2021 January 30, 2021 October 31, 2020Cash and cash equivalents$ 3,465 $ 5,494 $ 5,136 Restricted cash included in Other current assets 173 131 135 Total cash, cash equivalents and restricted cash$ 3,638 $ 5,625 $ 5,271 Amounts included in restricted cash are primarily restricted to use for workers’ compensation and general liability insurance claims, and product protection plans provided under our Best Buy TotaltechTM membership offering. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Basis of Presentation [Abstract] | |
Total Cash, Cash Equivalents and Restricted Cash | October 30, 2021 January 30, 2021 October 31, 2020Cash and cash equivalents$ 3,465 $ 5,494 $ 5,136 Restricted cash included in Other current assets 173 131 135 Total cash, cash equivalents and restricted cash$ 3,638 $ 5,625 $ 5,271 |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |
Composition of Restructuring Charges | Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Mexico Exit and Strategic Realignment(1) $ (1) $ 148 $ (45) $ 148 Fiscal 2020 U.S. Retail Operating Model Changes - (1) - - Total $ (1) $ 147 $ (45) $ 148 (1)Includes inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings of ($6) million for the nine months ended October 30, 2021, and $36 million for the three and nine months ended October 31, 2020. |
Mexico Exit And Strategic Realignment [Member] | |
Restructuring Cost and Reserve [Line Items] | |
Composition of Restructuring Charges | Statement ofThree Months Ended October 30, 2021 Nine Months Ended October 30, 2021 Earnings LocationDomestic International Total Domestic International TotalInventory markdownsCost of sales$ - $ - $ - $ - $ (6) $ (6) Asset impairmentsRestructuring charges - (1) (1) - 6 6 Termination benefitsRestructuring charges - - - (44) (1) (45) $ - $ (1) $ (1) $ (44) $ (1) $ (45) Statement ofThree and Nine Months Ended October 31, 2020 Earnings LocationDomestic International TotalInventory markdownsCost of sales$ - $ 36 $ 36 Asset impairmentsRestructuring charges 10 48 58 Termination benefitsRestructuring charges 36 18 54 $ 46 $ 102 $ 148 Statement ofCumulative Amount as of October 30, 2021 Earnings LocationDomestic International TotalInventory markdownsCost of sales$ - $ 17 $ 17 Asset impairments(1)Restructuring charges 10 63 73 Termination benefitsRestructuring charges 79 19 98 Currency translation adjustmentRestructuring charges - 39 39 Other(2)Restructuring charges - 5 5 $ 89 $ 143 $ 232 (1)Remaining net carrying value approximates fair value and was immaterial as of October 30, 2021.(2)Other charges are primarily comprised of contract termination costs. |
Restructuring Accrual Activity | Termination Benefits Domestic International TotalBalances at February 1, 2020$ - $ - $ - Charges 36 18 54 Cash payments (7) - (7) Balances at October 31, 2020$ 29 $ 18 $ 47 Balances at January 30, 2021$ 104 $ 20 $ 124 Cash payments (54) (17) (71) Adjustments(1) (44) (1) (45) Changes in foreign currency exchange rates - (1) (1) Balances at October 30, 2021$ 6 $ 1 $ 7 (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) | 9 Months Ended |
Oct. 30, 2021 | |
Goodwill and Intangible Assets [Abstract] | |
Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment | Gross Carrying Amount Cumulative ImpairmentDomestic$ 1,053 $ (67) International 608 (608) Total$ 1,661 $ (675) |
Definite-Lived Intangible Assets | October 30, 2021 January 30, 2021 October 31, 2020 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of October 30, 2021 (in years)Customer relationships$ 339 $ 165 $ 339 $ 124 $ 339 $ 111 6.5 Tradenames 81 34 81 24 81 20 4.3 Developed technology 56 36 56 27 56 24 1.9 Total$ 476 $ 235 $ 476 $ 175 $ 476 $ 155 5.7 |
Amortization Expense | Statement of Three Months Ended Nine Months Ended Earnings Location October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Amortization expenseSG&A $ 20 $ 20 $ 60 $ 60 |
Amortization Expense Expected to be Recognized | Amortization ExpenseRemainder of fiscal 2022 $ 20 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) | 9 Months Ended |
Oct. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value, Assets and Liabilities Measured on Recurring Basis | Fair Value at Balance Sheet Location(1)Fair Value Hierarchy October 30, 2021 January 30, 2021 October 31, 2020Assets Money market funds(2) Cash and cash equivalentsLevel 1 $ 313 $ 1,575 $ 4,119 Time deposits(3) Cash and cash equivalentsLevel 2 625 865 84 Time deposits(3) Short-term investments Level 2 - - 545 Time deposits(3) Other current assets Level 2 - 65 100 Interest rate swap derivative instruments(4) Other current assets Level 2 - - 7 Interest rate swap derivative instruments(4) Other assets Level 2 58 91 95 Marketable securities that fund deferred compensation(5)Other assets Level 1 54 53 51 (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 | October 30, 2021 January 30, 2021 October 31, 2020 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying ValueLong-term debt(1)$ 1,257 $ 1,208 $ 1,331 $ 1,241 $ 1,954 $ 1,902 (1)Excludes debt discounts, issuance costs and finance lease obligations. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Derivative Instruments [Abstract] | |
Notional Amount of Derivative Instruments | Contract Type October 30, 2021 January 30, 2021 October 31, 2020Derivatives designated as net investment hedges $ 125 $ 153 $ 68 Derivatives designated as interest rate swaps 500 500 1,150 No hedge designation (foreign exchange contracts) 106 51 81 Total $ 731 $ 704 $ 1,299 |
Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings | Gain (Loss) Recognized Three Months Ended Nine Months Ended Statement of Earnings LocationOctober 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Interest rate swap contractsInterest expense$ (21) $ (32) $ (33) $ 13 Adjustments to carrying value of long-term debtInterest expense 21 32 33 (13) Total $ - $ - $ - $ - |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Debt [Abstract] | |
Schedule of Long-term Debt | October 30, 2021 January 30, 2021 October 31, 20202021 Notes $ - $ - $ 650 2028 Notes 500 500 500 2030 Notes 650 650 650 Interest rate swap valuation adjustments 58 91 102 Subtotal 1,208 1,241 1,902 Debt discounts and issuance costs (11) (12) (13) Finance lease obligations 41 38 37 Total long-term debt 1,238 1,267 1,926 Less current portion 15 14 670 Total long-term debt, less current portion $ 1,223 $ 1,253 $ 1,256 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Revenue [Abstract] | |
Contract Balances and Changes in Contract Balances | October 30, 2021 January 30, 2021 October 31, 2020Receivables, net(1)$ 638 $ 618 $ 625 Short-term contract liabilities included in: Unredeemed gift card liabilities 306 317 278 Deferred revenue 977 711 788 Accrued liabilities 88 71 71 (1)Receivables are recorded net of allowances for doubtful accounts of $24 million, $32 million and $30 million as of October 30, 2021, January 30, 2021, and October 31, 2020, respectively. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Earnings per Share [Abstract] | |
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Numerator Net earnings$ 499 $ 391 $ 1,828 $ 982 Denominator Weighted-average common shares outstanding 246.4 259.8 249.9 259.3 Dilutive effect of stock compensation plan awards 2.7 3.9 3.0 3.2 Weighted-average common shares outstanding, assuming dilution 249.1 263.7 252.9 262.5 Basic earnings per share$ 2.02 $ 1.50 $ 7.31 $ 3.79 Diluted earnings per share$ 2.00 $ 1.48 $ 7.23 $ 3.74 |
Repurchase of Common Stock (Tab
Repurchase of Common Stock (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Shareholders' Equity [Abstract] | |
Schedule of Share Repurchases | Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Total cost of shares repurchased$ 426 $ - $ 1,757 $ 56 Average price per share$ 115.94 $ - $ 111.33 $ 86.30 Number of shares repurchased 3.7 - 15.8 0.6 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Oct. 30, 2021 | |
Segments [Abstract] | |
Revenue by Reportable Segment and Product Category | Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Revenue by reportable segment Domestic $ 10,985 $ 10,850 $ 32,837 $ 27,893 International 925 1,003 2,559 2,432 Total revenue $ 11,910 $ 11,853 $ 35,396 $ 30,325 Revenue by product category Domestic: Computing and Mobile Phones $ 4,901 $ 5,059 $ 14,460 $ 13,130 Consumer Electronics 3,346 3,197 9,964 8,090 Appliances 1,628 1,478 4,864 3,703 Entertainment 527 509 1,755 1,430 Services 541 578 1,667 1,461 Other 42 29 127 79 Total Domestic revenue $ 10,985 $ 10,850 $ 32,837 $ 27,893 International: Computing and Mobile Phones $ 462 $ 531 $ 1,230 $ 1,211 Consumer Electronics 253 265 720 663 Appliances 87 93 260 243 Entertainment 54 50 176 156 Services 54 51 128 119 Other 15 13 45 40 Total International revenue $ 925 $ 1,003 $ 2,559 $ 2,432 |
Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense | Three Months Ended Nine Months Ended October 30, 2021 October 31, 2020 October 30, 2021 October 31, 2020Domestic $ 609 $ 612 $ 2,100 $ 1,377 International 61 (51) 136 (19) Total operating income 670 561 2,236 1,358 Other income (expense): Investment income and other 1 5 7 19 Interest expense (7) (11) (19) (43) Earnings before income tax expense and equity in income of affiliates$ 664 $ 555 $ 2,224 $ 1,334 |
Assets by Reportable Segment | October 30, 2021 January 30, 2021 October 31, 2020Domestic$ 18,518 $ 17,625 $ 19,525 International 1,584 1,442 1,677 Total assets$ 20,102 $ 19,067 $ 21,202 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | Feb. 01, 2020 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Cash and cash equivalents | $ 3,465 | $ 5,494 | $ 5,136 | |
Restricted cash included in Other current assets | 173 | 131 | 135 | |
Total cash, cash equivalents and restricted cash | $ 3,638 | $ 5,625 | $ 5,271 | $ 2,355 |
Restructuring (Narrative) (Deta
Restructuring (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Jan. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring charges | $ (1,000,000) | $ 111,000,000 | $ (39,000,000) | $ 112,000,000 | |
U.S. Operating Model [Member] | |||||
Restructuring Cost and Reserve [Line Items] | |||||
Restructuring Reserve | 0 | 0 | |||
Cumulative Amount | 41,000,000 | 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 | $ 7,000,000 | $ 47,000,000 | $ 7,000,000 | $ 47,000,000 | $ 124,000,000 |
Restructuring (Composition of R
Restructuring (Composition of Restructuring Charges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 21 Months Ended | |||
Oct. 30, 2021 | Jul. 31, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ (1) | $ 147 | $ (45) | $ 148 | $ 232 | |
Domestic [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (44) | 46 | 89 | |||
International [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (1) | (1) | 102 | 143 | ||
Inventory Markdowns [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (6) | |||||
Inventory Markdowns [Member] | Cost of Sales [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 36 | 17 | ||||
Inventory Markdowns [Member] | International [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (6) | |||||
Inventory Markdowns [Member] | International [Member] | Cost of Sales [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 36 | 17 | ||||
Asset Impairments [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (1) | 6 | ||||
Asset Impairments [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 58 | 73 | ||||
Asset Impairments [Member] | Domestic [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 10 | 10 | ||||
Asset Impairments [Member] | International [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (1) | 6 | ||||
Asset Impairments [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 48 | 63 | ||||
Termination Benefits [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (45) | |||||
Termination Benefits [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 54 | 98 | ||||
Termination Benefits [Member] | Domestic [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (44) | |||||
Termination Benefits [Member] | Domestic [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 36 | 79 | ||||
Termination Benefits [Member] | International [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | (1) | |||||
Termination Benefits [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 18 | 19 | ||||
Currency Translation Adjustment [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 39 | |||||
Currency Translation Adjustment [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 39 | |||||
Other [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 5 | |||||
Other [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 5 | |||||
Mexico Exit And Strategic Realignment [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ (1) | 148 | (45) | 148 | ||
Mexico Exit And Strategic Realignment [Member] | Cost of Sales [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Inventory markdown | 36 | $ 6 | $ 36 | |||
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 36 | |||||
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 36 | |||||
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 58 | |||||
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | Domestic [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 10 | |||||
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 48 | |||||
Mexico Exit And Strategic Realignment [Member] | Currency Translation Adjustment [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 54 | |||||
Mexico Exit And Strategic Realignment [Member] | Currency Translation Adjustment [Member] | Domestic [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 36 | |||||
Mexico Exit And Strategic Realignment [Member] | Currency Translation Adjustment [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 18 | |||||
Mexico Exit And Strategic Realignment [Member] | Other [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 148 | |||||
Mexico Exit And Strategic Realignment [Member] | Other [Member] | Domestic [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | 46 | |||||
Mexico Exit And Strategic Realignment [Member] | Other [Member] | International [Member] | Restructuring Charges [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ 102 | |||||
U.S. Operating Model [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring charges | $ (1) |
Restructuring (Restructuring Ac
Restructuring (Restructuring Accrual Activity) (Details) - USD ($) | 9 Months Ended | |
Oct. 30, 2021 | Oct. 31, 2020 | |
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 | |
Charges | $ 54,000,000 | |
Cash payments | (71,000,000) | (7,000,000) |
Adjustments | (45,000,000) | |
Changes in foreign currency exchange rates | (1,000,000) | |
Balances | 7,000,000 | 47,000,000 |
Domestic [Member] | Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balances | 104,000,000 | |
Charges | 36,000,000 | |
Cash payments | (54,000,000) | (7,000,000) |
Adjustments | (44,000,000) | |
Balances | 6,000,000 | 29,000,000 |
International [Member] | Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | ||
Restructuring Reserve [Roll Forward] | ||
Balances | 20,000,000 | |
Charges | 18,000,000 | |
Cash payments | (17,000,000) | |
Adjustments | (1,000,000) | |
Changes in foreign currency exchange rates | (1,000,000) | |
Balances | $ 1,000,000 | $ 18,000,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Oct. 30, 2021 | Oct. 31, 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 | Oct. 30, 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 | 9 Months Ended | ||
Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 476 | $ 476 | $ 476 |
Accumulated Amortization | $ 235 | 175 | 155 |
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 | $ 165 | 124 | 111 |
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 | $ 34 | 24 | 20 |
Weighted-Average Useful Life Remaining | 4 years 3 months 18 days | ||
Developed Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 56 | 56 | 56 |
Accumulated Amortization | $ 36 | $ 27 | $ 24 |
Weighted-Average Useful Life Remaining | 1 year 10 months 24 days |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Goodwill and Intangible Assets [Abstract] | ||||
Amortization expense | $ 20 | $ 20 | $ 60 | $ 60 |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions | Oct. 30, 2021USD ($) |
Goodwill and Intangible Assets [Abstract] | |
Remainder of fiscal 2022 | $ 20 |
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 | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Level 1 [Member] | Money market funds [Member] | |||
Assets | |||
Cash and cash equivalents | $ 313 | $ 1,575 | $ 4,119 |
Level 1 [Member] | Marketable securities that fund deferred compensation [Member] | |||
Assets | |||
Other assets | 54 | 53 | 51 |
Level 2 [Member] | Time deposits [Member] | |||
Assets | |||
Cash and cash equivalents | 625 | 865 | 84 |
Short-term investments | 545 | ||
Other current assets | 65 | 100 | |
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member] | |||
Assets | |||
Other current assets | 7 | ||
Other assets | $ 58 | $ 91 | $ 95 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Carrying value | $ 1,208 | $ 1,241 | $ 1,902 |
Long-term debt [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Carrying value | 1,208 | 1,241 | 1,902 |
Level 2 [Member] | Long-term debt [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 1,257 | $ 1,331 | $ 1,954 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) | Oct. 30, 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 | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Not Designated As Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 731 | $ 704 | $ 1,299 |
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 125 | 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 | $ 106 | $ 51 | $ 81 |
Derivative Instruments (Effects
Derivative Instruments (Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings) (Details) - Designated As Hedging Instrument [Member] - Interest Expense [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) Recognized | ||||
Interest Rate Swap Derivative Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) Recognized | (21) | (32) | (33) | 13 |
Carrying Value Of Long Term Debt [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) Recognized | $ 21 | $ 32 | $ 33 | $ (13) |
Debt (Narrative) (Short-Term De
Debt (Narrative) (Short-Term Debt) (Details) - USD ($) | 9 Months Ended | ||
Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 | |
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 | $ 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 | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Debt Instrument [Line Items] | |||
Total | $ 1,208 | $ 1,241 | $ 1,902 |
Debt discounts and issuance costs | (11) | (12) | (13) |
Finance lease obligations | 41 | 38 | 37 |
Total long-term debt | 1,238 | 1,267 | 1,926 |
Less current portion | 15 | 14 | 670 |
Total long-term debt, less current portion | 1,223 | 1,253 | 1,256 |
Interest Rate Swap Derivative Instruments [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate swap valuation adjustments | 58 | 91 | 102 |
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 | $ 650 |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Oct. 30, 2021 | Jan. 30, 2021 | |
Revenue [Abstract] | ||
Revenue recognized | $ 1,001 | $ 792 |
Revenue (Contract Balances and
Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Revenue from Contract with Customer [Line Items] | |||
Receivables, net | $ 638 | $ 618 | $ 625 |
Short-term contract liabilities included in: | |||
Receivables, allowance for doubtful accounts | 24 | 32 | 30 |
Unredeemed Gift Cards [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | 306 | 317 | 278 |
Deferred Revenue [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | 977 | 711 | 788 |
Accrued Liability [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | $ 88 | $ 71 | $ 71 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Earnings per Share [Abstract] | ||||
Net earnings | $ 499 | $ 391 | $ 1,828 | $ 982 |
Weighted-average common shares outstanding (in shares) | 246.4 | 259.8 | 249.9 | 259.3 |
Dilutive effect of stock compensation plan awards (in shares) | 2.7 | 3.9 | 3 | 3.2 |
Weighted-average common shares outstanding, assuming dilution (in shares) | 249.1 | 263.7 | 252.9 | 262.5 |
Basic earnings per share | $ 2.02 | $ 1.50 | $ 7.31 | $ 3.79 |
Diluted earnings per share | $ 2 | $ 1.48 | $ 7.23 | $ 3.74 |
Repurchase of Common Stock (Nar
Repurchase of Common Stock (Narrative) (Details) - USD ($) shares in Millions, $ in Millions | Aug. 24, 2021 | Dec. 01, 2021 | Oct. 30, 2021 | Oct. 30, 2021 | Oct. 31, 2020 |
Stock Repurchases [Line Items] | |||||
Repurchase of common stock | $ 426 | $ 1,757 | $ 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 | $ 3,400 | $ 3,400 | |||
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 | $ 452 | ||||
Repurchase of common stock (in shares) | 3.6 |
Repurchase of Common Stock (Sch
Repurchase of Common Stock (Schedule of share repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | |
Oct. 30, 2021 | Oct. 30, 2021 | Oct. 31, 2020 | |
Shareholders' Equity [Abstract] | |||
Total cost of shares repurchased | $ 426 | $ 1,757 | $ 56 |
Average price per share | $ 115.94 | $ 111.33 | $ 86.30 |
Number of shares repurchased | 3.7 | 15.8 | 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 | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 11,910 | $ 11,853 | $ 35,396 | $ 30,325 |
Domestic Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 10,985 | 10,850 | 32,837 | 27,893 |
Domestic Segment [Member] | Computing and Mobile Phones [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 4,901 | 5,059 | 14,460 | 13,130 |
Domestic Segment [Member] | Consumer Electronics [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 3,346 | 3,197 | 9,964 | 8,090 |
Domestic Segment [Member] | Appliances [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 1,628 | 1,478 | 4,864 | 3,703 |
Domestic Segment [Member] | Entertainment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 527 | 509 | 1,755 | 1,430 |
Domestic Segment [Member] | Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 541 | 578 | 1,667 | 1,461 |
Domestic Segment [Member] | Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 42 | 29 | 127 | 79 |
International Segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 925 | 1,003 | 2,559 | 2,432 |
International Segment [Member] | Computing and Mobile Phones [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 462 | 531 | 1,230 | 1,211 |
International Segment [Member] | Consumer Electronics [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 253 | 265 | 720 | 663 |
International Segment [Member] | Appliances [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 87 | 93 | 260 | 243 |
International Segment [Member] | Entertainment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 54 | 50 | 176 | 156 |
International Segment [Member] | Services [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | 54 | 51 | 128 | 119 |
International Segment [Member] | Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 15 | $ 13 | $ 45 | $ 40 |
Segments (Operating Income by R
Segments (Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Oct. 30, 2021 | Oct. 31, 2020 | Oct. 30, 2021 | Oct. 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $ 670 | $ 561 | $ 2,236 | $ 1,358 |
Investment income and other | 1 | 5 | 7 | 19 |
Interest expense | (7) | (11) | (19) | (43) |
Earnings before income tax expense and equity in income of affiliates | 664 | 555 | 2,224 | 1,334 |
Domestic Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | 609 | 612 | 2,100 | 1,377 |
International Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $ 61 | $ (51) | $ 136 | $ (19) |
Segments (Assets by Reportable
Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions | Oct. 30, 2021 | Jan. 30, 2021 | Oct. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 20,102 | $ 19,067 | $ 21,202 |
Domestic Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 18,518 | 17,625 | 19,525 |
International Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 1,584 | $ 1,442 | $ 1,677 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Millions | Nov. 04, 2021 | Nov. 02, 2021 |
Current Health Ltd. [Member] | ||
Subsequent Event [Line Items] | ||
Business Combination, Consideration Transferred | $ 400 | |
Yardbird [Member] | ||
Subsequent Event [Line Items] | ||
Business Combination, Consideration Transferred | $ 85 |