Best Buy (BBY) 10-Q 2 Jun 23 2024 Q1 Quarterly report Financial data

Document Information Statement

Document Information Statement - shares	3 Months Ended
	Apr. 29, 2023	May 31, 2023
Document Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 29, 2023
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--02-03
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		218,210,535
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000764478
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Current assets
Cash and cash equivalents	$ 1,030	$ 1,874	$ 640
Receivables, net	860	1,141	804
Merchandise inventories	5,219	5,140	6,258
Other current assets	653	647	613
Total current assets	7,762	8,802	8,315
Property and equipment, net	2,321	2,352	2,251
Operating lease assets	2,694	2,746	2,704
Goodwill	1,383	1,383	1,385
Other assets	528	520	596
Total assets	14,688	15,803	15,251
Current liabilities
Accounts payable	4,874	5,687	5,492
Accrued compensation and related expenses	364	405	336
Accrued liabilities	759	843	771
Current portion of operating lease liabilities	625	638	636
Current portion of long-term debt	15	16	15
Total current liabilities	7,908	8,979	8,635
Long-term operating lease liabilities	2,128	2,164	2,121
Long-term debt	1,155	1,160	1,170
Long-term liabilities	704	705	558
Contingencies (Note 10)
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 - 218.5 million, 218.1 million and 224.6 million shares, respectively	22	22	22
Additional paid-in capital		21
Retained earnings	2,454	2,430	2,417
Accumulated other comprehensive income	317	322	328
Total equity	2,793	2,795	2,767
Total liabilities and equity	14,688	15,803	15,251
Gift Card [Member]
Current liabilities
Short-term contract liabilities	256	274	284
Deferred Revenue [Member]
Current liabilities
Short-term contract liabilities	$ 1,015	$ 1,116	$ 1,101

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
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	218,500,000	218,100,000	224,600,000
Common stock, outstanding shares	218,500,000	218,100,000	224,600,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Condensed Consolidated Statements of Earnings [Abstract]
Revenue	$ 9,467	$ 10,647
Cost of sales	7,317	8,294
Gross profit	2,150	2,353
Selling, general and administrative expenses	1,848	1,890
Restructuring charges	(9)	1
Operating income	311	462
Other income (expense):
Investment income (expense) and other	21	(5)
Interest expense	(12)	(6)
Earnings before income tax expense and equity in loss of affiliates	320	451
Income tax expense	75	110
Equity in loss of affiliates	(1)
Net earnings	$ 244	$ 341
Basic earnings per share	$ 1.11	$ 1.50
Diluted earnings per share	$ 1.11	$ 1.49
Weighted-average common shares outstanding:
Basic	218.9	226.8
Diluted	219.9	228.4

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 244	$ 341
Foreign currency translation adjustments, net of tax	(5)	(1)
Comprehensive income	$ 239	$ 340

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Operating activities
Net earnings	$ 244	$ 341
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation and amortization	237	224
Restructuring charges	(9)	1
Stock-based compensation	38	39
Other, net	14	12
Changes in operating assets and liabilities:
Receivables	279	238
Merchandise inventories	(86)	(297)
Other assets	(17)	4
Accounts payable	(790)	(1,296)
Income taxes	46	63
Other liabilities	(287)	(713)
Total cash provided by operating activities	(331)	(1,384)
Investing activities
Additions to property and equipment	(204)	(215)
Other, net		2
Total cash used in investing activities	(204)	(213)
Financing activities
Repurchase of common stock	(79)	(455)
Dividends paid	(202)	(199)
Other, net		4
Total cash used in financing activities	(281)	(650)
Effect of exchange rate changes on cash and cash equivalents	(5)	2
Decrease in cash, cash equivalents and restricted cash	(821)	(2,245)
Cash, cash equivalents and restricted cash at beginning of period	2,253	3,205
Cash, cash equivalents and restricted cash at end of period	$ 1,432	$ 960

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 Jan. 29, 2022	$ 23		$ 2,668	$ 329	$ 3,020
Balances (in shares) at Jan. 29, 2022	227.4
Net earnings			341		341
Other comprehensive loss:
Foreign currency translation adjustments, net of tax				(1)	(1)
Stock-based compensation		$ 39			39
Issuance of common stock		9			9
Issuance of common stock (in shares)	1.7
Common stock dividends		4	(203)		(199)
Repurchase of common stock	$ (1)	(52)	(389)		$ (442)
Repurchase of common stock (in shares)	(4.5)				(4.5)
Balances at Apr. 30, 2022	$ 22		2,417	328	$ 2,767
Balances (in shares) at Apr. 30, 2022	224.6
Balances at Jan. 28, 2023	$ 22	21	2,430	322	2,795
Balances (in shares) at Jan. 28, 2023	218.1
Net earnings			244		244
Other comprehensive loss:
Foreign currency translation adjustments, net of tax				(5)	(5)
Stock-based compensation		38			38
Issuance of common stock		4			4
Issuance of common stock (in shares)	1.5
Common stock dividends		4	(206)		(202)
Repurchase of common stock		$ (67)	(14)		$ (81)
Repurchase of common stock (in shares)	(1.1)				(1.1)
Balances at Apr. 29, 2023	$ 22		$ 2,454	$ 317	$ 2,793
Balances (in shares) at Apr. 29, 2023	218.5

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Common Stock, Dividends, Per Share, Declared	$ 0.92	$ 0.88

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 29, 2023
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 U.S. (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements. A large proportion of our revenue and earnings is generated in the fiscal fourth quarter, which includes the majority of the holiday shopping season. 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 28, 2023. The first three months of fiscal 2024 and fiscal 2023 included 13 weeks. In preparing the accompanying condensed consolidated financial statements, we evaluated the period from April 29, 2023, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified. Adopted Accounting Pronouncements In the first quarter of fiscal 2024, we adopted Accounting Standards Update 2022-04 (“ASU 2022-04”), Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations . ASU 2022-04 requires entities to disclose the key terms of supplier finance programs they use in connection with the purchase of goods and services, along with the amount of obligations outstanding at the end of each period and an annual rollforward of such obligations. Below are the interim disclosures as a result of ASU 2022-04. Supply Chain Financing We have a supply chain financing program with an independent financial institution, whereby some of our suppliers have the opportunity to receive accounts payable settlements early, at a discount, facilitated by the financial institution. Under this program, the financial institution agrees to terms with our suppliers, including amounts that are eligible for early payment, the timing of such payments and the discounts. The financial institution then pays the supplier based on the payment terms agreed to. Suppliers’ participation in this program is at their own option. The financial institution can vary discounts offered at their own discretion. Our rights and obligations to our suppliers – which are typically formalized in standardized agreements – are not affected by the existence of the program. Our liability associated with the funded participation in the program, which is included in Accounts payable on our Condensed Consolidated Balance Sheets, was $ 490 million, $ 386 million and $ 584 million as of April 29, 2023, January 28, 2023, and April 30, 2022, respectively. 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): April 29, 2023 January 28, 2023 April 30, 2022 Cash and cash equivalents $ 1,030 $ 1,874 $ 640 Restricted cash included in Other current assets 402 379 320 Total cash, cash equivalents and restricted cash $ 1,432 $ 2,253 $ 960 Amounts included in restricted cash are primarily restricted to cover product protection plans provided under our membership offerings and other self-insurance liabilities. Reclassifications Certain reclassifications of immaterial amounts previously reported have been made to the accompanying Condensed Consolidated Statements of Cash Flows to maintain consistency and comparability between periods presented.

Restructuring

Restructuring	3 Months Ended
	Apr. 29, 2023
Restructuring [Abstract]
Restructuring	2. Restructuring Fiscal 2023 Resource Optimization Initiative In light of ongoing changes in business trends, during the second quarter of fiscal 2023, we commenced an enterprise-wide initiative to better align our spending with critical strategies and operations, as well as to optimize our cost structure. All charges incurred related to this initiative were from continuing operations and were presented within Restructuring charges on our Condensed Consolidated Statements of Earnings. In the first quarter of fiscal 2024, we recorded a reduction to employee termination benefits of $ 9 million, primarily related to higher-than-expected employee retention. Cumulative charges incurred related to this initiative as of April 29, 2023, were $ 136 million, comprised of $ 132 million and $ 4 million of employee termination benefits within our Domestic and International segments, respectively. We do not expect to incur material future restructuring charges related to this initiative. Restructuring accrual activity related to the fiscal 2023 resource optimization initiative described above was as follows ($ in millions): Termination Benefits Domestic International Total Balances at January 28, 2023 $ 102 $ 5 $ 107 Cash payments ( 9 ) ( 2 ) ( 11 ) Adjustments (1) ( 8 ) ( 1 ) ( 9 ) Balances at April 29, 2023 $ 85 $ 2 $ 87 (1) Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	3 Months Ended
	Apr. 29, 2023
Goodwill and Intangible Assets [Abstract]
Goodwill and Intangible Assets	3. Goodwill and Intangible Assets Goodwill Goodwill balances by reportable segment were as follows ($ in millions): April 29, 2023 January 28, 2023 April 30, 2022 Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Domestic $ 1,450 $ ( 67 ) $ 1,450 $ ( 67 ) $ 1,452 $ ( 67 ) International 608 ( 608 ) 608 ( 608 ) 608 ( 608 ) Total $ 2,058 $ ( 675 ) $ 2,058 $ ( 675 ) $ 2,060 $ ( 675 ) No impairment charges were recorded during the 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): April 29, 2023 January 28, 2023 April 30, 2022 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of April 29, 2023 (in years) Customer relationships $ 360 $ 249 $ 360 $ 236 $ 360 $ 194 8.9 Tradenames 108 60 108 56 108 43 5.3 Developed technology 64 54 64 51 64 42 2.8 Total $ 532 $ 363 $ 532 $ 343 $ 532 $ 279 7.5 Amortization expense was as follows ($ in millions): Three Months Ended Statement of Earnings Location April 29, 2023 April 30, 2022 Amortization expense SG&A $ 20 $ 22 Amortization expense expected to be recognized in future periods is as follows ($ in millions): Amortization Expense Remainder of fiscal 2024 $ 41 Fiscal 2025 21 Fiscal 2026 21 Fiscal 2027 18 Fiscal 2028 12 Fiscal 2029 11 Thereafter 45

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Apr. 29, 2023
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 accounted for at fair value were as follows ($ in millions): Fair Value at Balance Sheet Location (1) Fair Value Hierarchy April 29, 2023 January 28, 2023 April 30, 2022 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 133 $ 280 $ 2 Time deposits (3) Cash and cash equivalents Level 2 115 203 27 Money market funds (2) Other current assets Level 1 200 178 - Marketable securities that fund deferred compensation (4) Other assets Level 1 46 47 51 (1) Balance sheet location is determined by the length to maturity at date of purchase. (2) Valued at quoted market prices in active markets at period end. (3) Valued at face value plus accrued interest at period end, which approximates fair value. (4) Valued using the performance of mutual funds 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, restricted 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): April 29, 2023 January 28, 2023 April 30, 2022 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,023 $ 1,139 $ 1,019 $ 1,143 $ 1,050 $ 1,154 (1) Excludes debt discou nts, issuance costs and finance lease obligations.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Apr. 29, 2023
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 and by using interest rate swaps to mitigate the effect of interest rate fluctuations on our $ 500 million of principal amount of notes due October 1, 2028. In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies. Our derivative instruments designated as net investment hedges and interest rate swaps are recorded on our Condensed Consolidated Balance Sheets at fair value. When material, the gross fair values of our outstanding derivative instruments and corresponding fair value classifications are included in Note 4, Fair Value Measurements . Notional amounts of our derivative instruments were as follows ($ in millions): Contract Type April 29, 2023 January 28, 2023 April 30, 2022 Derivatives designated as net investment hedges $ 102 $ 114 $ 107 Derivatives designated as interest rate swap contracts 500 500 500 No hedge designation (foreign exchange contracts) 57 56 61 Total $ 659 $ 670 $ 668 Effects of our derivative instruments on our Condensed Consolidated Statements of Earnings were as follows ($ in millions): Gain (Loss) Recognized Three Months Ended Statement of Earnings Location April 29, 2023 April 30, 2022 Interest rate swap contracts Interest expense $ ( 4 ) $ ( 45 ) Adjustments to carrying value of long-term debt Interest expense 4 45 Total $ - $ -

Debt

Debt	3 Months Ended
	Apr. 29, 2023
Debt [Abstract]
Debt	6. Debt Short-Term Debt U.S. Revolving Credit Facility On April 12, 2023, 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 entered into in May 2021 and scheduled to expire in May 2026, but was terminated on April 12, 2023. The Five-Year Facility Agreement permits borrowings of up to $ 1.25 billion and expires in April 2028. There were no borrowings outstanding under the Five-Year Facility Agreement as of April 29, 2023, or the Previous Facility as of January 28, 2023, or April 30, 2022. 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) Adjusted Term Secured Overnight Financing Rate (the “ Adjusted Term SOFR”) for an interest period of one month plus 1 %, and (b) a variable margin rate (the “ABR Margin”); or (ii) Adjusted Term SOFR plus a variable margin rate (the “Term SOFR Margin”). In addition, a facility fee is assessed on the commitment amount. The ABR Margin, Term SOFR 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 0.100 %, the Term SOFR Margin ranges from 0.680 % to 1.100 %, and the facility fee ranges from 0.070 % to 0.150 %. 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 certain 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. Long-Term Debt Long-term debt consisted of the following ($ in millions): April 29, 2023 January 28, 2023 April 30, 2022 Notes, 4.45 %, due October 1, 2028 $ 500 $ 500 $ 500 Notes, 1.95 %, due October 1, 2030 650 650 650 Interest rate swap valuation adjustments ( 11 ) ( 7 ) 4 Subtotal 1,139 1,143 1,154 Debt discounts and issuance costs ( 9 ) ( 9 ) ( 10 ) Finance lease obligations 40 42 41 Total long-term debt 1,170 1,176 1,185 Less current portion 15 16 15 Total long-term debt, less current portion $ 1,155 $ 1,160 $ 1,170 Fair Value and Future Maturities See Note 4, Fair Value Measurements , for the fair value of long-term debt. Other than the $ 500 million of principal amount of notes due October 1, 2028, we do no t have any future maturities of long-term debt within the next five fiscal years.

Revenue

Revenue	3 Months Ended
	Apr. 29, 2023
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 unfulfilled membership benefits and services not yet completed, product merchandise not yet delivered to customers, deferred revenue from our private label and co-branded credit card arrangement and unredeemed gift cards. Contract balances were as follows ($ in millions): April 29, 2023 January 28, 2023 April 30, 2022 Receivables, net (1) $ 523 $ 581 $ 526 Short-term contract liabilities included in: Unredeemed gift card liabilities 256 274 284 Deferred revenue 1,015 1,116 1,101 Accrued liabilities 68 66 82 Long-term contract liabilities included in: Long-term liabilities 260 265 5 (1) Receivables are recorded net of allowances for doubtful accounts of $ 18 million, $ 22 million and $ 25 million as of April 29, 2023, January 28, 2023, and April 30, 2022, respectively. During the first three months of fiscal 2024 and fiscal 2023, $ 747 million and $ 829 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods. Estimated revenue from our contract liability balances expected to be recognized in future periods if the performance of the contract is expected to have a duration of more than one year is as follows ($ in millions): Fiscal Year Amount Remainder of fiscal 2024 $ 22 Fiscal 2025 28 Fiscal 2026 24 Fiscal 2027 24 Fiscal 2028 24 Fiscal 2029 24 Thereafter 114 See Note 11, Segments , for information on our revenue by reportable segment and product category.

Earnings per Share

Earnings per Share	3 Months Ended
	Apr. 29, 2023
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 April 29, 2023 April 30, 2022 Numerator Net earnings $ 244 $ 341 Denominator Weighted-average common shares outstanding 218.9 226.8 Dilutive effect of stock compensation plan awards 1.0 1.6 Weighted-average common shares outstanding, assuming dilution 219.9 228.4 Potential shares which were anti-dilutive and excluded from weighted-average share computations 1.0 2.2 Basic earnings per share $ 1.11 $ 1.50 Diluted earnings per share $ 1.11 $ 1.49

Repurchase of Common Stock

Repurchase of Common Stock	3 Months Ended
	Apr. 29, 2023
Repurchase of Common Stock [Abstract]
Repurchase of Common Stock	9. Repurchase of Common Stock On February 28, 2022, our Board of Directors approved a $ 5.0 billion share repurchase program, which replaced the $ 5.0 billion share repurchase program authorized on February 16, 2021. There is no expiration date governing the period over which we can repurchase shares under this authorization . Information regarding share repurchases was as follows ($ and shares in millions, except per share amounts): Three Months Ended April 29, 2023 April 30, 2022 Total cost of shares repurchased $ 81 $ 442 Average price per share $ 76.15 $ 97.18 Total number of shares repurchased 1.1 4.5 As of April 29, 2023, $ 4.0 billion of the $ 5.0 billion share repurchase authorization was available. Between the end of the first quarter of fiscal 2024 on April 29, 2023, and May 31, 2023, we repurchased an incremental 0.3 million shares of our common stock at a cost of $ 24 million. We currently expect additional share repurchases in fiscal 2024.

Contingencies

Contingencies	3 Months Ended
	Apr. 29, 2023
Contingencies [Abstract]
Contingencies	10. 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	3 Months Ended
	Apr. 29, 2023
Segments [Abstract]
Segments	11. Segments Reportable segment and product category revenue information was as follows ($ in millions): Three Months Ended April 29, 2023 April 30, 2022 Revenue by reportable segment Domestic $ 8,801 $ 9,894 International 666 753 Total revenue $ 9,467 $ 10,647 Revenue by product category Domestic: Computing and Mobile Phones $ 3,688 $ 4,285 Consumer Electronics 2,592 2,896 Appliances 1,339 1,590 Entertainment 591 573 Services 537 489 Other 54 61 Total Domestic revenue $ 8,801 $ 9,894 International: Computing and Mobile Phones $ 316 $ 344 Consumer Electronics 184 213 Appliances 59 71 Entertainment 60 57 Services 36 54 Other 11 14 Total International revenue $ 666 $ 753 Operating income by reportable segment and the reconciliation to consolidated earnings before income tax expense and equity in loss of affiliates was as follows ($ in millions): Three Months Ended April 29, 2023 April 30, 2022 Domestic $ 290 $ 429 International 21 33 Total operating income 311 462 Other income (expense): Investment income (expense) and other 21 ( 5 ) Interest expense ( 12 ) ( 6 ) Earnings before income tax expense and equity in loss of affiliates $ 320 $ 451 Assets by reportable segment were as follows ($ in millions): April 29, 2023 January 28, 2023 April 30, 2022 Domestic $ 13,561 $ 14,549 $ 14,132 International 1,127 1,254 1,119 Total assets $ 14,688 $ 15,803 $ 15,251

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Apr. 29, 2023
Basis of Presentation [Abstract]
Total Cash, Cash Equivalents and Restricted Cash	April 29, 2023 January 28, 2023 April 30, 2022 Cash and cash equivalents $ 1,030 $ 1,874 $ 640 Restricted cash included in Other current assets 402 379 320 Total cash, cash equivalents and restricted cash $ 1,432 $ 2,253 $ 960

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Apr. 29, 2023
Restructuring [Abstract]
Restructuring Accrual Activity	Termination Benefits Domestic International Total Balances at January 28, 2023 $ 102 $ 5 $ 107 Cash payments ( 9 ) ( 2 ) ( 11 ) Adjustments (1) ( 8 ) ( 1 ) ( 9 ) Balances at April 29, 2023 $ 85 $ 2 $ 87 (1) Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes.

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Apr. 29, 2023
Goodwill and Intangible Assets [Abstract]
Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment	April 29, 2023 January 28, 2023 April 30, 2022 Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Gross Carrying Amount Cumulative Impairment Domestic $ 1,450 $ ( 67 ) $ 1,450 $ ( 67 ) $ 1,452 $ ( 67 ) International 608 ( 608 ) 608 ( 608 ) 608 ( 608 ) Total $ 2,058 $ ( 675 ) $ 2,058 $ ( 675 ) $ 2,060 $ ( 675 )
Definite-Lived Intangible Assets	April 29, 2023 January 28, 2023 April 30, 2022 Weighted-Average Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Useful Life Remaining as of April 29, 2023 (in years) Customer relationships $ 360 $ 249 $ 360 $ 236 $ 360 $ 194 8.9 Tradenames 108 60 108 56 108 43 5.3 Developed technology 64 54 64 51 64 42 2.8 Total $ 532 $ 363 $ 532 $ 343 $ 532 $ 279 7.5
Amortization Expense	Three Months Ended Statement of Earnings Location April 29, 2023 April 30, 2022 Amortization expense SG&A $ 20 $ 22
Amortization Expense Expected to be Recognized	Amortization Expense Remainder of fiscal 2024 $ 41 Fiscal 2025 21 Fiscal 2026 21 Fiscal 2027 18 Fiscal 2028 12 Fiscal 2029 11 Thereafter 45

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Apr. 29, 2023
Fair Value Measurements [Abstract]
Fair Value, Assets and Liabilities Measured on Recurring Basis	Fair Value at Balance Sheet Location (1) Fair Value Hierarchy April 29, 2023 January 28, 2023 April 30, 2022 Assets Money market funds (2) Cash and cash equivalents Level 1 $ 133 $ 280 $ 2 Time deposits (3) Cash and cash equivalents Level 2 115 203 27 Money market funds (2) Other current assets Level 1 200 178 - Marketable securities that fund deferred compensation (4) Other assets Level 1 46 47 51 (1) Balance sheet location is determined by the length to maturity at date of purchase. (2) Valued at quoted market prices in active markets at period end. (3) Valued at face value plus accrued interest at period end, which approximates fair value. (4) Valued using the performance of mutual funds that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis.
Fair Value of Financial Instruments	April 29, 2023 January 28, 2023 April 30, 2022 Fair Value Carrying Value Fair Value Carrying Value Fair Value Carrying Value Long-term debt (1) $ 1,023 $ 1,139 $ 1,019 $ 1,143 $ 1,050 $ 1,154 (1) Excludes debt discou nts, issuance costs and finance lease obligations.

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Apr. 29, 2023
Derivative Instruments [Abstract]
Notional Amount of Derivative Instruments	Contract Type April 29, 2023 January 28, 2023 April 30, 2022 Derivatives designated as net investment hedges $ 102 $ 114 $ 107 Derivatives designated as interest rate swap contracts 500 500 500 No hedge designation (foreign exchange contracts) 57 56 61 Total $ 659 $ 670 $ 668
Effects of Derivative Instruments on Consolidated Statements of Earnings	Gain (Loss) Recognized Three Months Ended Statement of Earnings Location April 29, 2023 April 30, 2022 Interest rate swap contracts Interest expense $ ( 4 ) $ ( 45 ) Adjustments to carrying value of long-term debt Interest expense 4 45 Total $ - $ -

Debt (Tables)

Debt (Tables)	3 Months Ended
	Apr. 29, 2023
Debt [Abstract]
Schedule of Long-term Debt	April 29, 2023 January 28, 2023 April 30, 2022 Notes, 4.45 %, due October 1, 2028 $ 500 $ 500 $ 500 Notes, 1.95 %, due October 1, 2030 650 650 650 Interest rate swap valuation adjustments ( 11 ) ( 7 ) 4 Subtotal 1,139 1,143 1,154 Debt discounts and issuance costs ( 9 ) ( 9 ) ( 10 ) Finance lease obligations 40 42 41 Total long-term debt 1,170 1,176 1,185 Less current portion 15 16 15 Total long-term debt, less current portion $ 1,155 $ 1,160 $ 1,170

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Apr. 29, 2023
Revenue [Abstract]
Contract Balances and Changes in Contract Balances	April 29, 2023 January 28, 2023 April 30, 2022 Receivables, net (1) $ 523 $ 581 $ 526 Short-term contract liabilities included in: Unredeemed gift card liabilities 256 274 284 Deferred revenue 1,015 1,116 1,101 Accrued liabilities 68 66 82 Long-term contract liabilities included in: Long-term liabilities 260 265 5 (1) Receivables are recorded net of allowances for doubtful accounts of $ 18 million, $ 22 million and $ 25 million as of April 29, 2023, January 28, 2023, and April 30, 2022, respectively.
Expected Timing for Satisfying Remaining Performance Obligation	Fiscal Year Amount Remainder of fiscal 2024 $ 22 Fiscal 2025 28 Fiscal 2026 24 Fiscal 2027 24 Fiscal 2028 24 Fiscal 2029 24 Thereafter 114

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Apr. 29, 2023
Earnings per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	Three Months Ended April 29, 2023 April 30, 2022 Numerator Net earnings $ 244 $ 341 Denominator Weighted-average common shares outstanding 218.9 226.8 Dilutive effect of stock compensation plan awards 1.0 1.6 Weighted-average common shares outstanding, assuming dilution 219.9 228.4 Potential shares which were anti-dilutive and excluded from weighted-average share computations 1.0 2.2 Basic earnings per share $ 1.11 $ 1.50 Diluted earnings per share $ 1.11 $ 1.49

Repurchase of Common Stock (Tab

Repurchase of Common Stock (Tables)	3 Months Ended
	Apr. 29, 2023
Repurchase of Common Stock [Abstract]
Share Repurchases and Retired	Three Months Ended April 29, 2023 April 30, 2022 Total cost of shares repurchased $ 81 $ 442 Average price per share $ 76.15 $ 97.18 Total number of shares repurchased 1.1 4.5

Segments (Tables)

Segments (Tables)	3 Months Ended
	Apr. 29, 2023
Segments [Abstract]
Revenue by Reportable Segment and Product Category	Three Months Ended April 29, 2023 April 30, 2022 Revenue by reportable segment Domestic $ 8,801 $ 9,894 International 666 753 Total revenue $ 9,467 $ 10,647 Revenue by product category Domestic: Computing and Mobile Phones $ 3,688 $ 4,285 Consumer Electronics 2,592 2,896 Appliances 1,339 1,590 Entertainment 591 573 Services 537 489 Other 54 61 Total Domestic revenue $ 8,801 $ 9,894 International: Computing and Mobile Phones $ 316 $ 344 Consumer Electronics 184 213 Appliances 59 71 Entertainment 60 57 Services 36 54 Other 11 14 Total International revenue $ 666 $ 753
Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense	Three Months Ended April 29, 2023 April 30, 2022 Domestic $ 290 $ 429 International 21 33 Total operating income 311 462 Other income (expense): Investment income (expense) and other 21 ( 5 ) Interest expense ( 12 ) ( 6 ) Earnings before income tax expense and equity in loss of affiliates $ 320 $ 451
Assets by Reportable Segment	April 29, 2023 January 28, 2023 April 30, 2022 Domestic $ 13,561 $ 14,549 $ 14,132 International 1,127 1,254 1,119 Total assets $ 14,688 $ 15,803 $ 15,251

Basis of Presentation (Narrativ

Basis of Presentation (Narrative) (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability associated with funded participation	$ 490	$ 386	$ 584

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022	Jan. 29, 2022
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Cash and cash equivalents	$ 1,030	$ 1,874	$ 640
Restricted cash included in Other current assets	402	379	320
Total cash, cash equivalents and restricted cash	$ 1,432	$ 2,253	$ 960	$ 3,205

Restructuring (Narrative) (Deta

Restructuring (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (9)	$ 1
Termination Benefits [Member] | Resource Optimization Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Adjustments	(9)
Restructuring charges	136
Domestic [Member] | Termination Benefits [Member] | Resource Optimization Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Adjustments	(8)
Restructuring charges	132
International [Member] | Termination Benefits [Member] | Resource Optimization Initiative [Member]
Restructuring Cost and Reserve [Line Items]
Adjustments	(1)
Restructuring charges	$ 4

Restructuring (Restructuring Ac

Restructuring (Restructuring Accrual Activity) (Details) - Resource Optimization Initiative [Member] - Termination Benefits [Member] $ in Millions	3 Months Ended
	Apr. 29, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Balances	$ 107
Cash payments	(11)
Adjustments	(9)
Balances	87
Domestic [Member]
Restructuring Reserve [Roll Forward]
Balances	102
Cash payments	(9)
Adjustments	(8)
Balances	85
International [Member]
Restructuring Reserve [Roll Forward]
Balances	5
Cash payments	(2)
Adjustments	(1)
Balances	$ 2

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Apr. 29, 2023	Apr. 30, 2022	Jan. 28, 2023
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) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Goodwill [Line Items]
Gross Carrying Amount	$ 2,058	$ 2,058	$ 2,060
Cumulative Impairment	(675)	(675)	(675)
Domestic [Member]
Goodwill [Line Items]
Gross Carrying Amount	1,450	1,450	1,452
Cumulative Impairment	(67)	(67)	(67)
International [Member]
Goodwill [Line Items]
Gross Carrying Amount	608	608	608
Cumulative Impairment	$ (608)	$ (608)	$ (608)

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets (Definite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 532	$ 532	$ 532
Accumulated Amortization	$ 363	343	279
Weighted-Average Useful Life Remaining	7 years 6 months
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 360	360	360
Accumulated Amortization	$ 249	236	194
Weighted-Average Useful Life Remaining	8 years 10 months 24 days
Tradename [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 108	108	108
Accumulated Amortization	$ 60	56	43
Weighted-Average Useful Life Remaining	5 years 3 months 18 days
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 64	64	64
Accumulated Amortization	$ 54	$ 51	$ 42
Weighted-Average Useful Life Remaining	2 years 9 months 18 days

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Goodwill and Intangible Assets [Abstract]
Amortization expense	$ 20	$ 22

Goodwill and Intangible Asset_6

Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions	Apr. 29, 2023 USD ($)
Goodwill and Intangible Assets [Abstract]
Remainder of fiscal 2024	$ 41
Fiscal 2025	21
Fiscal 2026	21
Fiscal 2027	18
Fiscal 2028	12
Fiscal 2029	11
Thereafter	$ 45

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	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Level 1 [Member] | Money Market Funds [Member]
Assets
Cash and cash equivalents	$ 133	$ 280	$ 2
Other current assets	200	178
Level 1 [Member] | Marketable Securities that Fund Deferred Compensation [Member]
Assets
Other assets	46	47	51
Level 2 [Member] | Time Deposits [Member]
Assets
Cash and cash equivalents	$ 115	$ 203	$ 27

Fair Value Measurements (Fair_2

Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	$ 1,139	$ 1,143	$ 1,154
Level 2 [Member] | Debt [Member] | Long-Term Debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	1,023	1,019	1,050
Carrying value	$ 1,139	$ 1,143	$ 1,154

Derivative Instruments (Narrati

Derivative Instruments (Narrative) (Details)	Apr. 29, 2023 USD ($)
Notes Due 2028 [Member]
Derivative [Line Items]
Principal amount	$ 500,000,000

Derivative Instruments (Notiona

Derivative Instruments (Notional Amount of Derivative Instruments) (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Derivatives, Fair Value [Line Items]
Notional amount	$ 659	$ 670	$ 668
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional amount	102	114	107
Interest Rate Swap Derivative Instruments [Member] | Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional amount	500	500	500
Foreign Exchange Forward Contracts [Member] | Not Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional amount	$ 57	$ 56	$ 61

Derivative Instruments (Effects

Derivative Instruments (Effects of Derivative Instruments on Consolidated Statements of Earnings) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Interest Rate Swap Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	$ (4)	$ (45)
Carrying Value of Long Term Debt [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	$ 4	$ 45

Debt (Short-Term Debt) (Narrati

Debt (Short-Term Debt) (Narrative) (Details) (Details) - Five-Year Facility Agreement [Member] - Revolving Credit Facility [Member] - USD ($)		3 Months Ended
	Apr. 12, 2023	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
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
Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Variable interest rate		0.50%
London Interbank Offered Rate (LIBOR) [Member]
Line of Credit Facility [Line Items]
Variable interest rate		1%
Minimum [Member]
Line of Credit Facility [Line Items]
Variable interest rate		0.07%
Minimum [Member] | Alternative Base Rate [Member]
Line of Credit Facility [Line Items]
Variable interest rate		0%
Minimum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Variable interest rate		0.68%
Maximum [Member]
Line of Credit Facility [Line Items]
Variable interest rate		0.15%
Maximum [Member] | Alternative Base Rate [Member]
Line of Credit Facility [Line Items]
Variable interest rate		0.10%
Maximum [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Line of Credit Facility [Line Items]
Variable interest rate		1.10%

Debt (Fair Value and Future Mat

Debt (Fair Value and Future Maturities) (Narrative) (Details)	Apr. 29, 2023 USD ($)
Debt Instrument [Line Items]
Future maturities, 2025	$ 0
Future maturities, 2026	0
Future maturities, 2027	0
Future maturities, 2028	0
Future maturities, 2029	0
Notes Due 2028 [Member]
Debt Instrument [Line Items]
Principal amount	$ 500,000,000

Debt (Schedule of Long-Term Deb

Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Debt Instrument [Line Items]
Total	$ 1,139	$ 1,143	$ 1,154
Debt discounts and issuance costs	(9)	(9)	(10)
Finance lease obligations	40	42	41
Total long-term debt	1,170	1,176	1,185
Less current portion	15	16	15
Total long-term debt, less current portion	1,155	1,160	1,170
Interest Rate Swap Derivative Instruments [Member]
Debt Instrument [Line Items]
Interest rate swap valuation adjustments	(11)	(7)	4
Notes Due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 500	500	500
Interest rate	4.45%
Notes Due 2030 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 650	$ 650	$ 650
Interest rate	1.95%

Revenue (Narrative) (Details)

Revenue (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Revenue [Abstract]
Revenue recognized	$ 747	$ 829

Revenue (Contract Balances and

Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Revenue from Contract with Customer [Line Items]
Receivables, net	$ 523	$ 581	$ 526
Long-term contract liabilities included in:
Receivables, allowance for doubtful accounts	18	22	25
Unredeemed Gift Cards [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	256	274	284
Deferred Revenue [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	1,015	1,116	1,101
Accrued Liability [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	68	66	82
Long-Term Liabilities [Member]
Long-term contract liabilities included in:
Long-term liabilities	$ 260	$ 265	$ 5

Revenue (Expected Timing for Sa

Revenue (Expected Timing for Satisfying Remaining Performance Obligation) (Details) $ in Millions	Apr. 29, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue from our contract liability balances	$ 22
Performance obligations from contract liability balances, duration	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-02-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue from our contract liability balances	$ 28
Performance obligations from contract liability balances, duration	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue from our contract liability balances	$ 24
Performance obligations from contract liability balances, duration	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-02-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue from our contract liability balances	$ 24
Performance obligations from contract liability balances, duration	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-31
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue from our contract liability balances	$ 24
Performance obligations from contract liability balances, duration	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue from our contract liability balances	$ 24
Performance obligations from contract liability balances, duration	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-02-04
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Estimated revenue from our contract liability balances	$ 114
Performance obligations from contract liability balances, duration	1 year

Earnings per Share (Schedule of

Earnings per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Earnings per Share [Abstract]
Net earnings	$ 244	$ 341
Weighted-average common shares outstanding (in shares)	218.9	226.8
Dilutive effect of stock compensation plan awards (in shares)	1	1.6
Weighted-average common shares outstanding, assuming dilution (in shares)	219.9	228.4
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares)	1	2.2
Basic earnings per share	$ 1.11	$ 1.50
Diluted earnings per share	$ 1.11	$ 1.49

Repurchase of Common Stock (Nar

Repurchase of Common Stock (Narrative) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2023	Apr. 29, 2023	Apr. 30, 2022	Feb. 28, 2022	Feb. 16, 2021
Stock Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount		$ 5,000		$ 5,000	$ 5,000
Stock Repurchase Program, Remaining Authorized Repurchase Amount		$ 4,000
Repurchase of common stock (in shares)		1.1	4.5
Repurchase of common stock		$ 81	$ 442
Subsequent Event [Member]
Stock Repurchases [Line Items]
Repurchase of common stock (in shares)	0.3
Repurchase of common stock	$ 24

Repurchase of Common Stock (Sha

Repurchase of Common Stock (Share Repurchases and Retired) (Details) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Repurchase of Common Stock [Abstract]
Total cost of shares repurchased	$ 81	$ 442
Average price per share	$ 76.15	$ 97.18
Toal number of shares repurchased	1.1	4.5

Segments (Revenue by Reportable

Segments (Revenue by Reportable Segment and Product Category) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 9,467	$ 10,647
Domestic Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	8,801	9,894
Domestic Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	3,688	4,285
Domestic Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,592	2,896
Domestic Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,339	1,590
Domestic Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	591	573
Domestic Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	537	489
Domestic Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	54	61
International Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	666	753
International Segment [Member] | Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	316	344
International Segment [Member] | Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	184	213
International Segment [Member] | Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	59	71
International Segment [Member] | Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	60	57
International Segment [Member] | Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	36	54
International Segment [Member] | Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 11	$ 14

Segments (Operating Income by R

Segments (Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense) (Details) - USD ($) $ in Millions	3 Months Ended
	Apr. 29, 2023	Apr. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 311	$ 462
Investment income (expense) and other	21	(5)
Interest expense	(12)	(6)
Earnings before income tax expense and equity in loss of affiliates	320	451
Domestic Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	290	429
International Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 21	$ 33

Segments (Assets by Reportable

Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions	Apr. 29, 2023	Jan. 28, 2023	Apr. 30, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 14,688	$ 15,803	$ 15,251
Domestic Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	13,561	14,549	14,132
International Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,127	$ 1,254	$ 1,119