Document Information Statement - shares	6 Months Ended
Document Information Statement - shares	Aug. 01, 2020	Aug. 27, 2020
Document Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Aug. 01, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--02-01
Document Transition Report	false
Entity File Number	1-9595
Entity Registrant Name	BEST BUY CO., INC.
Entity Incorporation, State or Country Code	MN
Entity Address, Address Line One	7601 Penn Avenue South
Entity Address, City or Town	Richfield
Entity Address, State or Province	MN
Entity Tax Identification Number	41-0907483
Entity Address, Postal Zip Code	55423
City Area Code	612
Local Phone Number	291-1000
Title of 12(b) Security	Common Stock, $0.10 par value per share
Trading Symbol	BBY
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		258,832,143
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000764478
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Current assets
Cash and cash equivalents	$ 5,305	$ 2,229	$ 1,289
Short-term investments			320
Receivables, net	906	1,149	966
Merchandise inventories	4,136	5,174	5,208
Other current assets	336	305	409
Total current assets	10,683	8,857	8,192
Property and equipment, net	2,277	2,328	2,361
Operating lease assets	2,770	2,709	2,774
Goodwill	986	984	965
Other assets	696	713	686
Total assets	17,412	15,591	14,978
Current liabilities
Accounts payable	6,613	5,288	5,045
Unredeemed gift card liabilities	267	281	264
Deferred revenue	699	501	468
Accrued compensation and related expenses	253	410	343
Accrued liabilities	893	906	799
Current portion of operating lease liabilities	674	660	643
Current portion of long-term debt	681	14	14
Total current liabilities	10,080	8,060	7,576
Long-term liabilities	716	657	640
Long-term operating lease liabilities	2,206	2,138	2,230
Long-term debt	632	1,257	1,247
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 - 258 million, 256 million and 265 million shares, respectively	26	26	26
Additional paid-in capital	83
Retained earnings	3,413	3,158	2,965
Accumulated other comprehensive income	256	295	294
Total equity	3,778	3,479	3,285
Total liabilities and equity	$ 17,412	$ 15,591	$ 14,978

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Condensed Consolidated Balance Sheets [Abstract]
Preferred stock, par value (in dollars per share)	$ 1.00	$ 1.00	$ 1.00
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	1,000,000,000.0	1,000,000,000.0	1,000,000,000.0
Common stock, issued shares	258,000,000	256,000,000	265,000,000
Common stock, outstanding shares	258,000,000	256,000,000	265,000,000

Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Condensed Consolidated Statements of Earnings [Abstract]
Revenue	$ 9,910	$ 9,536	$ 18,472	$ 18,678
Cost of sales	7,640	7,253	14,237	14,226
Gross profit	2,270	2,283	4,235	4,452
Selling, general and administrative expenses	1,702	1,922	3,437	3,757
Restructuring charges		48	1	48
Operating income	568	313	797	647
Other income (expense):
Investment income and other	8	10	14	24
Interest expense	(15)	(16)	(32)	(34)
Earnings before income tax expense	561	307	779	637
Income tax expense	129	69	188	134
Net earnings	$ 432	$ 238	$ 591	$ 503
Basic earnings per share	$ 1.67	$ 0.89	$ 2.28	$ 1.88
Diluted earnings per share	$ 1.65	$ 0.89	$ 2.26	$ 1.86
Weighted-average common shares outstanding
Basic	259.5	267.1	259.0	267.4
Diluted	262.1	269.4	261.4	270.9

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net earnings	$ 432	$ 238	$ 591	$ 503
Foreign currency translation adjustments, net of tax	17	5	(35)
Cash flow hedges	(4)		(4)
Comprehensive income	$ 445	$ 243	$ 552	$ 503

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019
Operating activities
Net earnings	$ 591	$ 503
Adjustments to reconcile net earnings to total cash provided by operating activities:
Depreciation and amortization	414	401
Restructuring charges	1	48
Stock-based compensation	65	74
Deferred income taxes	13	10
Other, net	9	9
Changes in operating assets and liabilities, net of acquired assets and liabilities:
Receivables	232	57
Merchandise inventories	1,014	199
Other assets	(17)	(29)
Accounts payable	1,343	(213)
Income taxes	108	(191)
Other liabilities	15	(243)
Total cash provided by operating activities	3,788	625
Investing activities
Additions to property and equipment	(340)	(385)
Purchases of investments	(46)	(319)
Acquisitions, net of cash acquired		(125)
Other, net	3	1
Total cash used in investing activities	(383)	(828)
Financing activities
Repurchase of common stock	(62)	(328)
Issuance of common stock	22	27
Dividends paid	(284)	(267)
Borrowings of debt	1,250
Repayments of debt	(1,257)	(8)
Other, net	(1)
Total cash used in financing activities	(332)	(576)
Effect of exchange rate changes on cash and cash equivalents	(6)	(1)
Increase (decrease) in cash, cash equivalents and restricted cash	3,067	(780)
Cash, cash equivalents and restricted cash at beginning of period	2,355	2,184
Cash, cash equivalents and restricted cash at end of period	$ 5,422	$ 1,404

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
Increase (Decrease) in Shareholders' Equity
Cumulative effect of new accounting principle in period of adoption \| Accounting Standards Update 2016-02 [Member]			$ (22)		$ (22)
Balances at Feb. 02, 2019	$ 27		2,985	$ 294	3,306
Balances (in shares) at Feb. 02, 2019	266
Increase (Decrease) in Shareholders' Equity
Net earnings			503		503
Other comprehensive loss, net of tax:
Stock-based compensation		$ 74			74
Issuance of common stock		27			27
Issuance of common stock (in shares)	4
Common stock dividends		4	(271)		(267)
Repurchase of common stock	$ (1)	(105)	(230)		(336)
Repurchase of common stock (in shares)	(5)
Balances at Aug. 03, 2019	$ 26		2,965	294	3,285
Balances (in shares) at Aug. 03, 2019	265
Increase (Decrease) in Shareholders' Equity
Cumulative effect of new accounting principle in period of adoption \| Accounting Standards Update 2016-02 [Member]			(3)		(3)
Balances at May. 04, 2019	$ 27		3,038	289	3,354
Balances (in shares) at May. 04, 2019	267
Increase (Decrease) in Shareholders' Equity
Net earnings			238		238
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net of tax				5	5
Stock-based compensation		38			38
Issuance of common stock		16			16
Issuance of common stock (in shares)	2
Common stock dividends		2	(135)		(133)
Repurchase of common stock	$ (1)	(56)	(173)		(230)
Repurchase of common stock (in shares)	(4)
Balances at Aug. 03, 2019	$ 26		2,965	294	3,285
Balances (in shares) at Aug. 03, 2019	265
Balances at Feb. 01, 2020	$ 26		3,158	295	3,479
Balances (in shares) at Feb. 01, 2020	256
Increase (Decrease) in Shareholders' Equity
Net earnings			591		591
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net of tax				(35)	(35)
Cash flow hedges				(4)	(4)
Stock-based compensation		65			65
Issuance of common stock		22			22
Issuance of common stock (in shares)	3
Common stock dividends		4	(288)		(284)
Repurchase of common stock		(8)	(48)		(56)
Repurchase of common stock (in shares)	(1)
Balances at Aug. 01, 2020	$ 26	83	3,413	256	3,778
Balances (in shares) at Aug. 01, 2020	258
Balances at May. 02, 2020	$ 26	15	3,126	243	3,410
Balances (in shares) at May. 02, 2020	257
Increase (Decrease) in Shareholders' Equity
Net earnings			432		432
Other comprehensive loss, net of tax:
Foreign currency translation adjustments, net of tax				17	17
Cash flow hedges				(4)	(4)
Stock-based compensation		50			50
Issuance of common stock		16			16
Issuance of common stock (in shares)	1
Common stock dividends		2	(145)		(143)
Balances at Aug. 01, 2020	$ 26	$ 83	$ 3,413	$ 256	$ 3,778
Balances (in shares) at Aug. 01, 2020	258

Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]
Dividends declared per common share	$ 0.55	$ 0.50	$ 1.10	$ 1.00

Basis of Presentation

6 Months Ended

Aug. 01, 2020

Basis of Presentation [Abstract]

Basis of Presentation

1. Basis of Presentation

Unless the context otherwise requires, the use of the terms “Best Buy,” “we,” “us” and “our” in these Notes to Condensed Consolidated Financial Statements refers to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries.

In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements.

Historically, we have generated a large proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2020. The first six months of fiscal 2021 and fiscal 2020 included 26 weeks.

In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Mexico operations on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our condensed consolidated financial statements. No such events were identified for the reported periods.

In preparing the accompanying condensed consolidated financial statements, we evaluated the period from August 1, 2020, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for the reported periods.

COVID-19

In March 2020, the World Health Organization declared the outbreak of novel coronavirus disease ("COVID-19") as a pandemic. Except where otherwise directed by state and local authorities, we made the decision for the health and safety of our customers and employees to move our stores to a contactless, curbside-only operating model in the fiscal first quarter. We also temporarily suspended in-home delivery, repair and consultation services. At the beginning of the fiscal second quarter, we started welcoming customers back into our stores by offering an in-store consultation service to customers, by appointment only. On June 15, 2020, we began allowing customers to shop without an appointment at more than 800 stores across the U.S. As of June 22, 2020, almost all of our stores were open for shopping. We continue to offer contactless curbside pickup and in-store consultations for customers who prefer to shop that way.

In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we suspended all share repurchases. We also executed a short-term draw on the full amount of our $1.25 billion five year senior unsecured revolving credit facility (the “Facility”) on March 19, 2020, that remained outstanding until July 27, 2020, when the Facility was repaid in full. See Note 4, Debt, for additional information on the Facility.

On March 27, 2020, in response to the COVID-19 pandemic, the U.S. Congress enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which among other things, contains provisions for deferral of the employer portion of social security taxes incurred through the end of calendar 2020 and an employee retention credit, a refundable payroll credit for 50% of wages and health benefits paid to employees not providing services due to the COVID-19 pandemic. As a result of the CARES Act, we are deferring qualified payroll taxes and claimed the employee retention credit, which was treated as a government subsidy to offset related operating expenses. Based on our analysis of the CARES Act, we reduced our SG&A expenses for the three and six months ended August 1, 2020, by $12 million and $81 million, respectively, for employee retention credits.

The COVID-19 pandemic remains a rapidly evolving situation. The extent of the impact of COVID-19 on our business and financial results will depend on future developments, including the duration and spread of the outbreak within the markets in which we operate, government stimulus efforts, the economic impacts of sustained high unemployment levels, ongoing shut-downs that vary by industry and the related impacts on consumer confidence and spending, all of which are highly uncertain.

Total Cash, Cash Equivalents and Restricted Cash

The reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows was as follows ($ in millions):



	August 1, 2020		February 1, 2020		August 3, 2019
Cash and cash equivalents	$	5,305	$	2,229	$	1,289
Restricted cash included in Other current assets		117		126		115
Total cash, cash equivalents and restricted cash	$	5,422	$	2,355	$	1,404

Amounts included in restricted cash are pledged as collateral or restricted to use for workers’ compensation and general liability insurance claims.

Fair Value Measurements

6 Months Ended

Aug. 01, 2020

Fair Value Measurements [Abstract]

Fair Value Measurements

2. 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		August 1, 2020		February 1, 2020		August 3, 2019
Assets
Money market funds⁽²⁾	Cash and cash equivalents		Level 1	$	1,729	$	524	$	375
Commercial paper⁽²⁾	Cash and cash equivalents		Level 2		-		75		-
Time deposits⁽³⁾	Cash and cash equivalents		Level 2		390		185		-
Commercial paper⁽²⁾	Short-term investments		Level 2		-		-		99
Time deposits⁽³⁾	Short-term investments		Level 2		-		-		221
Money market funds⁽²⁾	Other current assets		Level 1		7		16		10
Time deposits⁽³⁾	Other current assets		Level 2		101		101		102
Foreign currency derivative instruments⁽⁴⁾	Other current assets		Level 2		1		1		-
Interest rate swap derivative instruments⁽⁴⁾	Other current assets		Level 2		18		-		-
Marketable securities that fund deferred compensation⁽⁵⁾	Other assets		Level 1		49		48		47
Interest rate swap derivative instruments⁽⁴⁾	Other assets		Level 2		115		89		78

Liabilities
Cash flow hedge derivative instruments⁽⁴⁾	Accrued liabilities		Level 2		4		-		-

(1)Balance sheet location is determined by the length to maturity from the current period-end date.

(2)Valued at quoted market prices.

(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 6, 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):



	August 1, 2020				February 1, 2020				August 3, 2019
	Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value
Long-term debt⁽¹⁾	$	1,386	$	1,283	$	1,322	$	1,239	$	1,295	$	1,228

(1)Includes the current portion of long-term debt and excludes debt discounts, issuance costs and finance lease obligations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Goodwill and Intangible Assets

6 Months Ended

Aug. 01, 2020

Goodwill and Intangible Assets [Abstract]

Goodwill and Intangible Assets

3. Goodwill and Intangible Assets

Goodwill

Balances related to goodwill were as follows ($ in millions):


	August 1, 2020				February 1, 2020				August 3, 2019
	Gross Carrying ‎Amount		Cumulative ‎Impairment		Gross Carrying ‎Amount		Cumulative ‎Impairment		Gross Carrying ‎Amount		Cumulative ‎Impairment
Domestic	$	1,053	$	(67)	$	1,051	$	(67)	$	1,032	$	(67)
International		608		(608)		608		(608)		608		(608)
Total	$	1,661	$	(675)	$	1,659	$	(675)	$	1,640	$	(675)

No impairment charges were recorded during the fiscal periods presented.

Indefinite-Lived Intangible Assets

In the first quarter of fiscal 2021, we made the decision to phase out our Pacific Sales tradename in our U.S. Best Buy stores over the coming years. Consequently, we reclassified the tradename from an indefinite-lived intangible asset to a definite-lived intangible asset and have no indefinite-lived intangible assets remaining as of August 1, 2020. The carrying value of the tradename was $18 million as of February 1, 2020, and August 3, 2019, respectively, and was recorded within Other assets on our Condensed Consolidated Balance Sheets.

Definite-Lived Intangible Assets

We have definite-lived intangible assets which are recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions):


	August 1, 2020				February 1, 2020				August 3, 2019				Weighted-Average
	Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Useful Life Remaining as of August 1, 2020 (in years)
Customer relationships	$	339	$	97	$	339	$	70	$	341	$	42		6.8
Tradenames		81		17		63		10		63		7		5.3
Developed technology		56		21		56		15		52		9		3.1
Total	$	476	$	135	$	458	$	95	$	456	$	58		6.1

Amortization expense was as follows ($ in millions):



		Three Months Ended				Six Months Ended
	Statement of Earnings Location	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Amortization expense	SG&A	$	20	$	18	$	40	$	35

Amortization expense expected to be recognized in future periods is as follows ($ in millions):


	Amortization Expense
Remainder of fiscal 2021	$	41
Fiscal 2022		80
Fiscal 2023		79
Fiscal 2024		54
Fiscal 2025		16
Fiscal 2026		16
Thereafter		55

Debt

6 Months Ended

Aug. 01, 2020

Debt [Abstract]

Debt

4. Debt

Short-Term Debt

In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we executed a short-term draw on the full amount of our $1.25 billion Facility on March 19, 2020, which remained outstanding until July 27, 2020, when the Facility was repaid in full. There were no borrowings outstanding under the Facility as of August 1, 2020, February 1, 2020, or August 3, 2019.

Information regarding our short-term debt for the six months ended August 1, 2020, was as follows ($ in millions):



	Average Amount Outstanding		Maximum Amount Outstanding		Weighted Average Interest Rate
Short-term debt	$	893	$	1,250		1.4	%

Long-Term Debt

Long-term debt consisted of the following ($ in millions):



	August 1, 2020		February 1, 2020		August 3, 2019
Notes, 5.50%, due March 15, 2021	$	650	$	650	$	650
Notes, 4.45%, due October 1, 2028		500		500		500
Interest rate swap valuation adjustments		133		89		78
Subtotal		1,283		1,239		1,228
Debt discounts and issuance costs		(5)		(6)		(6)
Finance lease obligations		35		38		39
Total long-term debt		1,313		1,271		1,261
Less current portion		681		14		14
Total long-term debt, less current portion	$	632	$	1,257	$	1,247

See Note 2, Fair Value Measurements, for the fair value of long-term debt.

Revenue

6 Months Ended

Aug. 01, 2020

Revenue [Abstract]

Revenue

5. Revenue

We generate all of our revenue from contracts with customers from the sale of products and services. Contract balances primarily consist of receivables and contract liabilities related to product merchandise not yet delivered to customers, unredeemed gift cards, services not yet completed and options that provide a material right to customers, such as our customer loyalty programs. Contract balances were as follows ($ in millions):



	August 1, 2020		February 1, 2020		August 3, 2019
Receivables, net⁽¹⁾	$	567	$	567	$	561
Short-term contract liabilities included in:
Unredeemed gift card liabilities		267		281		264
Deferred revenue		699		501		468
Accrued liabilities		60		139		149
Long-term contract liabilities included in:
Long-term liabilities		7		9		9

(1)Receivables are recorded net of allowances for doubtful accounts of $28 million, $14 million and $13 million as of August 1, 2020, February 1, 2020, and August 3, 2019, respectively.

During the first six months of fiscal 2021 and fiscal 2020, $662 million and $638 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods.

See Note 9, Segments, for information on our revenue by reportable segment and product category.

Derivative Instruments

6 Months Ended

Aug. 01, 2020

Derivative Instruments [Abstract]

Derivative Instruments

6. 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”), and our $500 million principal amount of notes due October 1, 2028. In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies.

During the second quarter of fiscal 2021, we entered into Treasury Rate Lock ("T-Lock") contracts with an aggregate notional amount of $325 million to hedge the base interest rate variability on a portion of a potential refinancing of our maturing 2021 Notes. The T-Lock contracts are designated as cash flow hedges of interest rate risk. The fair value of the T-Lock contracts is

recognized as an asset or liability with an offsetting position in Accumulated other comprehensive income (“AOCI”) on our Condensed Consolidated Balance Sheets. The T-Lock contracts would be cash settled to the extent new debt is issued at which time a pro-rata amount from AOCI will be released and recorded in Interest expense on our Condensed Consolidated Statements of Earnings as interest is accrued.

Our derivative instruments designated as net investment hedges, interest rate swaps and cash flow hedges are recorded on our Condensed Consolidated Balance Sheets at fair value. See Note 2, 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	August 1, 2020		February 1, 2020		August 3, 2019
Derivatives designated as net investment hedges	$	68	$	129	$	23
Derivatives designated as interest rate swaps		1,150		1,150		1,150
Derivatives designated as cash flow hedges		325		-		-
No hedge designation (foreign exchange contracts)		37		31		33
Total	$	1,580	$	1,310	$	1,206

Effects of our derivatives on our Condensed Consolidated Statements of Earnings were as follows ($ in millions):



		Gain (Loss) Recognized
	Statement of	Three Months Ended				Six Months Ended
	Earnings Location	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Interest rate swap contracts	Interest expense	$	15	$	55	$	44	$	53
Adjustments to carrying value of long-term debt	Interest expense		(15)		(55)		(44)		(53)
Total		$	-	$	-	$	-	$	-

Earnings per Share

6 Months Ended

Aug. 01, 2020

Earnings per Share [Abstract]

Earnings per Share

7. Earnings per Share

We compute our basic earnings per share based on the weighted-average common shares outstanding and our diluted earnings per share based on the weighted-average common shares outstanding adjusted by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued.

Reconciliations of the numerators and denominators of basic and diluted earnings per share were as follows ($ and shares in millions, except per share amounts):


	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Numerator
Net earnings	$	432	$	238	$	591	$	503
Denominator
Weighted-average common shares outstanding		259.5		267.1		259.0		267.4
Dilutive effect of stock compensation plan awards		2.6		2.3		2.4		3.5
Weighted-average common shares outstanding, assuming dilution		262.1		269.4		261.4		270.9

Potential shares which were anti-dilutive and excluded from weighted-average share computations		0.1		0.9		0.5		0.9

Basic earnings per share	$	1.67	$	0.89	$	2.28	$	1.88
Diluted earnings per share	$	1.65	$	0.89	$	2.26	$	1.86

Repurchase of Common Stock

6 Months Ended

Aug. 01, 2020

Repurchase of Common Stock [Abstract]

Repurchase of Common Stock

8. Repurchase of Common Stock

On February 23, 2019, our Board of Directors authorized a $3.0 billion share repurchase program. There is no expiration date governing the period over which we can repurchase shares under the February 2019 authorization. On March 21, 2020, we announced the suspension of all share repurchases given the uncertainty surrounding the impact of COVID-19.

Information regarding the shares we repurchased was as follows ($ and shares in millions, except per share amounts):



	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Total cost of shares repurchased	$	-	$	230	$	56	$	336
Average price per share	$	-	$	69.71	$	86.30	$	70.04
Number of shares repurchased		-		3.3		0.6		4.8

As of August 1, 2020, $1.9 billion of the $3.0 billion share repurchase authorization was available.

Segments

6 Months Ended

Aug. 01, 2020

Segments [Abstract]

Segments

9. Segments

Segment and product category revenue information was as follows ($ in millions):



	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Revenue by reportable segment
Domestic	$	9,128	$	8,821	$	17,043	$	17,302
International		782		715		1,429		1,376
Total revenue	$	9,910	$	9,536	$	18,472	$	18,678
Revenue by product category
Domestic
Computing and Mobile Phones	$	4,306	$	3,917	$	8,111	$	7,768
Consumer Electronics		2,634		2,780		4,853		5,442
Appliances		1,290		1,138		2,225		2,099
Entertainment		411		439		921		912
Services		462		510		883		1,008
Other		25		37		50		73
Total Domestic revenue	$	9,128	$	8,821	$	17,043	$	17,302
International
Computing and Mobile Phones	$	382	$	308	$	691	$	613
Consumer Electronics		212		231		388		434
Appliances		91		83		150		142
Entertainment		49		36		106		72
Services		35		45		67		88
Other		13		12		27		27
Total International revenue	$	782	$	715	$	1,429	$	1,376

Segment operating income was as follows ($ in millions):



	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Domestic	$	524	$	309	$	765	$	641
International		44		4		32		6
Total operating income		568		313		797		647
Other income (expense)
Investment income and other		8		10		14		24
Interest expense		(15)		(16)		(32)		(34)
Earnings before income tax expense	$	561	$	307	$	779	$	637

Assets by segment were as follows ($ in millions):



	August 1, 2020		February 1, 2020		August 3, 2019
Domestic	$	15,964	$	14,247	$	13,714
International		1,448		1,344		1,264
Total assets	$	17,412	$	15,591	$	14,978

Contingencies

6 Months Ended

Aug. 01, 2020

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.

Basis of Presentation (Policies)

6 Months Ended

Aug. 01, 2020

Basis of Presentation [Abstract]

Basis of Presentation

Unless the context otherwise requires, the use of the terms “Best Buy,” “we,” “us” and “our” in these Notes to Condensed Consolidated Financial Statements refers to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries.

In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements.

Historically, we have generated a large proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2020. The first six months of fiscal 2021 and fiscal 2020 included 26 weeks.

In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Mexico operations on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our condensed consolidated financial statements. No such events were identified for the reported periods.

In preparing the accompanying condensed consolidated financial statements, we evaluated the period from August 1, 2020, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for the reported periods.

COVID-19

In March 2020, the World Health Organization declared the outbreak of novel coronavirus disease ("COVID-19") as a pandemic. Except where otherwise directed by state and local authorities, we made the decision for the health and safety of our customers and employees to move our stores to a contactless, curbside-only operating model in the fiscal first quarter. We also temporarily suspended in-home delivery, repair and consultation services. At the beginning of the fiscal second quarter, we started welcoming customers back into our stores by offering an in-store consultation service to customers, by appointment only. On June 15, 2020, we began allowing customers to shop without an appointment at more than 800 stores across the U.S. As of June 22, 2020, almost all of our stores were open for shopping. We continue to offer contactless curbside pickup and in-store consultations for customers who prefer to shop that way.

In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we suspended all share repurchases. We also executed a short-term draw on the full amount of our $1.25 billion five year senior unsecured revolving credit facility (the “Facility”) on March 19, 2020, that remained outstanding until July 27, 2020, when the Facility was repaid in full. See Note 4, Debt, for additional information on the Facility.

On March 27, 2020, in response to the COVID-19 pandemic, the U.S. Congress enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), which among other things, contains provisions for deferral of the employer portion of social security taxes incurred through the end of calendar 2020 and an employee retention credit, a refundable payroll credit for 50% of wages and health benefits paid to employees not providing services due to the COVID-19 pandemic. As a result of the CARES Act, we are deferring qualified payroll taxes and claimed the employee retention credit, which was treated as a government subsidy to offset related operating expenses. Based on our analysis of the CARES Act, we reduced our SG&A expenses for the three and six months ended August 1, 2020, by $12 million and $81 million, respectively, for employee retention credits.

The COVID-19 pandemic remains a rapidly evolving situation. The extent of the impact of COVID-19 on our business and financial results will depend on future developments, including the duration and spread of the outbreak within the markets in which we operate, government stimulus efforts, the economic impacts of sustained high unemployment levels, ongoing shut-downs that vary by industry and the related impacts on consumer confidence and spending, all of which are highly uncertain.

Total Cash, Cash Equivalents and Restricted Cash

The reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows was as follows ($ in millions):



	August 1, 2020		February 1, 2020		August 3, 2019
Cash and cash equivalents	$	5,305	$	2,229	$	1,289
Restricted cash included in Other current assets		117		126		115
Total cash, cash equivalents and restricted cash	$	5,422	$	2,355	$	1,404

Amounts included in restricted cash are pledged as collateral or restricted to use for workers’ compensation and general liability insurance claims.

Basis of Presentation (Tables)

6 Months Ended

Aug. 01, 2020

Basis of Presentation [Abstract]

Total Cash, Cash Equivalents and Restricted Cash



	August 1, 2020		February 1, 2020		August 3, 2019
Cash and cash equivalents	$	5,305	$	2,229	$	1,289
Restricted cash included in Other current assets		117		126		115
Total cash, cash equivalents and restricted cash	$	5,422	$	2,355	$	1,404

Fair Value Measurements (Tables)

6 Months Ended

Aug. 01, 2020

Fair Value Measurements [Abstract]

Fair Value, Assets and Liabilities Measured on Recurring Basis



				Fair Value at
	Balance Sheet Location⁽¹⁾	Fair Value Hierarchy		August 1, 2020		February 1, 2020		August 3, 2019
Assets
Money market funds⁽²⁾	Cash and cash equivalents		Level 1	$	1,729	$	524	$	375
Commercial paper⁽²⁾	Cash and cash equivalents		Level 2		-		75		-
Time deposits⁽³⁾	Cash and cash equivalents		Level 2		390		185		-
Commercial paper⁽²⁾	Short-term investments		Level 2		-		-		99
Time deposits⁽³⁾	Short-term investments		Level 2		-		-		221
Money market funds⁽²⁾	Other current assets		Level 1		7		16		10
Time deposits⁽³⁾	Other current assets		Level 2		101		101		102
Foreign currency derivative instruments⁽⁴⁾	Other current assets		Level 2		1		1		-
Interest rate swap derivative instruments⁽⁴⁾	Other current assets		Level 2		18		-		-
Marketable securities that fund deferred compensation⁽⁵⁾	Other assets		Level 1		49		48		47
Interest rate swap derivative instruments⁽⁴⁾	Other assets		Level 2		115		89		78

Liabilities
Cash flow hedge derivative instruments⁽⁴⁾	Accrued liabilities		Level 2		4		-		-

(1)Balance sheet location is determined by the length to maturity from the current period-end date.

(2)Valued at quoted market prices.

(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 6, 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



	August 1, 2020				February 1, 2020				August 3, 2019
	Fair Value		Carrying Value		Fair Value		Carrying Value		Fair Value		Carrying Value
Long-term debt⁽¹⁾	$	1,386	$	1,283	$	1,322	$	1,239	$	1,295	$	1,228

(1)Includes the current portion of long-term debt and excludes debt discounts, issuance costs and finance lease obligations.

Goodwill and Intangible Assets (Tables)

6 Months Ended

Aug. 01, 2020

Goodwill and Intangible Assets [Abstract]

Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment


	August 1, 2020				February 1, 2020				August 3, 2019
	Gross Carrying ‎Amount		Cumulative ‎Impairment		Gross Carrying ‎Amount		Cumulative ‎Impairment		Gross Carrying ‎Amount		Cumulative ‎Impairment
Domestic	$	1,053	$	(67)	$	1,051	$	(67)	$	1,032	$	(67)
International		608		(608)		608		(608)		608		(608)
Total	$	1,661	$	(675)	$	1,659	$	(675)	$	1,640	$	(675)

Definite-Lived Intangible Assets


	August 1, 2020				February 1, 2020				August 3, 2019				Weighted-Average
	Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Gross Carrying ‎Amount		Accumulated ‎Amortization		Useful Life Remaining as of August 1, 2020 (in years)
Customer relationships	$	339	$	97	$	339	$	70	$	341	$	42		6.8
Tradenames		81		17		63		10		63		7		5.3
Developed technology		56		21		56		15		52		9		3.1
Total	$	476	$	135	$	458	$	95	$	456	$	58		6.1

Amortization Expense



		Three Months Ended				Six Months Ended
	Statement of Earnings Location	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Amortization expense	SG&A	$	20	$	18	$	40	$	35

Amortization Expense Expected to be Recognized


	Amortization Expense
Remainder of fiscal 2021	$	41
Fiscal 2022		80
Fiscal 2023		79
Fiscal 2024		54
Fiscal 2025		16
Fiscal 2026		16
Thereafter		55

Debt (Tables)

6 Months Ended

Aug. 01, 2020

Debt [Abstract]

Schedule of Short-term Debt



	Average Amount Outstanding		Maximum Amount Outstanding		Weighted Average Interest Rate
Short-term debt	$	893	$	1,250		1.4	%

Schedule of Long-term Debt



	August 1, 2020		February 1, 2020		August 3, 2019
Notes, 5.50%, due March 15, 2021	$	650	$	650	$	650
Notes, 4.45%, due October 1, 2028		500		500		500
Interest rate swap valuation adjustments		133		89		78
Subtotal		1,283		1,239		1,228
Debt discounts and issuance costs		(5)		(6)		(6)
Finance lease obligations		35		38		39
Total long-term debt		1,313		1,271		1,261
Less current portion		681		14		14
Total long-term debt, less current portion	$	632	$	1,257	$	1,247

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Revenue (Tables)

6 Months Ended

Aug. 01, 2020

Revenue [Abstract]

Contract Balances and Changes in Contract Balances



	August 1, 2020		February 1, 2020		August 3, 2019
Receivables, net⁽¹⁾	$	567	$	567	$	561
Short-term contract liabilities included in:
Unredeemed gift card liabilities		267		281		264
Deferred revenue		699		501		468
Accrued liabilities		60		139		149
Long-term contract liabilities included in:
Long-term liabilities		7		9		9

(1)Receivables are recorded net of allowances for doubtful accounts of $28 million, $14 million and $13 million as of August 1, 2020, February 1, 2020, and August 3, 2019, respectively.

Derivative Instruments (Tables)

6 Months Ended

Aug. 01, 2020

Derivative Instruments [Abstract]

Notional Amount of Derivative Instruments



Contract Type	August 1, 2020		February 1, 2020		August 3, 2019
Derivatives designated as net investment hedges	$	68	$	129	$	23
Derivatives designated as interest rate swaps		1,150		1,150		1,150
Derivatives designated as cash flow hedges		325		-		-
No hedge designation (foreign exchange contracts)		37		31		33
Total	$	1,580	$	1,310	$	1,206

Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings



		Gain (Loss) Recognized
	Statement of	Three Months Ended				Six Months Ended
	Earnings Location	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Interest rate swap contracts	Interest expense	$	15	$	55	$	44	$	53
Adjustments to carrying value of long-term debt	Interest expense		(15)		(55)		(44)		(53)
Total		$	-	$	-	$	-	$	-

Earnings per Share (Tables)

6 Months Ended

Aug. 01, 2020

Earnings per Share [Abstract]

Schedule of Calculation of Numerator and Denominator in Earnings Per Share


	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Numerator
Net earnings	$	432	$	238	$	591	$	503
Denominator
Weighted-average common shares outstanding		259.5		267.1		259.0		267.4
Dilutive effect of stock compensation plan awards		2.6		2.3		2.4		3.5
Weighted-average common shares outstanding, assuming dilution		262.1		269.4		261.4		270.9

Potential shares which were anti-dilutive and excluded from weighted-average share computations		0.1		0.9		0.5		0.9

Basic earnings per share	$	1.67	$	0.89	$	2.28	$	1.88
Diluted earnings per share	$	1.65	$	0.89	$	2.26	$	1.86

Repurchase of Common Stock (Tables)

6 Months Ended

Aug. 01, 2020

Repurchase of Common Stock [Abstract]

Schedule of Share Repurchases



	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Total cost of shares repurchased	$	-	$	230	$	56	$	336
Average price per share	$	-	$	69.71	$	86.30	$	70.04
Number of shares repurchased		-		3.3		0.6		4.8

Segments (Tables)

6 Months Ended

Aug. 01, 2020

Segments [Abstract]

Revenue by Reportable Segment and Product Category



	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Revenue by reportable segment
Domestic	$	9,128	$	8,821	$	17,043	$	17,302
International		782		715		1,429		1,376
Total revenue	$	9,910	$	9,536	$	18,472	$	18,678
Revenue by product category
Domestic
Computing and Mobile Phones	$	4,306	$	3,917	$	8,111	$	7,768
Consumer Electronics		2,634		2,780		4,853		5,442
Appliances		1,290		1,138		2,225		2,099
Entertainment		411		439		921		912
Services		462		510		883		1,008
Other		25		37		50		73
Total Domestic revenue	$	9,128	$	8,821	$	17,043	$	17,302
International
Computing and Mobile Phones	$	382	$	308	$	691	$	613
Consumer Electronics		212		231		388		434
Appliances		91		83		150		142
Entertainment		49		36		106		72
Services		35		45		67		88
Other		13		12		27		27
Total International revenue	$	782	$	715	$	1,429	$	1,376

Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense



	Three Months Ended				Six Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Domestic	$	524	$	309	$	765	$	641
International		44		4		32		6
Total operating income		568		313		797		647
Other income (expense)
Investment income and other		8		10		14		24
Interest expense		(15)		(16)		(32)		(34)
Earnings before income tax expense	$	561	$	307	$	779	$	637

Assets by Reportable Segment



	August 1, 2020		February 1, 2020		August 3, 2019
Domestic	$	15,964	$	14,247	$	13,714
International		1,448		1,344		1,264
Total assets	$	17,412	$	15,591	$	14,978

Basis of Presentation (Narrative) (Details) $ in Millions	3 Months Ended	6 Months Ended
Basis of Presentation (Narrative) (Details) $ in Millions	Aug. 01, 2020 USD ($)	Aug. 01, 2020 USD ($)	Jun. 15, 2020 store	Mar. 27, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of Stores \| store			800
Refundable Payroll Credit				50.00%
Decrease in SG&A expenses	$ 12	$ 81
Revolving Credit Facility [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Line of credit facility, maximum borrowing capacity	$ 1,250	$ 1,250
Debt instrument, term		5 years

Basis of Presentation (Total Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019	Feb. 02, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Cash and cash equivalents	$ 5,305	$ 2,229	$ 1,289
Restricted cash included in Other current assets	117	126	115
Total cash, cash equivalents and restricted cash	$ 5,422	$ 2,355	$ 1,404	$ 2,184

Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Level 1 [Member] \| Money market funds [Member]
Assets
Cash and cash equivalents	$ 1,729	$ 524	$ 375
Other current assets	7	16	10
Level 1 [Member] \| Marketable securities that fund deferred compensation [Member]
Assets
Other assets	49	48	47
Level 2 [Member] \| Commercial paper [Member]
Assets
Cash and cash equivalents		75
Short-term investments			99
Level 2 [Member] \| Time deposits [Member]
Assets
Cash and cash equivalents	390	185
Short-term investments			221
Other current assets	101	101	102
Level 2 [Member] \| Foreign currency derivative instruments [Member]
Assets
Other current assets	1	1
Level 2 [Member] \| Interest Rate Swap Derivative Instruments [Member]
Assets
Other current assets	18
Other assets	115	$ 89	$ 78
Level 2 [Member] \| Cash Flow Hedging [Member]
Liabilities
Accrued liabilities	$ 4

Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	$ 1,283	$ 1,239	$ 1,228
Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Carrying value	1,283	1,239	1,228
Level 2 [Member] \| Long-term debt [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 1,386	$ 1,322	$ 1,295

Goodwill and Intangible Assets (Narrative) (Details) - Tradename [Member] - USD ($)	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Intangible Assets [Line Items]
Indefinite-lived intangible	$ 0
Definite-lived intangible assets		$ 18,000,000	$ 18,000,000

Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Goodwill [Line Items]
Gross Carrying Amount	$ 1,661	$ 1,659	$ 1,640
Cumulative Impairment	(675)	(675)	(675)
Domestic [Member]
Goodwill [Line Items]
Gross Carrying Amount	1,053	1,051	1,032
Cumulative Impairment	(67)	(67)	(67)
International [Member]
Goodwill [Line Items]
Gross Carrying Amount	608	608	608
Cumulative Impairment	$ (608)	$ (608)	$ (608)

Goodwill and Intangible Assets (Definite-Lived Intangible Assets) (Details) - USD ($) $ in Millions	6 Months Ended
	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 476	$ 458	$ 456
Accumulated Amortization	$ 135	95	58
Weighted-Average Useful Life Remaining	6 years 1 month 6 days
Customer Relationships [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 339	339	341
Accumulated Amortization	$ 97	70	42
Weighted-Average Useful Life Remaining	6 years 9 months 18 days
Tradename [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 81	63	63
Accumulated Amortization	$ 17	10	7
Weighted-Average Useful Life Remaining	5 years 3 months 18 days
Developed Technology [Member]
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 56	56	52
Accumulated Amortization	$ 21	$ 15	$ 9
Weighted-Average Useful Life Remaining	3 years 1 month 6 days

Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Goodwill and Intangible Assets [Abstract]
Amortization expense	$ 20	$ 18	$ 40	$ 35

Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions	Aug. 01, 2020 USD ($)
Goodwill and Intangible Assets [Abstract]
Remainder of fiscal 2021	$ 41
Fiscal 2022	80
Fiscal 2023	79
Fiscal 2024	54
Fiscal 2025	16
Fiscal 2026	16
Thereafter	$ 55

Debt (Narrative) (Short-Term Debt) (Details) - Revolving Credit Facility [Member] - USD ($)	6 Months Ended
	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
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

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Debt (Schedule of Short-term Debt) (Details) $ in Millions	6 Months Ended
Debt (Schedule of Short-term Debt) (Details) $ in Millions	Aug. 01, 2020 USD ($)
Debt [Abstract]
Average Outstanding Amount	$ 893
Maximum Amount Outstanding	$ 1,250
Weighted Average Interest Rate	1.40%

Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Debt Instrument [Line Items]
Total	$ 1,283	$ 1,239	$ 1,228
Debt discounts and issuance costs	(5)	(6)	(6)
Finance lease obligations	35	38	39
Total long-term debt	1,313	1,271	1,261
Less current portion	681	14	14
Total long-term debt, less current portion	632	1,257	1,247
Interest Rate Swap Derivative Instruments [Member]
Debt Instrument [Line Items]
Interest rate swap valuation adjustments	133	89	78
Notes due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 650	650	650
Interest rate	5.50%
Notes due 2028 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 500	$ 500	$ 500
Interest rate	4.45%

Revenue (Narrative) (Details) - USD ($) $ in Millions	6 Months Ended
Revenue (Narrative) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Aug. 03, 2019
Revenue [Abstract]
Revenue recognized	$ 662	$ 638

Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Revenue from Contract with Customer [Line Items]
Receivables, net	$ 567	$ 567	$ 561
Short-term contract liabilities included in:
Short-term contract liabilities	267	281	264
Long-term contract liabilities included in:
Long-term liabilities	7	9	9
Receivables, allowance for doubtful accounts	28	14	13
Unredeemed Gift Cards [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	267	281	264
Deferred Revenue [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	699	501	468
Accrued Liability [Member]
Short-term contract liabilities included in:
Short-term contract liabilities	$ 60	$ 139	$ 149

Derivative Instruments (Narrative) (Details) - USD ($)	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Derivative [Line Items]
Derivative, Notional Amount	$ 325,000,000
Not Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	1,580,000,000	$ 1,310,000,000	$ 1,206,000,000
Derivatives Designated As Net Investment Hedges [Member] \| Not Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	68,000,000	129,000,000	23,000,000
Foreign Exchange Forward Contracts [Member] \| Not Designated As Hedging Instrument [Member]
Derivative [Line Items]
Derivative, Notional Amount	37,000,000	$ 31,000,000	$ 33,000,000
Notes due 2021 [Member]
Derivative [Line Items]
Debt Instrument, Face Amount	650,000,000
Notes due 2028 [Member]
Derivative [Line Items]
Debt Instrument, Face Amount	$ 500,000,000

Derivative Instruments (Notional Amount of Derivative Instruments) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Derivatives, Fair Value [Line Items]
Notional Amount	$ 325
Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	1,580	$ 1,310	$ 1,206
Not Designated As Hedging Instrument [Member] \| Cash Flow Hedging [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	325
Derivatives Designated As Net Investment Hedges [Member] \| Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	68	129	23
Interest Rate Swap Derivative Instruments [Member] \| Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	1,150	1,150	1,150
Foreign Exchange Forward Contracts [Member] \| Not Designated As Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Notional Amount	$ 37	$ 31	$ 33

Derivative Instruments (Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings) (Details) - Designated As Hedging Instrument [Member] - Interest Expense [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized
Interest Rate Swap Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	15	55	44	53
Carrying Value Of Long Term Debt [Member]
Derivatives, Fair Value [Line Items]
Gain (Loss) Recognized	$ (15)	$ (55)	$ (44)	$ (53)

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Earnings per Share [Abstract]
Net earnings	$ 432	$ 238	$ 591	$ 503
Weighted-average common shares outstanding (in shares)	259.5	267.1	259.0	267.4
Dilutive effect of stock compensation plan awards (in shares)	2.6	2.3	2.4	3.5
Weighted-average common shares outstanding, assuming dilution (in shares)	262.1	269.4	261.4	270.9
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares)	0.1	0.9	0.5	0.9
Basic earnings per share	$ 1.67	$ 0.89	$ 2.28	$ 1.88
Diluted earnings per share	$ 1.65	$ 0.89	$ 2.26	$ 1.86

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Repurchase of Common Stock (Narrative) (Details) - February 2019 Share Repurchase Program [Member] - USD ($) $ in Billions	Aug. 01, 2020	Feb. 23, 2019
Stock Repurchases [Line Items]
Stock Repurchase Program, Authorized Amount	$ 3.0	$ 3.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount	$ 1.9

Repurchase of Common Stock (Schedule of share repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	6 Months Ended
	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Repurchase of Common Stock [Abstract]
Total cost of shares repurchased	$ 230	$ 56	$ 336
Average price per share	$ 69.71	$ 86.30	$ 70.04
Number of shares repurchased	3.3	0.6	4.8

Segments (Revenue by Reportable Segment and Product Category) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 9,910	$ 9,536	$ 18,472	$ 18,678
Domestic Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	9,128	8,821	17,043	17,302
Domestic Segment [Member] \| Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	4,306	3,917	8,111	7,768
Domestic Segment [Member] \| Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	2,634	2,780	4,853	5,442
Domestic Segment [Member] \| Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	1,290	1,138	2,225	2,099
Domestic Segment [Member] \| Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	411	439	921	912
Domestic Segment [Member] \| Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	462	510	883	1,008
Domestic Segment [Member] \| Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	25	37	50	73
International Segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	782	715	1,429	1,376
International Segment [Member] \| Computing and Mobile Phones [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	382	308	691	613
International Segment [Member] \| Consumer Electronics [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	212	231	388	434
International Segment [Member] \| Appliances [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	91	83	150	142
International Segment [Member] \| Entertainment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	49	36	106	72
International Segment [Member] \| Services [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	35	45	67	88
International Segment [Member] \| Other [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenues	$ 13	$ 12	$ 27	$ 27

Segments (Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 568	$ 313	$ 797	$ 647
Investment income and other	8	10	14	24
Interest expense	(15)	(16)	(32)	(34)
Earnings before income tax expense	561	307	779	637
Domestic Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	524	309	765	641
International Segment [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating income	$ 44	$ 4	$ 32	$ 6

Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 17,412	$ 15,591	$ 14,978
Domestic Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	15,964	14,247	13,714
International Segment [Member]
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,448	$ 1,344	$ 1,264