BEST BUY CO INC, 10-Q filed on 6/7/2024
Quarterly Report
v3.24.1.1.u2
Document Information Statement - shares
3 Months Ended
May 04, 2024
Jun. 05, 2024
Document Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Fiscal Period Focus Q1  
Document Period End Date May 04, 2024  
Current Fiscal Year End Date --02-01  
Document Fiscal Year Focus 2025  
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, $0.10 par value per share  
Trading Symbol BBY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   215,713,754
Entity Central Index Key 0000764478  
Amendment Flag false  
v3.24.1.1.u2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Current assets      
Cash and cash equivalents $ 1,214.0 $ 1,447.0 $ 1,030.0
Receivables, net 770.0 939.0 860.0
Merchandise inventories 5,225.0 4,958.0 5,219.0
Other current assets 544.0 553.0 653.0
Total current assets 7,753.0 7,897.0 7,762.0
Property and equipment, net 2,196.0 2,260.0 2,321.0
Operating lease assets 2,771.0 2,758.0 2,694.0
Goodwill 1,383.0 1,383.0 1,383.0
Other assets 649.0 669.0 528.0
Total assets 14,752.0 14,967.0 14,688.0
Current liabilities      
Accounts payable 4,664.0 4,637.0 4,874.0
Accrued compensation and related expenses 380.0 486.0 364.0
Accrued liabilities 812.0 902.0 759.0
Current portion of operating lease liabilities 613.0 618.0 625.0
Current portion of long-term debt 15.0 13.0 15.0
Total current liabilities 7,649.0 7,909.0 7,908.0
Long-term operating lease liabilities 2,222.0 2,199.0 2,128.0
Long-term debt 1,134.0 1,152.0 1,155.0
Long-term liabilities 665.0 654.0 704.0
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 - 216.1 million, 215.4 million and 218.5 million shares, respectively 22.0 22.0 22.0
Additional paid-in capital 26.0 31.0  
Retained earnings 2,722.0 2,683.0 2,454.0
Accumulated other comprehensive income 312.0 317.0 317.0
Total equity 3,082.0 3,053.0 2,793.0
Total liabilities and equity 14,752.0 14,967.0 14,688.0
Gift Card [Member]      
Current liabilities      
Short-term contract liabilities 242.0 253.0 256.0
Deferred Revenue [Member]      
Current liabilities      
Short-term contract liabilities $ 923.0 $ 1,000.0 $ 1,015.0
v3.24.1.1.u2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
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 216,100,000 215,400,000 218,500,000
Common stock, outstanding shares 216,100,000 215,400,000 218,500,000
v3.24.1.1.u2
Condensed Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Condensed Consolidated Statements of Earnings [Abstract]    
Revenue $ 8,847.0 $ 9,467.0
Cost of sales 6,783.0 7,317.0
Gross profit 2,064.0 2,150.0
Selling, general and administrative expenses 1,737.0 1,848.0
Restructuring charges 15.0 (9.0)
Operating income 312.0 311.0
Other income (expense):    
Investment income and other 25.0 21.0
Interest expense (12.0) (12.0)
Earnings before income tax expense and equity in income (loss) of affiliates 325.0 320.0
Income tax expense 80.0 75.0
Equity in income (loss) of affiliates 1.0 (1.0)
Net earnings $ 246.0 $ 244.0
Basic earnings per share $ 1.14 $ 1.11
Diluted earnings per share $ 1.13 $ 1.11
Weighted-average common shares outstanding:    
Basic 216.2 218.9
Diluted 217.2 219.9
v3.24.1.1.u2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Condensed Consolidated Statements of Comprehensive Income [Abstract]    
Net earnings $ 246.0 $ 244.0
Foreign currency translation adjustments, net of tax (5.0) (5.0)
Comprehensive income $ 241.0 $ 239.0
v3.24.1.1.u2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Operating activities    
Net earnings $ 246.0 $ 244.0
Adjustments to reconcile net earnings to total cash provided by (used in) operating activities:    
Depreciation and amortization 219.0 237.0
Restructuring charges 15.0 (9.0)
Stock-based compensation 38.0 38.0
Other, net 12.0 14.0
Changes in operating assets and liabilities:    
Receivables 168.0 279.0
Merchandise inventories (273.0) (86.0)
Other assets (8.0) (17.0)
Accounts payable 43.0 (790.0)
Income taxes 13.0 46.0
Other liabilities (317.0) (287.0)
Total cash provided by (used in) operating activities 156.0 (331.0)
Investing activities    
Additions to property and equipment (152.0) (204.0)
Other, net (15.0)  
Total cash used in investing activities (167.0) (204.0)
Financing activities    
Repurchase of common stock (50.0) (79.0)
Dividends paid (202.0) (202.0)
Total cash used in financing activities (252.0) (281.0)
Effect of exchange rate changes on cash and cash equivalents (3.0) (5.0)
Decrease in cash, cash equivalents and restricted cash (266.0) (821.0)
Cash, cash equivalents and restricted cash at beginning of period 1,793.0 2,253.0
Cash, cash equivalents and restricted cash at end of period $ 1,527.0 $ 1,432.0
v3.24.1.1.u2
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. 28, 2023 $ 22.0 $ 21.0 $ 2,430.0 $ 322.0 $ 2,795.0
Balances (in shares) at Jan. 28, 2023 218.1        
Net earnings     244.0   244.0
Other comprehensive loss:          
Foreign currency translation adjustments, net of tax       (5.0) (5.0)
Stock-based compensation   38.0     38.0
Issuance of common stock   4.0     4.0
Issuance of common stock (in shares) 1.5        
Common stock dividends   4.0 (206.0)   (202.0)
Repurchase of common stock   (67.0) (14.0)   $ (81.0)
Repurchase of common stock (in shares) (1.1)       (1.1)
Balances at Apr. 29, 2023 $ 22.0   2,454.0 317.0 $ 2,793.0
Balances (in shares) at Apr. 29, 2023 218.5        
Balances at Feb. 03, 2024 $ 22.0 31.0 2,683.0 317.0 3,053.0
Balances (in shares) at Feb. 03, 2024 215.4        
Net earnings     246.0   246.0
Other comprehensive loss:          
Foreign currency translation adjustments, net of tax       (5.0) (5.0)
Stock-based compensation   38.0     38.0
Issuance of common stock   4.0     4.0
Issuance of common stock (in shares) 1.4        
Common stock dividends   5.0 (207.0)   (202.0)
Repurchase of common stock   (52.0)     $ (52.0)
Repurchase of common stock (in shares) (0.7)       (0.7)
Balances at May. 04, 2024 $ 22.0 $ 26.0 $ 2,722.0 $ 312.0 $ 3,082.0
Balances (in shares) at May. 04, 2024 216.1        
v3.24.1.1.u2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares
3 Months Ended
May 04, 2024
Apr. 29, 2023
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]    
Common stock, dividends, per share, declared $ 0.94 $ 0.92
v3.24.1.1.u2
Basis of Presentation
3 Months Ended
May 04, 2024
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 February 3, 2024. The first three months of fiscal 2025 and fiscal 2024 included 13 weeks.

In preparing the accompanying condensed consolidated financial statements, we evaluated the period from May 4, 2024, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified.

Recently Issued Accounting Pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which enhances reportable segment disclosure requirements primarily through expanded disclosures around significant segment expenses. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements. We are currently evaluating the impact of the ASU and expect to include updated segment expense disclosures in our fiscal 2025 Form 10-K.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires disclosure of specific categories meeting a quantitative threshold within the income tax rate reconciliation, as well as disaggregation of income taxes paid by jurisdiction. This ASU, which can be applied either prospectively or retrospectively, is effective for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of the ASU and expect to include updated income tax disclosures in our fiscal 2026 Form 10-K.

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. Our liability associated with the funded participation in the program, which is included in Accounts payable on our Condensed Consolidated Balance Sheets, was $505 million, $426 million and $490 million as of May 4, 2024, February 3, 2024, and April 29, 2023, 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):

May 4, 2024

February 3, 2024

April 29, 2023

Cash and cash equivalents

$

1,214 

$

1,447 

$

1,030 

Restricted cash included in Other current assets

313 

346 

402 

Total cash, cash equivalents and restricted cash

$

1,527 

$

1,793 

$

1,432 

Amounts included in restricted cash are primarily restricted to cover product protection plans provided under our membership offerings and other self-insurance liabilities.
v3.24.1.1.u2
Restructuring
3 Months Ended
May 04, 2024
Restructuring [Abstract]  
Restructuring 2. Restructuring

Restructuring charges were as follows ($ in millions):

Three Months Ended

May 4, 2024

April 29, 2023

Fiscal 2024 Restructuring Initiative

$

16 

$

-

Fiscal 2023 Resource Optimization Initiative

(1)

(9)

Total

$

15 

$

(9)

Fiscal 2024 Restructuring Initiative

During the fourth quarter of fiscal 2024, we commenced an enterprise-wide restructuring initiative intended to accomplish the following: (1) align field labor resources with where customers want to shop to optimize the customer experience; (2) redirect corporate resources for better alignment with our strategy; and (3) right-size resources to better align with our revenue outlook for fiscal 2025.

All charges incurred related to this initiative were comprised of employee termination benefits from continuing operations and were presented within Restructuring charges on our Condensed Consolidated Statements of Earnings as follows ($ in millions):

Three Months Ended

Cumulative Amount

May 4, 2024

As of May 4, 2024

Domestic

$

17 

$

180 

International

(1)

7 

Total

$

16 

$

187 

Restructuring accrual activity related to this initiative was as follows ($ in millions):

Termination Benefits

Domestic

International

Total

Balances at February 3, 2024

$

163 

$

8 

$

171 

Charges

17 

-

17 

Cash payments

(9)

-

(9)

Adjustments(1)

-

(1)

(1)

Balances at May 4, 2024

$

171 

$

7 

$

178 

(1)Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes.

We do not expect to incur material future restructuring charges related to this initiative.

Fiscal 2023 Resource Optimization Initiative

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. We do not expect to incur material future restructuring charges related to this initiative. All charges incurred related to this initiative were comprised of employee termination benefits from continuing operations and were presented within Restructuring charges on our Condensed Consolidated Statements of Earnings.

We recorded reductions to employee termination benefits of $1 million and $9 million in the first quarter of fiscal 2025 and fiscal 2024, respectively, primarily related to higher-than-expected employee retention. Cumulative charges incurred related to this initiative as of May 4, 2024, were $126 million, comprised of $123 million and $3 million of employee termination benefits within our Domestic and International segments, respectively.


Restructuring accrual activity related to this initiative 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 

Balances at February 3, 2024

$

16 

$

-

$

16 

Cash payments

(2)

-

(2)

Adjustments(1)

(1)

-

(1)

Balances at May 4, 2024

$

13 

$

-

$

13 

(1)Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes

v3.24.1.1.u2
Goodwill and Intangible Assets
3 Months Ended
May 04, 2024
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets 3. Goodwill and Intangible Assets

Goodwill

Goodwill balances were as follows as of May 4, 2024, February 3, 2024, and April 29, 2023 ($ in millions):

Gross Carrying Amount

Cumulative Impairment

Domestic

$

1,450 

$

(67)

International

608 

(608)

Total

$

2,058 

$

(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):

May 4, 2024

February 3, 2024

April 29, 2023

Weighted-Average

Gross Carrying
Amount

Accumulated
Amortization

Gross Carrying
Amount

Accumulated
Amortization

Gross Carrying
Amount

Accumulated
Amortization

Useful Life Remaining as of May 4, 2024 (in years)

Customer relationships

$

360 

$

278 

$

360 

$

276 

$

360 

$

249 

9.8 

Tradenames

108 

72 

108 

69 

108 

60 

4.7 

Developed technology

64 

60 

64 

59 

64 

54 

3.5 

Total

$

532 

$

410 

$

532 

$

404 

$

532 

$

363 

8.1 

Amortization expense was as follows ($ in millions):

Three Months Ended

Statement of Earnings Location

May 4, 2024

April 29, 2023

Amortization expense

SG&A

$

6 

$

20 

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

Amortization Expense

Remainder of fiscal 2025

$

15 

Fiscal 2026

21 

Fiscal 2027

18 

Fiscal 2028

12 

Fiscal 2029

11 

Fiscal 2030

9 

Thereafter

36 

v3.24.1.1.u2
Fair Value Measurements
3 Months Ended
May 04, 2024
Fair Value Measurements [Abstract]  
Fair Value Measurements 4. Fair Value Measurements

Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).

Recurring Fair Value Measurements

Financial assets and liabilities accounted for at fair value were as follows ($ in millions):

Fair Value at

Balance Sheet Location(1)

Fair Value Hierarchy

May 4, 2024

February 3, 2024

April 29, 2023

Assets

Money market funds(2)

Cash and cash equivalents

Level 1

$

234 

$

330 

$

133 

Time deposits(3)

Cash and cash equivalents

Level 2

110 

60 

115 

Money market funds(2)

Other current assets

Level 1

184 

182 

200 

Time deposits(3)

Other current assets

Level 2

51 

50 

40 

Marketable securities that fund deferred compensation(4)

Other assets

Level 1

49 

48 

46 

Liabilities

Interest rate swap derivative instruments(5)

Long-term liabilities

Level 2

27 

11 

11 

(1)Balance sheet location is determined by the length to maturity at date of purchase and whether the assets are restricted for particular use.

(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.

(5)Valued using readily observable market inputs. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market. See Note 5, Derivative Instruments, for additional information.

Fair Value of Financial Instruments

The fair values of cash, certain 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):

May 4, 2024

February 3, 2024

April 29, 2023

Fair Value

Carrying Value

Fair Value

Carrying Value

Fair Value

Carrying Value

Long-term debt(1)

$

994 

$

1,123 

$

1,022 

$

1,139 

$

1,023 

$

1,139 

(1)Excludes debt discounts, issuance costs and finance lease obligations.

  
v3.24.1.1.u2
Derivative Instruments
3 Months Ended
May 04, 2024
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 interest rate risk 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 fair value hedges are recorded on our Condensed Consolidated Balance Sheets at fair value. When significant, 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

May 4, 2024

February 3, 2024

April 29, 2023

Derivatives designated as net investment hedges

$

191 

$

100 

$

102 

Derivatives designated as fair value hedges (interest rate swaps)

500 

500 

500 

No hedge designation (foreign exchange contracts)

57 

66 

57 

Total

$

748 

$

666 

$

659 


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

May 4, 2024

April 29, 2023

Interest rate swaps

Interest expense

$

(15)

$

(4)

Adjustments to carrying value of long-term debt

Interest expense

15 

4 

Total

$

-

$

-

v3.24.1.1.u2
Debt
3 Months Ended
May 04, 2024
Debt [Abstract]  
Debt 6. Debt

Short-Term Debt

U.S. Revolving Credit Facility

We have a $1.25 billion five-year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with a syndicate of banks that expires in April 2028. There were no borrowings outstanding under the Five-Year Facility Agreement as of May 4, 2024, February 3, 2024, or April 29, 2023.

Long-Term Debt

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

May 4, 2024

February 3, 2024

April 29, 2023

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

(27)

(11)

(11)

Subtotal

1,123 

1,139 

1,139 

Debt discounts and issuance costs

(8)

(8)

(9)

Finance lease obligations

34 

34 

40 

Total long-term debt

1,149 

1,165 

1,170 

Less current portion

15 

13 

15 

Total long-term debt, less current portion

$

1,134 

$

1,152 

$

1,155 

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 not have any future maturities of long-term debt within the next five fiscal years.
v3.24.1.1.u2
Revenue
3 Months Ended
May 04, 2024
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):

May 4, 2024

February 3, 2024

April 29, 2023

Receivables, net(1)

$

453 

$

512 

$

523 

Short-term contract liabilities included in:

Unredeemed gift card liabilities

242 

253 

256 

Deferred revenue

923 

1,000 

1,015 

Accrued liabilities

57 

53 

68 

Long-term contract liabilities included in:

Long-term liabilities

239 

245 

260 

(1)Receivables are recorded net of allowances for expected credit losses of $17 million, $23 million and $18 million as of May 4, 2024, February 3, 2024, and April 29, 2023, respectively.

During the first three months of fiscal 2025 and fiscal 2024, $642 million and $747 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 an initial duration of more than one year is as follows ($ in millions):

Fiscal Year

Amount

Remainder of fiscal 2025

$

26 

Fiscal 2026

32 

Fiscal 2027

26 

Fiscal 2028

25 

Fiscal 2029

25 

Fiscal 2030

25 

Thereafter

112 

See Note 11, Segments, for information on our revenue by reportable segment and product category.
v3.24.1.1.u2
Earnings per Share
3 Months Ended
May 04, 2024
Earnings per Share [Abstract]  
Earnings per Share 8. Earnings per Share

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

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

Three Months Ended

May 4, 2024

April 29, 2023

Numerator

Net earnings

$

246 

$

244 

Denominator

Weighted-average common shares outstanding

216.2 

218.9 

Dilutive effect of stock compensation plan awards

1.0 

1.0 

Weighted-average common shares outstanding, assuming dilution

217.2 

219.9 

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

0.6 

1.0 

Basic earnings per share

$

1.14 

$

1.11 

Diluted earnings per share

$

1.13 

$

1.11 

v3.24.1.1.u2
Repurchase of Common Stock
3 Months Ended
May 04, 2024
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. 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

May 4, 2024

April 29, 2023

Total cost of shares repurchased

$

52 

$

81 

Average price per share

$

77.81 

$

76.15 

Total number of shares repurchased

0.7 

1.1 

As of May 4, 2024, $3.7 billion of the $5.0 billion share repurchase authorization was available. Between the end of the first quarter of fiscal 2025 on May 4, 2024 and June 5, 2024, we repurchased an incremental 0.4 million shares of our common stock at a cost of $34 million. We currently expect total share repurchases of approximately $350 million in fiscal 2025.

v3.24.1.1.u2
Contingencies
3 Months Ended
May 04, 2024
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.

v3.24.1.1.u2
Segments
3 Months Ended
May 04, 2024
Segments [Abstract]  
Segments 11. Segments

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

Three Months Ended

May 4, 2024

April 29, 2023

Revenue by reportable segment

Domestic

$

8,203 

$

8,801 

International

644 

666 

Total revenue

$

8,847 

$

9,467 

Revenue by product category

Domestic:

Computing and Mobile Phones

$

3,588 

$

3,688 

Consumer Electronics

2,364 

2,592 

Appliances

1,090 

1,339 

Entertainment

520 

591 

Services

578 

537 

Other

63 

54 

Total Domestic revenue

$

8,203 

$

8,801 

International:

Computing and Mobile Phones

$

318 

$

316 

Consumer Electronics

173 

184 

Appliances

60 

59 

Entertainment

46 

60 

Services

39 

36 

Other

8 

11 

Total International revenue

$

644 

$

666 

Operating income by reportable segment and the reconciliation to consolidated earnings before income tax expense and equity in income (loss) of affiliates was as follows ($ in millions):

Three Months Ended

May 4, 2024

April 29, 2023

Domestic

$

303 

$

290 

International

9 

21 

Total operating income

312 

311 

Other income (expense):

Investment income and other

25 

21 

Interest expense

(12)

(12)

Earnings before income tax expense and equity in income (loss) of affiliates

$

325 

$

320 

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

May 4, 2024

February 3, 2024

April 29, 2023

Domestic

$

13,483 

$

13,660 

$

13,561 

International

1,269 

1,307 

1,127 

Total assets

$

14,752 

$

14,967 

$

14,688 

v3.24.1.1.u2
Basis of Presentation (Tables)
3 Months Ended
May 04, 2024
Basis of Presentation [Abstract]  
Total Cash, Cash Equivalents and Restricted Cash

May 4, 2024

February 3, 2024

April 29, 2023

Cash and cash equivalents

$

1,214 

$

1,447 

$

1,030 

Restricted cash included in Other current assets

313 

346 

402 

Total cash, cash equivalents and restricted cash

$

1,527 

$

1,793 

$

1,432 

v3.24.1.1.u2
Restructuring (Tables)
3 Months Ended
May 04, 2024
Restructuring Cost and Reserve [Line Items]  
Composition of Restructuring Charges

Three Months Ended

May 4, 2024

April 29, 2023

Fiscal 2024 Restructuring Initiative

$

16 

$

-

Fiscal 2023 Resource Optimization Initiative

(1)

(9)

Total

$

15 

$

(9)

2024 Resource Optimization Initiative [Member]  
Restructuring Cost and Reserve [Line Items]  
Composition of Restructuring Charges

Three Months Ended

Cumulative Amount

May 4, 2024

As of May 4, 2024

Domestic

$

17 

$

180 

International

(1)

7 

Total

$

16 

$

187 

Restructuring Accrual Activity

Termination Benefits

Domestic

International

Total

Balances at February 3, 2024

$

163 

$

8 

$

171 

Charges

17 

-

17 

Cash payments

(9)

-

(9)

Adjustments(1)

-

(1)

(1)

Balances at May 4, 2024

$

171 

$

7 

$

178 

(1)Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes.

2023 Resource Optimization Initiative [Member]  
Restructuring Cost and Reserve [Line Items]  
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 

Balances at February 3, 2024

$

16 

$

-

$

16 

Cash payments

(2)

-

(2)

Adjustments(1)

(1)

-

(1)

Balances at May 4, 2024

$

13 

$

-

$

13 

(1)Represents adjustments primarily related to higher-than-expected employee retention from previously planned organizational changes

v3.24.1.1.u2
Goodwill and Intangible Assets (Tables)
3 Months Ended
May 04, 2024
Goodwill and Intangible Assets [Abstract]  
Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment

Gross Carrying Amount

Cumulative Impairment

Domestic

$

1,450 

$

(67)

International

608 

(608)

Total

$

2,058 

$

(675)

Definite-Lived Intangible Assets

May 4, 2024

February 3, 2024

April 29, 2023

Weighted-Average

Gross Carrying
Amount

Accumulated
Amortization

Gross Carrying
Amount

Accumulated
Amortization

Gross Carrying
Amount

Accumulated
Amortization

Useful Life Remaining as of May 4, 2024 (in years)

Customer relationships

$

360 

$

278 

$

360 

$

276 

$

360 

$

249 

9.8 

Tradenames

108 

72 

108 

69 

108 

60 

4.7 

Developed technology

64 

60 

64 

59 

64 

54 

3.5 

Total

$

532 

$

410 

$

532 

$

404 

$

532 

$

363 

8.1 

Amortization Expense

Three Months Ended

Statement of Earnings Location

May 4, 2024

April 29, 2023

Amortization expense

SG&A

$

6 

$

20 

Amortization Expense Expected to be Recognized

Amortization Expense

Remainder of fiscal 2025

$

15 

Fiscal 2026

21 

Fiscal 2027

18 

Fiscal 2028

12 

Fiscal 2029

11 

Fiscal 2030

9 

Thereafter

36 

v3.24.1.1.u2
Fair Value Measurements (Tables)
3 Months Ended
May 04, 2024
Fair Value Measurements [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis

Fair Value at

Balance Sheet Location(1)

Fair Value Hierarchy

May 4, 2024

February 3, 2024

April 29, 2023

Assets

Money market funds(2)

Cash and cash equivalents

Level 1

$

234 

$

330 

$

133 

Time deposits(3)

Cash and cash equivalents

Level 2

110 

60 

115 

Money market funds(2)

Other current assets

Level 1

184 

182 

200 

Time deposits(3)

Other current assets

Level 2

51 

50 

40 

Marketable securities that fund deferred compensation(4)

Other assets

Level 1

49 

48 

46 

Liabilities

Interest rate swap derivative instruments(5)

Long-term liabilities

Level 2

27 

11 

11 

(1)Balance sheet location is determined by the length to maturity at date of purchase and whether the assets are restricted for particular use.

(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.

(5)Valued using readily observable market inputs. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market. See Note 5, Derivative Instruments, for additional information.

Fair Value of Financial Instruments

May 4, 2024

February 3, 2024

April 29, 2023

Fair Value

Carrying Value

Fair Value

Carrying Value

Fair Value

Carrying Value

Long-term debt(1)

$

994 

$

1,123 

$

1,022 

$

1,139 

$

1,023 

$

1,139 

(1)Excludes debt discounts, issuance costs and finance lease obligations.

 
v3.24.1.1.u2
Derivative Instruments (Tables)
3 Months Ended
May 04, 2024
Derivative Instruments [Abstract]  
Notional Amount of Derivative Instruments

Contract Type

May 4, 2024

February 3, 2024

April 29, 2023

Derivatives designated as net investment hedges

$

191 

$

100 

$

102 

Derivatives designated as fair value hedges (interest rate swaps)

500 

500 

500 

No hedge designation (foreign exchange contracts)

57 

66 

57 

Total

$

748 

$

666 

$

659 

Effects of Derivative Instruments on Consolidated Statements of Earnings

Gain (Loss) Recognized

Three Months Ended

Statement of Earnings Location

May 4, 2024

April 29, 2023

Interest rate swaps

Interest expense

$

(15)

$

(4)

Adjustments to carrying value of long-term debt

Interest expense

15 

4 

Total

$

-

$

-

v3.24.1.1.u2
Debt (Tables)
3 Months Ended
May 04, 2024
Debt [Abstract]  
Schedule of Long-term Debt

May 4, 2024

February 3, 2024

April 29, 2023

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

(27)

(11)

(11)

Subtotal

1,123 

1,139 

1,139 

Debt discounts and issuance costs

(8)

(8)

(9)

Finance lease obligations

34 

34 

40 

Total long-term debt

1,149 

1,165 

1,170 

Less current portion

15 

13 

15 

Total long-term debt, less current portion

$

1,134 

$

1,152 

$

1,155 

v3.24.1.1.u2
Revenue (Tables)
3 Months Ended
May 04, 2024
Revenue [Abstract]  
Contract Balances and Changes in Contract Balances

May 4, 2024

February 3, 2024

April 29, 2023

Receivables, net(1)

$

453 

$

512 

$

523 

Short-term contract liabilities included in:

Unredeemed gift card liabilities

242 

253 

256 

Deferred revenue

923 

1,000 

1,015 

Accrued liabilities

57 

53 

68 

Long-term contract liabilities included in:

Long-term liabilities

239 

245 

260 

(1)Receivables are recorded net of allowances for expected credit losses of $17 million, $23 million and $18 million as of May 4, 2024, February 3, 2024, and April 29, 2023, respectively.

Expected Timing for Satisfying Remaining Performance Obligation

Fiscal Year

Amount

Remainder of fiscal 2025

$

26 

Fiscal 2026

32 

Fiscal 2027

26 

Fiscal 2028

25 

Fiscal 2029

25 

Fiscal 2030

25 

Thereafter

112 

v3.24.1.1.u2
Earnings per Share (Tables)
3 Months Ended
May 04, 2024
Earnings per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share

Three Months Ended

May 4, 2024

April 29, 2023

Numerator

Net earnings

$

246 

$

244 

Denominator

Weighted-average common shares outstanding

216.2 

218.9 

Dilutive effect of stock compensation plan awards

1.0 

1.0 

Weighted-average common shares outstanding, assuming dilution

217.2 

219.9 

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

0.6 

1.0 

Basic earnings per share

$

1.14 

$

1.11 

Diluted earnings per share

$

1.13 

$

1.11 

v3.24.1.1.u2
Repurchase of Common Stock (Tables)
3 Months Ended
May 04, 2024
Repurchase of Common Stock [Abstract]  
Schedule of Share Repurchases

Three Months Ended

May 4, 2024

April 29, 2023

Total cost of shares repurchased

$

52 

$

81 

Average price per share

$

77.81 

$

76.15 

Total number of shares repurchased

0.7 

1.1 

v3.24.1.1.u2
Segments (Tables)
3 Months Ended
May 04, 2024
Segments [Abstract]  
Revenue by Reportable Segment and Product Category

Three Months Ended

May 4, 2024

April 29, 2023

Revenue by reportable segment

Domestic

$

8,203 

$

8,801 

International

644 

666 

Total revenue

$

8,847 

$

9,467 

Revenue by product category

Domestic:

Computing and Mobile Phones

$

3,588 

$

3,688 

Consumer Electronics

2,364 

2,592 

Appliances

1,090 

1,339 

Entertainment

520 

591 

Services

578 

537 

Other

63 

54 

Total Domestic revenue

$

8,203 

$

8,801 

International:

Computing and Mobile Phones

$

318 

$

316 

Consumer Electronics

173 

184 

Appliances

60 

59 

Entertainment

46 

60 

Services

39 

36 

Other

8 

11 

Total International revenue

$

644 

$

666 

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

Three Months Ended

May 4, 2024

April 29, 2023

Domestic

$

303 

$

290 

International

9 

21 

Total operating income

312 

311 

Other income (expense):

Investment income and other

25 

21 

Interest expense

(12)

(12)

Earnings before income tax expense and equity in income (loss) of affiliates

$

325 

$

320 

Assets by Reportable Segment

May 4, 2024

February 3, 2024

April 29, 2023

Domestic

$

13,483 

$

13,660 

$

13,561 

International

1,269 

1,307 

1,127 

Total assets

$

14,752 

$

14,967 

$

14,688 

v3.24.1.1.u2
Basis of Presentation (Narrative) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
New Accounting Pronouncements or Change in Accounting Principle [Line Items]      
Liability associated with funded participation $ 505.0 $ 426.0 $ 490.0
v3.24.1.1.u2
Basis of Presentation (Total Cash, Cash Equivalents and Restricted Cash) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Jan. 28, 2023
Basis of Presentation [Abstract]        
Cash and cash equivalents $ 1,214.0 $ 1,447.0 $ 1,030.0  
Restricted cash included in Other current assets 313.0 346.0 402.0  
Total cash, cash equivalents and restricted cash $ 1,527.0 $ 1,793.0 $ 1,432.0 $ 2,253.0
v3.24.1.1.u2
Restructuring (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 15.0 $ (9.0)
2023 Resource Optimization Initiative [Member] | Termination Benefits [Member]    
Restructuring Cost and Reserve [Line Items]    
Cash payments 2.0 11.0
2023 Resource Optimization Initiative [Member] | Termination Benefits [Member] | Continuing Operations [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 1.0 9.0
Cumulative Amount 126.0  
2023 Resource Optimization Initiative [Member] | Termination Benefits [Member] | Domestic [Member]    
Restructuring Cost and Reserve [Line Items]    
Cash payments 2.0 9.0
2023 Resource Optimization Initiative [Member] | Termination Benefits [Member] | Domestic [Member] | Continuing Operations [Member]    
Restructuring Cost and Reserve [Line Items]    
Cumulative Amount 123.0  
2023 Resource Optimization Initiative [Member] | Termination Benefits [Member] | International [Member]    
Restructuring Cost and Reserve [Line Items]    
Cash payments   $ 2.0
2023 Resource Optimization Initiative [Member] | Termination Benefits [Member] | International [Member] | Continuing Operations [Member]    
Restructuring Cost and Reserve [Line Items]    
Cumulative Amount $ 3.0  
v3.24.1.1.u2
Restructuring (Composition of Restructuring Charges) (Details) - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 15.0 $ (9.0)
2024 Resource Optimization Initiative [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 16.0  
2023 Resource Optimization Initiative [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges (1.0) $ (9.0)
Termination Benefits [Member] | 2024 Resource Optimization Initiative [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 16.0  
Cumulative Amount 187.0  
Domestic [Member] | Termination Benefits [Member] | 2024 Resource Optimization Initiative [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 17.0  
Cumulative Amount 180.0  
International [Member] | Termination Benefits [Member] | 2024 Resource Optimization Initiative [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges (1.0)  
Cumulative Amount $ 7.0  
v3.24.1.1.u2
Restructuring (Restructuring Accrual Activity) (Details) - Termination Benefits [Member] - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
2024 Resource Optimization Initiative [Member]    
Restructuring Reserve [Roll Forward]    
Balances $ 171.0  
Charges 17.0  
Cash payments (9.0)  
Adjustments (1.0)  
Balances 178.0  
2023 Resource Optimization Initiative [Member]    
Restructuring Reserve [Roll Forward]    
Balances 16.0 $ 107.0
Cash payments (2.0) (11.0)
Adjustments (1.0) (9.0)
Balances 13.0 87.0
Domestic [Member] | 2024 Resource Optimization Initiative [Member]    
Restructuring Reserve [Roll Forward]    
Balances 163.0  
Charges 17.0  
Cash payments (9.0)  
Balances 171.0  
Domestic [Member] | 2023 Resource Optimization Initiative [Member]    
Restructuring Reserve [Roll Forward]    
Balances 16.0 102.0
Cash payments (2.0) (9.0)
Adjustments (1.0) (8.0)
Balances 13.0 85.0
International [Member] | 2024 Resource Optimization Initiative [Member]    
Restructuring Reserve [Roll Forward]    
Balances 8.0  
Adjustments (1.0)  
Balances $ 7.0  
International [Member] | 2023 Resource Optimization Initiative [Member]    
Restructuring Reserve [Roll Forward]    
Balances   5.0
Cash payments   (2.0)
Adjustments   (1.0)
Balances   $ 2.0
v3.24.1.1.u2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
3 Months Ended 12 Months Ended
May 04, 2024
Apr. 29, 2023
Feb. 03, 2024
Goodwill and Intangible Assets [Abstract]      
Goodwill and intangible assets impairment charges $ 0 $ 0 $ 0
v3.24.1.1.u2
Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details)
$ in Millions
May 04, 2024
USD ($)
Goodwill [Line Items]  
Gross Carrying Amount $ 2,058.0
Cumulative Impairment (675.0)
Domestic [Member]  
Goodwill [Line Items]  
Gross Carrying Amount 1,450.0
Cumulative Impairment (67.0)
International [Member]  
Goodwill [Line Items]  
Gross Carrying Amount 608.0
Cumulative Impairment $ (608.0)
v3.24.1.1.u2
Goodwill and Intangible Assets (Definite-Lived Intangible Assets) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 532.0 $ 532.0 $ 532.0
Accumulated Amortization $ 410.0 404.0 363.0
Weighted-Average Useful Life Remaining 8 years 1 month 6 days    
Customer Relationships [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 360.0 360.0 360.0
Accumulated Amortization $ 278.0 276.0 249.0
Weighted-Average Useful Life Remaining 9 years 9 months 18 days    
Tradenames [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 108.0 108.0 108.0
Accumulated Amortization $ 72.0 69.0 60.0
Weighted-Average Useful Life Remaining 4 years 8 months 12 days    
Developed Technology [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 64.0 64.0 64.0
Accumulated Amortization $ 60.0 $ 59.0 $ 54.0
Weighted-Average Useful Life Remaining 3 years 6 months    
v3.24.1.1.u2
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Goodwill and Intangible Assets [Abstract]    
Amortization expense $ 6.0 $ 20.0
v3.24.1.1.u2
Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details)
$ in Millions
May 04, 2024
USD ($)
Goodwill and Intangible Assets [Abstract]  
Remainder of fiscal 2025 $ 15.0
Fiscal 2026 21.0
Fiscal 2027 18.0
Fiscal 2028 12.0
Fiscal 2029 11.0
Fiscal 2030 9.0
Thereafter $ 36.0
v3.24.1.1.u2
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Level 1 [Member] | Money Market Funds [Member]      
Assets      
Cash and cash equivalents $ 234.0 $ 330.0 $ 133.0
Other current assets 184.0 182.0 200.0
Level 1 [Member] | Marketable Securities that Fund Deferred Compensation [Member]      
Assets      
Other assets 49.0 48.0 46.0
Level 2 [Member] | Time Deposits [Member]      
Assets      
Cash and cash equivalents 110.0 60.0 115.0
Other current assets 51.0 50.0 40.0
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member]      
Liabilities      
Long-term liabilities $ 27.0 $ 11.0 $ 11.0
v3.24.1.1.u2
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Carrying value $ 1,123.0 $ 1,139.0 $ 1,139.0
Level 2 [Member] | Long-term Debt [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair Value 994.0 1,022.0 1,023.0
Carrying value $ 1,123.0 $ 1,139.0 $ 1,139.0
v3.24.1.1.u2
Derivative Instruments (Narrative) (Details)
$ in Millions
May 04, 2024
USD ($)
Notes Due 2028 [Member]  
Derivative [Line Items]  
Principal amount $ 500.0
v3.24.1.1.u2
Derivative Instruments (Notional Amount of Derivative Instruments) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Derivatives, Fair Value [Line Items]      
Notional amount $ 748.0 $ 666.0 $ 659.0
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]      
Derivatives, Fair Value [Line Items]      
Notional amount 191.0 100.0 102.0
Interest Rate Swap Derivative Instruments [Member] | Designated As Hedging Instrument [Member]      
Derivatives, Fair Value [Line Items]      
Notional amount 500.0 500.0 500.0
Foreign Exchange Forward Contracts [Member] | Not Designated As Hedging Instrument [Member]      
Derivatives, Fair Value [Line Items]      
Notional amount $ 57.0 $ 66.0 $ 57.0
v3.24.1.1.u2
Derivative Instruments (Effects of Derivative Instruments on Consolidated Statements of Earnings) (Details) - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Interest Rate Swap Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Gain (Loss) Recognized $ (15.0) $ (4.0)
Carrying Value of Long Term Debt [Member]    
Derivatives, Fair Value [Line Items]    
Gain (Loss) Recognized $ 15.0 $ 4.0
v3.24.1.1.u2
Debt (Short-Term Debt) (Narrative) (Details) (Details) - Five-Year Facility Agreement [Member] - Revolving Credit Facility [Member] - USD ($)
Apr. 12, 2023
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
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
v3.24.1.1.u2
Debt (Fair Value and Future Maturities) (Narrative) (Details)
May 04, 2024
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
v3.24.1.1.u2
Debt (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Debt Instrument [Line Items]      
Interest rate swap valuation adjustments $ (27.0) $ (11.0) $ (11.0)
Total 1,123.0 1,139.0 1,139.0
Debt discounts and issuance costs (8.0) (8.0) (9.0)
Finance lease obligations 34.0 34.0 40.0
Total long-term debt 1,149.0 1,165.0 1,170.0
Less current portion 15.0 13.0 15.0
Total long-term debt, less current portion 1,134.0 1,152.0 1,155.0
Notes Due 2028 [Member]      
Debt Instrument [Line Items]      
Long-term debt $ 500.0 500.0 500.0
Interest rate 4.45%    
Notes Due 2030 [Member]      
Debt Instrument [Line Items]      
Long-term debt $ 650.0 $ 650.0 $ 650.0
Interest rate 1.95%    
v3.24.1.1.u2
Revenue (Narrative) (Details) - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Revenue [Abstract]    
Revenue recognized $ 642 $ 747
v3.24.1.1.u2
Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Revenue from Contract with Customer [Line Items]      
Receivables, net $ 453.0 $ 512.0 $ 523.0
Receivables, allowance for expected credit loss 17.0 23.0 18.0
Unredeemed Gift Cards [Member]      
Revenue from Contract with Customer [Line Items]      
Short-term contract liabilities 242.0 253.0 256.0
Deferred Revenue [Member]      
Revenue from Contract with Customer [Line Items]      
Short-term contract liabilities 923.0 1,000.0 1,015.0
Accrued Liabilities [Member]      
Revenue from Contract with Customer [Line Items]      
Short-term contract liabilities 57.0 53.0 68.0
Long-Term Liabilities [Member]      
Revenue from Contract with Customer [Line Items]      
Long-term contract liabilities $ 239.0 $ 245.0 $ 260.0
v3.24.1.1.u2
Revenue (Expected Timing for Satisfying Remaining Performance Obligation) (Details)
$ in Millions
May 04, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-05-05  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Estimated revenue from our contract liability balances $ 26.0
Performance obligations from contract liability balances, duration 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-02-02  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Estimated revenue from our contract liability balances $ 32.0
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 $ 26.0
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 $ 25.0
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 $ 25.0
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 $ 25.0
Performance obligations from contract liability balances, duration 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2030-02-03  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Estimated revenue from our contract liability balances $ 112.0
Performance obligations from contract liability balances, duration 1 year
v3.24.1.1.u2
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
May 04, 2024
Apr. 29, 2023
Earnings per Share [Abstract]    
Net earnings $ 246.0 $ 244.0
Weighted-average common shares outstanding (in shares) 216.2 218.9
Dilutive effect of stock compensation plan awards (in shares) 1.0 1.0
Weighted-average common shares outstanding, assuming dilution (in shares) 217.2 219.9
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares) 0.6 1.0
Basic earnings per share $ 1.14 $ 1.11
Diluted earnings per share $ 1.13 $ 1.11
v3.24.1.1.u2
Repurchase of Common Stock (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions
1 Months Ended 3 Months Ended 12 Months Ended
Jun. 05, 2024
May 04, 2024
Apr. 29, 2023
Feb. 01, 2025
Feb. 28, 2022
Stock Repurchases [Line Items]          
Stock Repurchase Program, Authorized Amount   $ 5,000.0     $ 5,000.0
Stock Repurchase Program, Remaining Authorized Repurchase Amount   $ 3,700.0      
Repurchase of common stock (in shares)   0.7 1.1    
Repurchase of common stock   $ 52.0 $ 81.0    
Forecast [Member]          
Stock Repurchases [Line Items]          
Repurchase of common stock       $ 350.0  
Subsequent Event [Member]          
Stock Repurchases [Line Items]          
Repurchase of common stock (in shares) 0.4        
Repurchase of common stock $ 34.0        
v3.24.1.1.u2
Repurchase of Common Stock (Schedule of Share Repurchases) (Details) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Repurchase of Common Stock [Abstract]    
Total cost of shares repurchased $ 52.0 $ 81.0
Average price per share $ 77.81 $ 76.15
Total number of shares repurchased 0.7 1.1
v3.24.1.1.u2
Segments (Revenue by Reportable Segment and Product Category) (Details) - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues $ 8,847.0 $ 9,467.0
Domestic Segment [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 8,203.0 8,801.0
Domestic Segment [Member] | Computing and Mobile Phones [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 3,588.0 3,688.0
Domestic Segment [Member] | Consumer Electronics [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 2,364.0 2,592.0
Domestic Segment [Member] | Appliances [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 1,090.0 1,339.0
Domestic Segment [Member] | Entertainment [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 520.0 591.0
Domestic Segment [Member] | Services [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 578.0 537.0
Domestic Segment [Member] | Other [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 63.0 54.0
International Segment [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 644.0 666.0
International Segment [Member] | Computing and Mobile Phones [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 318.0 316.0
International Segment [Member] | Consumer Electronics [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 173.0 184.0
International Segment [Member] | Appliances [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 60.0 59.0
International Segment [Member] | Entertainment [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 46.0 60.0
International Segment [Member] | Services [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues 39.0 36.0
International Segment [Member] | Other [Member]    
Segment Reporting, Revenue Reconciling Item [Line Items]    
Revenues $ 8.0 $ 11.0
v3.24.1.1.u2
Segments (Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense) (Details) - USD ($)
$ in Millions
3 Months Ended
May 04, 2024
Apr. 29, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income $ 312.0 $ 311.0
Investment income and other 25.0 21.0
Interest expense (12.0) (12.0)
Earnings before income tax expense and equity in income (loss) of affiliates 325.0 320.0
Domestic Segment [Member]    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income 303.0 290.0
International Segment [Member]    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Operating income $ 9.0 $ 21.0
v3.24.1.1.u2
Segments (Assets by Reportable Segment) (Details) - USD ($)
$ in Millions
May 04, 2024
Feb. 03, 2024
Apr. 29, 2023
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets $ 14,752.0 $ 14,967.0 $ 14,688.0
Domestic Segment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets 13,483.0 13,660.0 13,561.0
International Segment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets $ 1,269.0 $ 1,307.0 $ 1,127.0
v3.24.1.1.u2
Insider Trading Arrangements
3 Months Ended
May 04, 2024
Insider Trading Arrangements [Line Items]  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false