Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
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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 | 224,600,000 | 227,400,000 | 250,400,000 |
Common stock, outstanding shares | 224,600,000 | 227,400,000 | 250,400,000 |
Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions |
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May 01, 2021 |
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Condensed Consolidated Statements of Earnings [Abstract] | ||
Revenue | $ 10,647 | $ 11,637 |
Cost of sales | 8,294 | 8,922 |
Gross profit | 2,353 | 2,715 |
Selling, general and administrative expenses | 1,890 | 1,988 |
Restructuring charges | 1 | (42) |
Operating income | 462 | 769 |
Other income (expense): | ||
Investment income (expense) and other | (5) | 3 |
Interest expense | (6) | (6) |
Earnings before income tax expense and equity in income of affiliates | 451 | 766 |
Income tax expense | 110 | 172 |
Equity in income of affiliates | 1 | |
Net earnings | $ 341 | $ 595 |
Basic earnings per share | $ 1.50 | $ 2.35 |
Diluted earnings per share | $ 1.49 | $ 2.32 |
Weighted-average common shares outstanding: | ||
Basic | 226.8 | 253.1 |
Diluted | 228.4 | 256.7 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
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Apr. 30, 2022 |
May 01, 2021 |
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Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||
Net earnings | $ 341 | $ 595 |
Foreign currency translation adjustments, net of tax | (1) | 10 |
Comprehensive income | $ 340 | $ 605 |
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
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Apr. 30, 2022 |
May 01, 2021 |
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Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.88 | $ 0.70 |
Basis of Presentation |
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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.
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. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended January 29, 2022. The first three months of fiscal 2023 and fiscal 2022 included 13 weeks.
In preparing the accompanying condensed consolidated financial statements, we evaluated the period from April 30, 2022, 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.
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):
Amounts included in restricted cash are primarily restricted to use for product protection plans provided under our Best Buy Totaltech membership offering and self-insurance liabilities. |
Restructuring |
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Restructuring [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring | 2. Restructuring
Mexico Exit and Strategic Realignment
In the third quarter of fiscal 2021, we made the decision to exit our operations in Mexico and began taking other actions to more broadly align our organizational structure in support of our strategy.
Charges incurred in our International segment primarily related to our decision to exit our operations in Mexico. All remaining stores in Mexico were closed in the first quarter of fiscal 2022 and we do not expect to incur material future restructuring charges related to the exit.
Charges incurred in our Domestic segment primarily related to actions taken to align our organizational structure in support of our strategy. During the first quarter of fiscal 2022, we recorded a $44 million credit primarily due to a reduction in expected termination benefits resulting from adjustments to previously planned organizational changes and higher-than-expected employee retention. As we continue to evolve our strategy, it is possible that we will incur material future restructuring costs, but we are unable to forecast the timing and magnitude of such costs.
All charges incurred related to the exit from Mexico and strategic realignment described above were from continuing operations and were presented as follows ($ in millions):
(1)Remaining net carrying value approximates fair value and was immaterial as of April 30, 2022. (2)Other charges are primarily comprised of contract termination costs.
There were no material restructuring charges in the first quarter of fiscal 2023 and no material liability remains. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets | 3. Goodwill and Intangible Assets
Goodwill
Goodwill balances by reportable segment were as follows ($ in millions):
No impairment charges were recorded during the fiscal periods presented.
Definite-Lived Intangible Assets
We have definite-lived intangible assets that are recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions):
Amortization expense was as follows ($ in millions):
Amortization expense expected to be recognized in future periods is as follows ($ in millions):
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Fair Value Measurements |
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Fair Value Measurements | 4. Fair Value Measurements
Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).
Recurring Fair Value Measurements
Financial assets accounted for at fair value were as follows ($ in millions):
(1)Balance sheet location is determined by length to maturity. (2)Valued at quoted market prices in active markets. (3)Valued at face value plus accrued interest, which approximates fair value. (4)Valued using readily observable market inputs. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market. See Note 5, Derivative Instruments, for additional information. (5)Valued using select mutual fund performance that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis.
Fair Value of Financial Instruments
The fair values of cash, receivables, accounts payable, short-term debt 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):
(1)Excludes debt discounts, issuance costs and finance lease obligations. |
Derivative Instruments |
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Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 5. Derivative Instruments
We manage our economic and transaction exposure to certain risks by using foreign exchange forward contracts to hedge against the effect of Canadian dollar exchange rate fluctuations on a portion of our net investment in our Canadian operations and by using interest rate swaps to mitigate the effect of interest rate fluctuations on our $500 million principal amount of notes due October 1, 2028 (“2028 Notes”). In addition, we use foreign currency forward contracts not designated as hedging instruments to manage the impact of fluctuations in foreign currency exchange rates relative to recognized receivable and payable balances denominated in non-functional currencies.
Our derivative instruments designated as net investment hedges and interest rate swaps are recorded on our Condensed Consolidated Balance Sheets at fair value. See Note 4, Fair Value Measurements, for gross fair values of our outstanding derivative instruments and corresponding fair value classifications.
Notional amounts of our derivative instruments were as follows ($ in millions):
Effects of our derivatives on our Condensed Consolidated Statements of Earnings were as follows ($ in millions):
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Debt |
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Debt |
6. Debt
Short-Term Debt
U.S. Revolving Credit Facility
On May 18, 2021, we entered into a $1.25 billion five year senior unsecured revolving credit facility agreement (the “Five-Year Facility Agreement”) with a syndicate of banks. The Five-Year Facility Agreement replaced the previous $1.25 billion senior unsecured revolving credit facility (the “Previous Facility”) with a syndicate of banks, which was originally scheduled to expire in April 2023, but was terminated on May 18, 2021. The Five-Year Facility Agreement permits borrowings of up to $1.25 billion and expires in May 2026. There were no borrowings outstanding under the Five-Year Facility Agreement as of April 30, 2022, and January 29, 2022, or the Previous Facility as of May 1, 2021.
Bank Advance
In conjunction with a solar energy investment, we were advanced $110 million due October 31, 2021. The advance was recorded within Short-term debt on our Condensed Consolidated Balance Sheets as of May 1, 2021, and bore interest at 0.14%. This advance was repaid on October 29, 2021.
Long-Term Debt
Long-term debt consisted of the following ($ in millions):
See Note 4, Fair Value Measurements, for the fair value of long-term debt. |
Revenue |
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Revenue | 7. Revenue
We generate substantially all of our revenue from contracts with customers for the sale of products and services. Contract balances primarily consist of receivables and liabilities related to product merchandise not yet delivered to customers, unfulfilled membership benefits and services not yet completed, unredeemed gift cards and options that provide a material right to customers, such as our customer loyalty programs. Contract balances were as follows ($ in millions):
(1)Receivables are recorded net of allowances for doubtful accounts of $25 million, $31 million and $25 million as of April 30, 2022, January 29, 2022, and May 1, 2021, respectively.
During the first three months of fiscal 2023 and fiscal 2022, $829 million and $684 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods. See Note 11, Segments, for information on our revenue by reportable segment and product category. |
Earnings per Share |
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Earnings per Share | 8. Earnings per Share
We compute our basic earnings per share based on the weighted-average number of common shares outstanding and our diluted earnings per share based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued.
Reconciliations of the numerators and denominators of basic and diluted earnings per share were as follows ($ and shares in millions, except per share amounts):
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Repurchase of Common Stock |
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Shareholders' Equity | 9. Repurchase of Common Stock
On February 28, 2022, our Board of Directors approved a new $5.0 billion share repurchase program, which replaced the $5.0 billion share repurchase program authorized on February 16, 2021. There is no expiration date governing the period over which we can repurchase shares under this authorization. On May 24, 2022, we reaffirmed our plans to spend approximately $1.5 billion on share repurchases in fiscal 2023.
Information regarding the shares we repurchased and retired was as follows ($ and shares in millions, except per share amounts):
As of April 30, 2022, $4.7 billion of the $5.0 billion share repurchase authorization was available. |
Contingencies |
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Apr. 30, 2022 | |
Contingencies [Abstract] | |
Contingencies | 10. Contingencies We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters, which are reflected on our Condensed Consolidated Financial Statements. However, there are cases where liability is not probable or the amount cannot be reasonably estimated and, therefore, accruals have not been made. We provide disclosure of matters where we believe it is reasonably possible the impact may be material to our Condensed Consolidated Financial Statements. |
Segments |
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Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | 11. Segments
Reportable segment and product category revenue information was as follows ($ in millions):
Operating income by reportable segment and the reconciliation to consolidated earnings before income tax expense and equity in income of affiliates was as follows ($ in millions):
Assets by reportable segment were as follows ($ in millions):
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Basis of Presentation (Tables) |
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Total Cash, Cash Equivalents and Restricted Cash |
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Restructuring (Tables) |
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Restructuring [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Composition of Restructuring Charges |
(1)Remaining net carrying value approximates fair value and was immaterial as of April 30, 2022. (2)Other charges are primarily comprised of contract termination costs.
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Goodwill and Intangible Assets (Tables) |
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Goodwill and Intangible Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment |
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Definite-Lived Intangible Assets |
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Amortization Expense |
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Amortization Expense Expected to be Recognized |
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Fair Value Measurements (Tables) |
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Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis |
(1)Balance sheet location is determined by length to maturity. (2)Valued at quoted market prices in active markets. (3)Valued at face value plus accrued interest, which approximates fair value. (4)Valued using readily observable market inputs. These instruments are custom, over-the-counter contracts with various bank counterparties that are not traded on an active market. See Note 5, Derivative Instruments, for additional information. (5)Valued using select mutual fund performance that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis. |
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Fair Value of Financial Instruments |
(1)Excludes debt discounts, issuance costs and finance lease obligations. |
Derivative Instruments (Tables) |
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Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Derivative Instruments |
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Effects of Derivative Instruments on OCI and Earnings |
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Debt (Tables) |
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Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt |
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Revenue (Tables) |
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Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Balances and Changes in Contract Balances |
(1)Receivables are recorded net of allowances for doubtful accounts of $25 million, $31 million and $25 million as of April 30, 2022, January 29, 2022, and May 1, 2021, respectively.
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Earnings per Share (Tables) |
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Earnings per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share |
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Repurchase of Common Stock (Tables) |
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Shareholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of share repurchases |
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Segments (Tables) |
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Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Reportable Segment and Product Category |
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Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense |
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Assets by Reportable Segment |
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Basis of Presentation (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
Jan. 30, 2021 |
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New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Cash and cash equivalents | $ 640 | $ 2,936 | $ 4,278 | |
Restricted cash included in Other current assets | 320 | 269 | 115 | |
Total cash, cash equivalents and restricted cash | $ 960 | $ 3,205 | $ 4,393 | $ 5,625 |
Restructuring (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Apr. 30, 2022 |
May 01, 2021 |
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Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 1 | $ (42) |
Termination Benefits [Member] | Mexico Exit And Strategic Realignment [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring charges | $ 44 |
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
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Apr. 30, 2022 |
May 01, 2021 |
Jan. 29, 2022 |
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Goodwill and Intangible Assets [Abstract] | |||
Goodwill and intangible assets impairment charges | $ 0 | $ 0 | $ 0 |
Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
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Goodwill [Line Items] | |||
Gross Carrying Amount | $ 2,060 | $ 2,059 | $ 1,661 |
Cumulative Impairment | (675) | (675) | (675) |
Domestic [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 1,452 | 1,451 | 1,053 |
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 (Amortization Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
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Apr. 30, 2022 |
May 01, 2021 |
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Goodwill and Intangible Assets [Abstract] | ||
Amortization expense | $ 22 | $ 20 |
Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions |
Apr. 30, 2022
USD ($)
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Goodwill and Intangible Assets [Abstract] | |
Remainder of fiscal 2023 | $ 64 |
Fiscal 2024 | 60 |
Fiscal 2025 | 22 |
Fiscal 2026 | 21 |
Fiscal 2027 | 18 |
Fiscal 2028 | 12 |
Thereafter | $ 56 |
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
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Level 1 [Member] | Money market funds [Member] | |||
Assets | |||
Cash and cash equivalents | $ 2 | $ 548 | $ 1,063 |
Level 1 [Member] | Marketable securities that fund deferred compensation [Member] | |||
Assets | |||
Other assets | 51 | 54 | 53 |
Level 2 [Member] | Time deposits [Member] | |||
Assets | |||
Cash and cash equivalents | 27 | 278 | 639 |
Short-term investments | 60 | ||
Other current assets | 65 | ||
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member] | |||
Assets | |||
Other assets | $ 4 | $ 50 | $ 65 |
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
---|---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Carrying value | $ 1,154 | $ 1,200 | $ 1,215 |
Level 2 [Member] | Debt [Member] | Long-term debt [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | 1,050 | 1,205 | 1,260 |
Carrying value | $ 1,154 | $ 1,200 | $ 1,215 |
Derivative Instruments (Narrative) (Details) |
Apr. 30, 2022
USD ($)
|
---|---|
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 |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
---|---|---|---|
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 668 | $ 723 | $ 628 |
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 107 | 155 | 94 |
Interest Rate Swap Derivative Instruments [Member] | Designated As Hedging Instrument [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 500 | 500 | 500 |
Foreign Exchange Forward Contracts [Member] | Not Designated As Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 61 | $ 68 | $ 34 |
Derivative Instruments (Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings) (Details) - Interest Expense [Member] - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
|
Interest Rate Swap Derivative Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Loss on Derivative | $ (45) | $ (26) |
Carrying Value Of Long Term Debt [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative, Gain on Derivative | $ 45 | $ 26 |
Debt (Narrative) (Short-Term Debt) (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
|
Five-Year Facility Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | ||
Debt instrument, term | 5 years | ||
Outstanding borrowings | $ 0 | $ 0 | $ 0 |
Bank Advance [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 0.14% | ||
Debt Instrument, Face Amount | $ 110,000,000 | ||
Notes Due 2030 [Member] | |||
Line of Credit Facility [Line Items] | |||
Interest rate | 1.95% |
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Total | $ 1,154 | $ 1,200 | $ 1,215 |
Debt discounts and issuance costs | (10) | (11) | (12) |
Finance lease obligations | 41 | 40 | 41 |
Total long-term debt | 1,185 | 1,229 | 1,244 |
Less current portion | 15 | 13 | 15 |
Total long-term debt, less current portion | 1,170 | 1,216 | 1,229 |
Interest Rate Swap Derivative Instruments [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate swap valuation adjustments | 4 | 50 | 65 |
Notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 500 | 500 | 500 |
Interest rate | 4.45% | ||
Notes Due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 650 | $ 650 | $ 650 |
Interest rate | 1.95% |
Revenue (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Apr. 30, 2022 |
Jan. 29, 2022 |
|
Revenue [Abstract] | ||
Revenue recognized | $ 829 | $ 684 |
Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
---|---|---|---|
Revenue from Contract with Customer [Line Items] | |||
Receivables, net | $ 526 | $ 591 | $ 545 |
Short-term contract liabilities included in: | |||
Receivables, allowance for doubtful accounts | 25 | 31 | 25 |
Unredeemed Gift Cards [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | 284 | 316 | 297 |
Deferred Revenue [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | 1,101 | 1,103 | 734 |
Accrued Liability [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | $ 82 | $ 83 | $ 79 |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
|
Earnings per Share [Abstract] | ||
Net earnings | $ 341 | $ 595 |
Weighted-average common shares outstanding (in shares) | 226.8 | 253.1 |
Dilutive effect of stock compensation plan awards (in shares) | 1.6 | 3.6 |
Weighted-average common shares outstanding, assuming dilution (in shares) | 228.4 | 256.7 |
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares) | 2.2 | 1.1 |
Basic earnings per share | $ 1.50 | $ 2.35 |
Diluted earnings per share | $ 1.49 | $ 2.32 |
Repurchase of Common Stock (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
May 24, 2022 |
Apr. 30, 2022 |
May 01, 2021 |
Feb. 28, 2022 |
|
Stock Repurchases [Line Items] | ||||
Repurchase of common stock | $ 442 | $ 915 | ||
February 2021 Share Repurchase Program [Member] | ||||
Stock Repurchases [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | 5,000 | $ 5,000 | ||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 4,700 | |||
February 2022 Share Repurchase Program [Member] | ||||
Stock Repurchases [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 5,000 | |||
Scenario, Plan [Member] | February 2021 Share Repurchase Program [Member] | ||||
Stock Repurchases [Line Items] | ||||
Repurchase of common stock | $ 1,500 |
Repurchase of Common Stock (Schedule of share repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
|
Shareholders' Equity [Abstract] | ||
Total cost of shares repurchased | $ 442 | $ 915 |
Average price per share | $ 97.18 | $ 108.69 |
Number of shares repurchased | 4.5 | 8.4 |
Segments (Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Apr. 30, 2022 |
May 01, 2021 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income | $ 462 | $ 769 |
Investment income (expense) and other | (5) | 3 |
Interest expense | (6) | (6) |
Earnings before income tax expense and equity in income of affiliates | 451 | 766 |
Domestic Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income | 429 | 734 |
International Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Operating income | $ 33 | $ 35 |
Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions |
Apr. 30, 2022 |
Jan. 29, 2022 |
May 01, 2021 |
---|---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 15,251 | $ 17,504 | $ 17,705 |
Domestic Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 14,132 | 16,016 | 16,490 |
International Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 1,119 | $ 1,488 | $ 1,215 |