BEST BUY CO INC, 10-Q filed on 12/6/2022
Quarterly Report
v3.22.2.2
Document Information Statement - shares
 9 Months Ended
Oct. 29, 2022
Dec. 02, 2022
Document Information [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Oct. 29, 2022  
Document Fiscal Year Focus 2023  
Current Fiscal Year End Date --01-28  
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, $0.10 par value per share  
Trading Symbol BBY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   221,264,454
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000764478  
Amendment Flag false  
v3.22.2.2
Condensed Consolidated Balance Sheets - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Current assets      
Cash and cash equivalents $ 932 $ 2,936 $ 3,465
Receivables, net 1,050 1,042 1,016
Merchandise inventories 7,294 5,965 8,553
Other current assets 646 596 486
Total current assets 9,922 10,539 13,520
Property and equipment, net 2,373 2,250 2,256
Operating lease assets 2,799 2,654 2,688
Goodwill 1,383 1,384 986
Other assets 544 677 652
Total assets 17,021 17,504 20,102
Current liabilities      
Accounts payable 7,056 6,803 8,405
Accrued compensation and related expenses 363 845 703
Accrued liabilities 744 946 895
Current portion of operating lease liabilities 638 648 645
Current portion of long-term debt 16 13 15
Total current liabilities 10,170 10,674 11,946
Long-term operating lease liabilities 2,216 2,061 2,102
Long-term debt 1,142 1,216 1,223
Long-term liabilities 500 533 553
Contingencies (Note 11)
Equity      
Preferred stock, $1.00 par value: Authorized - 400,000 shares; Issued and outstanding - none
Common stock, $0.10 par value: Authorized - 1.0 billion shares; Issued and outstanding - 225.2 million, 227.4 million and 243.8 million shares, respectively 22 23 24
Additional paid-in capital 61    
Retained earnings 2,597 2,668 3,917
Accumulated other comprehensive income 313 329 337
Total equity 2,993 3,020 4,278
Total liabilities and equity 17,021 17,504 20,102
Gift Card [Member]      
Current liabilities      
Short-term contract liabilities 273 316 306
Deferred Revenue [Member]      
Current liabilities      
Short-term contract liabilities $ 1,080 $ 1,103 $ 977
v3.22.2.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
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 225,200,000 227,400,000 243,800,000
Common stock, outstanding shares 225,200,000 227,400,000 243,800,000
v3.22.2.2
Condensed Consolidated Statements of Earnings - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Condensed Consolidated Statements of Earnings [Abstract]        
Revenue $ 10,587 $ 11,910 $ 31,563 $ 35,396
Cost of sales 8,255 9,108 24,591 27,069
Gross profit 2,332 2,802 6,972 8,327
Selling, general and administrative expenses 1,941 2,133 5,713 6,130
Restructuring charges 26 (1) 61 (39)
Operating income 365 670 1,198 2,236
Other income (expense):        
Investment income and other 4 1 2 7
Interest expense (10) (7) (23) (19)
Earnings before income tax expense and equity in income (loss) of affiliates 359 664 1,177 2,224
Income tax expense 84 166 252 402
Equity in income (loss) of affiliates 2 1 (1) 6
Net earnings $ 277 $ 499 $ 924 $ 1,828
Basic earnings per share $ 1.23 $ 2.02 $ 4.09 $ 7.31
Diluted earnings per share $ 1.22 $ 2.00 $ 4.07 $ 7.23
Weighted-average common shares outstanding:        
Basic 225.5 246.4 225.9 249.9
Diluted 226.2 249.1 226.9 252.9
v3.22.2.2
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Condensed Consolidated Statements of Comprehensive Income [Abstract]        
Net earnings $ 277 $ 499 $ 924 $ 1,828
Foreign currency translation adjustments, net of tax (15) 2 (16) 9
Comprehensive income $ 262 $ 501 $ 908 $ 1,837
v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Operating activities    
Net earnings $ 924 $ 1,828
Adjustments to reconcile net earnings to total cash provided by (used in) operating activities:    
Depreciation and amortization 679 644
Restructuring charges 61 (39)
Stock-based compensation 98 105
Deferred income taxes 10 (16)
Other, net 9 3
Changes in operating assets and liabilities, net of acquired assets and liabilities:    
Receivables (14) 43
Merchandise inventories (1,365) (2,924)
Other assets (1) (12)
Accounts payable 224 1,387
Income taxes 28 (172)
Other liabilities (761) 214
Total cash provided by (used in) operating activities (108) 1,061
Investing activities    
Additions to property and equipment (696) (548)
Purchases of investments (46) (221)
Sales of investments 5 64
Other, net 1 (2)
Total cash used in investing activities (736) (707)
Financing activities    
Repurchase of common stock (465) (1,728)
Issuance of common stock 15 28
Dividends paid (595) (522)
Repayments of debt (13) (123)
Other, net   (2)
Total cash used in financing activities (1,058) (2,347)
Effect of exchange rate changes on cash and cash equivalents (10) 6
Decrease in cash, cash equivalents and restricted cash (1,912) (1,987)
Cash, cash equivalents and restricted cash at beginning of period 3,205 5,625
Cash, cash equivalents and restricted cash at end of period $ 1,293 $ 3,638
v3.22.2.2
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. 30, 2021 $ 26   $ 4,233 $ 328 $ 4,587
Balances (in shares) at Jan. 30, 2021 256.9        
Net earnings     1,828   1,828
Other comprehensive income (loss):          
Foreign currency translation adjustments, net of tax       9 9
Stock-based compensation   $ 105     105
Issuance of common stock   28     28
Issuance of common stock (in shares) 2.7        
Common stock dividends   11 (533)   (522)
Repurchase of common stock $ (2) (144) (1,611)   (1,757)
Repurchase of common stock (in shares) (15.8)        
Balances at Oct. 30, 2021 $ 24   3,917 337 4,278
Balances (in shares) at Oct. 30, 2021 243.8        
Balances at Jul. 31, 2021 $ 25   3,975 335 4,335
Balances (in shares) at Jul. 31, 2021 247.3        
Net earnings     499   499
Other comprehensive income (loss):          
Foreign currency translation adjustments, net of tax       2 2
Stock-based compensation   34     34
Issuance of common stock   6     6
Issuance of common stock (in shares) 0.2        
Common stock dividends   3 (175)   (172)
Repurchase of common stock $ (1) (43) (382)   (426)
Repurchase of common stock (in shares) (3.7)        
Balances at Oct. 30, 2021 $ 24   3,917 337 4,278
Balances (in shares) at Oct. 30, 2021 243.8        
Balances at Jan. 29, 2022 $ 23   2,668 329 3,020
Balances (in shares) at Jan. 29, 2022 227.4        
Net earnings     924   924
Other comprehensive income (loss):          
Foreign currency translation adjustments, net of tax       (16) (16)
Stock-based compensation   98     98
Issuance of common stock   15     15
Issuance of common stock (in shares) 2.4        
Common stock dividends   10 (606)   (596)
Repurchase of common stock $ (1) (62) (389)   (452)
Repurchase of common stock (in shares) (4.6)        
Balances at Oct. 29, 2022 $ 22 61 2,597 313 2,993
Balances (in shares) at Oct. 29, 2022 225.2        
Balances at Jul. 30, 2022 $ 22 20 2,522 328 2,892
Balances (in shares) at Jul. 30, 2022 225.1        
Net earnings     277   277
Other comprehensive income (loss):          
Foreign currency translation adjustments, net of tax       (15) (15)
Stock-based compensation   33     33
Issuance of common stock   5     5
Issuance of common stock (in shares) 0.1        
Common stock dividends   3 (202)   (199)
Balances at Oct. 29, 2022 $ 22 $ 61 $ 2,597 $ 313 $ 2,993
Balances (in shares) at Oct. 29, 2022 225.2        
v3.22.2.2
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 30, 2021
Oct. 29, 2022
Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract]        
Common Stock, Dividends, Per Share, Declared $ 0.88 $ 0.70 $ 2.10 $ 2.64
v3.22.2.2
Basis of Presentation
 9 Months Ended
Oct. 29, 2022
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 nine months of fiscal 2023 and fiscal 2022 included 39 weeks.

In preparing the accompanying condensed consolidated financial statements, we evaluated the period from October 29, 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):

October 29, 2022

January 29, 2022

October 30, 2021

Cash and cash equivalents

$

932 

$

2,936 

$

3,465 

Restricted cash included in Other current assets

361 

269 

173 

Total cash, cash equivalents and restricted cash

$

1,293 

$

3,205 

$

3,638 

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.
v3.22.2.2
Restructuring
 9 Months Ended
Oct. 29, 2022
Restructuring [Abstract]  
Restructuring 2. Restructuring

Restructuring charges were as follows ($ in millions):

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Fiscal 2023 Resource Optimization Initiative

$

25 

$

-

$

59 

$

-

Mexico Exit and Strategic Realignment(1)

1 

(1)

2 

(45)

Total

$

26 

$

(1)

$

61 

$

(45)

(1)Includes ($6) million related to inventory markdowns recorded in Cost of Sales on our Condensed Consolidated Statements of Earnings for the nine months ended October 30, 2021. 

Fiscal 2023 Resource Optimization Initiative

In light of ongoing changes in business trends, during the second quarter of fiscal 2023, we commenced an enterprise-wide initiative to better align our spending with critical strategies and operations, as well as to optimize our cost structure. Charges incurred for the periods presented are primarily comprised of employee termination benefits within our Domestic segment. We currently expect to incur additional charges through the remainder of fiscal 2023, primarily within our Domestic segment, of approximately $15 million to $30 million related to this initiative.

All charges incurred related to this plan were from continuing operations and were presented within Restructuring charges on our Condensed Consolidated Statements of Earnings.


‎

Restructuring accrual activity within our Domestic segment related to the fiscal 2023 resource optimization initiative described above was as follows ($ in millions):

Termination Benefits

Balance at January 29, 2022

$

-

Charges

62 

Cash payments

(28)

Adjustments(1)

(3)

Balance at October 29, 2022

$

31 

(1)Represents higher-than-expected employee retention. 

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 of our former stores in Mexico were closed as of the first quarter of fiscal 2022.

Charges incurred in our Domestic segment primarily related to actions taken to align our organizational structure in support of our strategy. During the nine months ended October 30, 2021, we recorded a $44 million credit primarily due to a reduction in expected termination benefits resulting from adjustments to previously planned organizational changes and higher-than-expected employee retention.

All charges incurred related to this plan were from continuing operations and were presented as follows ($ in millions):

Statement of

Three Months Ended October 30, 2021

Nine Months Ended October 30, 2021

Earnings Location

Domestic

International

Total

Domestic

International

Total

Inventory markdowns

Cost of sales

$

-

$

-

$

-

$

-

$

(6)

$

(6)

Asset impairments

Restructuring charges

-

(1)

(1)

-

6 

6 

Termination benefits

Restructuring charges

-

-

-

(44)

(1)

(45)

$

-

$

(1)

$

(1)

$

(44)

$

(1)

$

(45)

Statement of

Cumulative Amount as of October 29, 2022

Earnings Location

Domestic

International

Total

Inventory markdowns

Cost of sales

$

-

$

17 

$

17 

Asset impairments(1)

Restructuring charges

10 

63 

73 

Termination benefits

Restructuring charges

83 

20 

103 

Currency translation adjustment

Restructuring charges

-

39 

39 

Other(2)

Restructuring charges

-

6 

6 

$

93 

$

145 

$

238 

(1)Remaining net carrying value approximates fair value and was immaterial as of October 29, 2022.

(2)Other charges are primarily comprised of contract termination costs.

We do not expect to incur material future restructuring charges related to the exit from Mexico or strategic realignment initiatives described above, and no material liability remains as of October 29, 2022.
v3.22.2.2
Goodwill and Intangible Assets
 9 Months Ended
Oct. 29, 2022
Goodwill and Intangible Assets [Abstract]  
Goodwill and Intangible Assets 3. Goodwill and Intangible Assets

Goodwill

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

October 29, 2022

January 29, 2022

October 30, 2021

Gross Carrying Amount

Cumulative Impairment

Gross Carrying Amount

Cumulative Impairment

Gross Carrying Amount

Cumulative Impairment

Domestic

$

1,450 

$

(67)

$

1,451 

$

(67)

$

1,053 

$

(67)

International

608 

(608)

608 

(608)

608 

(608)

Total

$

2,058 

$

(675)

$

2,059 

$

(675)

$

1,661 

$

(675)

No impairment charges were recorded during the 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):

October 29, 2022

January 29, 2022

October 30, 2021

Weighted-Average

Gross Carrying
‎Amount

Accumulated
‎Amortization

Gross Carrying
‎Amount

Accumulated
‎Amortization

Gross Carrying
‎Amount

Accumulated
‎Amortization

Useful Life Remaining as of October 29, 2022 (in years)

Customer relationships

$

360 

$

222 

$

360 

$

180 

$

339 

$

165 

8.0

Tradenames

108 

52 

108 

38 

81 

34 

5.4

Developed technology

64 

48 

64 

39 

56 

36 

2.6

Total

$

532 

$

322 

$

532 

$

257 

$

476 

$

235 

6.9 

Amortization expense was as follows ($ in millions):

Statement of

Three Months Ended

Nine Months Ended

Earnings Location

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Amortization expense

SG&A

$

21 

$

20 

$

65 

$

60 

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

Amortization Expense

Remainder of fiscal 2023

$

21 

Fiscal 2024

61 

Fiscal 2025

21 

Fiscal 2026

21 

Fiscal 2027

18 

Fiscal 2028

12 

Thereafter

56 
v3.22.2.2
Fair Value Measurements
 9 Months Ended
Oct. 29, 2022
Fair Value Measurements [Abstract]  
Fair Value Measurements 4. Fair Value Measurements

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

Recurring Fair Value Measurements

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

Fair Value at

Balance Sheet Location(1)

Fair Value Hierarchy

October 29, 2022

January 29, 2022

October 30, 2021

Assets

Money market funds(2)

Cash and cash equivalents

Level 1

$

76 

$

548 

$

313 

Time deposits(3)

Cash and cash equivalents

Level 2

25 

278 

625 

Money market funds(2)

Other current assets

Level 1

176 

-

-

Marketable securities that fund deferred compensation(4)

Other assets

Level 1

44 

54 

54 

Interest rate swap derivative instruments(5)

Other assets

Level 2

-

50 

58 

Liabilities

Interest rate swap derivative instruments(5)

Long-term liabilities

Level 2

27 

-

-

(1)Balance sheet location is determined by length to maturity at date of purchase.

(2)Valued at quoted market prices in active markets at period end.

(3)Valued at face value plus accrued interest at period end, which approximates fair value.

(4)Valued using the performance of mutual funds that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis.

(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, restricted 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 instruments held at cost are not readily available, but we estimate that the carrying values for these investments approximate their fair values.

Long-term debt is presented at carrying value on our Condensed Consolidated Balance Sheets. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. Long-term debt balances were as follows ($ in millions):

October 29, 2022

January 29, 2022

October 30, 2021

Fair Value

Carrying Value

Fair Value

Carrying Value

Fair Value

Carrying Value

Long-term debt(1)

$

925 

$

1,123 

$

1,205 

$

1,200 

$

1,257 

$

1,208 

(1)Excluded debt discounts, issuance costs and finance lease obligations.
v3.22.2.2
Derivative Instruments
 9 Months Ended
Oct. 29, 2022
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):

Contract Type

October 29, 2022

January 29, 2022

October 30, 2021

Derivatives designated as net investment hedges

$

118 

$

155 

$

125 

Derivatives designated as interest rate swaps

500 

500 

500 

No hedge designation (foreign exchange contracts)

112 

68 

106 

Total

$

730 

$

723 

$

731 

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

Gain (Loss) Recognized

Three Months Ended

Nine Months Ended

Statement of Earnings Location

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Interest rate swap contracts

Interest expense

$

(45)

$

(21)

$

(76)

$

(33)

Adjustments to carrying value of long-term debt

Interest expense

45 

21 

76 

33 

Total

$

-

$

-

$

-

$

-
v3.22.2.2
Debt
 9 Months Ended
Oct. 29, 2022
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. The Five-Year Facility Agreement permits borrowings of up to $1.25 billion and expires in May 2026. There were no borrowings outstanding under the Five-Year Facility Agreement as of October 29, 2022, January 29, 2022, or October 30, 2021.

Long-Term Debt

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

October 29, 2022

January 29, 2022

October 30, 2021

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)

50 

58 

Subtotal

1,123 

1,200 

1,208 

Debt discounts and issuance costs

(9)

(11)

(11)

Finance lease obligations

44 

40 

41 

Total long-term debt

1,158 

1,229 

1,238 

Less current portion

16 

13 

15 

Total long-term debt, less current portion

$

1,142 

$

1,216 

$

1,223 

See Note 4, Fair Value Measurements, for the fair value of long-term debt.
v3.22.2.2
Revenue
 9 Months Ended
Oct. 29, 2022
Revenue [Abstract]  
Revenue 7. Revenue

We generate substantially all of our revenue from contracts with customers for the sale of products and services. Contract balances primarily consist of receivables and liabilities related to product merchandise not yet delivered to customers, 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):

October 29, 2022

January 29, 2022

October 30, 2021

Receivables, net(1)

$

654 

$

591 

$

638 

Short-term contract liabilities included in:

Unredeemed gift card liabilities

273 

316 

306 

Deferred revenue

1,080 

1,103 

977 

Accrued liabilities

77 

83 

88 

(1)Receivables are recorded net of allowances for doubtful accounts of $20 million, $31 million and $24 million as of October 29, 2022, January 29, 2022, and October 30, 2021, respectively.

During the first nine months of fiscal 2023 and fiscal 2022, $1,251 million and $1,001 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods.

See Note 12, Segments, for information on our revenue by reportable segment and product category.
v3.22.2.2
Earnings per Share
 9 Months Ended
Oct. 29, 2022
Earnings per Share [Abstract]  
Earnings per Share 8. Earnings per Share

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

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

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Numerator

Net earnings

$

277 

$

499 

$

924 

$

1,828 

Denominator

Weighted-average common shares outstanding

225.5 

246.4 

225.9 

249.9 

Dilutive effect of stock compensation plan awards

0.7 

2.7 

1.0 

3.0 

Weighted-average common shares outstanding, assuming dilution

226.2 

249.1 

226.9 

252.9 

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

2.3 

-

2.3 

-

Basic earnings per share

$

1.23 

$

2.02 

$

4.09 

$

7.31 

Diluted earnings per share

$

1.22 

$

2.00 

$

4.07 

$

7.23 
v3.22.2.2
Repurchase of Common Stock
 9 Months Ended
Oct. 29, 2022
Repurchase of Common Stock [Abstract]  
Repurchase of Common Stock 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. Share repurchases resumed in fiscal November 2023 after pausing during the second quarter of fiscal 2023. We expect to spend approximately $1 billion in share repurchases in fiscal 2023.

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

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Total cost of shares repurchased

$

-

$

426 

$

452

$

1,757

Average price per share

$

-

$

115.94 

$

96.83

$

111.33

Number of shares repurchased

-

3.7 

4.6

15.8

As of October 29, 2022, $4.7 billion of the $5.0 billion share repurchase authorization was available. Between the end of the third quarter of fiscal 2023 on October 29, 2022, and December 2, 2022, we repurchased an incremental 4.4 million shares of our common stock at a cost of $322 million.
v3.22.2.2
Income Taxes
 9 Months Ended
Oct. 29, 2022
Income Taxes [Abstract]  
Income Taxes 10. Income Taxes

Unrecognized Tax Benefits

Our income tax returns are routinely examined by domestic and foreign tax authorities. During the second quarter of fiscal 2022, we reduced our unrecognized tax benefits by $101 million relating to multi-jurisdiction, multi-year, non-cash benefits from the resolution of certain discrete tax matters, all of which resulted in a tax benefit.

Inflation Reduction Act of 2022

On August 16, 2022, the U.S. enacted the Inflation Reduction Act of 2022, which, among other things, implements a 15% minimum tax on book income of certain large corporations, a 1% excise tax on net stock repurchases and several tax incentives to promote clean energy. Based on our current analysis of the provisions, we do not believe this legislation will have a material impact on our consolidated financial statements.
v3.22.2.2
Contingencies
 9 Months Ended
Oct. 29, 2022
Contingencies [Abstract]  
Contingencies 11. Contingencies

We are involved in a number of legal proceedings. Where appropriate, we have made accruals with respect to these matters, which are reflected on our Condensed Consolidated Financial Statements. However, there are cases where liability is not probable or the amount cannot be reasonably estimated and, therefore, accruals have not been made. We provide disclosure of matters where we believe it is reasonably possible the impact may be material to our Condensed Consolidated Financial Statements.
v3.22.2.2
Segments
 9 Months Ended
Oct. 29, 2022
Segments [Abstract]  
Segments 12. Segments

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

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Revenue by reportable segment

Domestic

$

9,800 

$

10,985 

$

29,263 

$

32,837 

International

787 

925 

2,300 

2,559 

Total revenue

$

10,587 

$

11,910 

$

31,563 

$

35,396 

Revenue by product category

Domestic:

Computing and Mobile Phones

$

4,337 

$

4,901 

$

12,586 

$

14,460 

Consumer Electronics

2,889 

3,346 

8,630 

9,964 

Appliances

1,469 

1,628 

4,717 

4,864 

Entertainment

500 

527 

1,581 

1,755 

Services

533 

541 

1,538 

1,667 

Other

72 

42 

211 

127 

Total Domestic revenue

$

9,800 

$

10,985 

$

29,263 

$

32,837 

International:

Computing and Mobile Phones

$

389 

$

462 

$

1,060 

$

1,230 

Consumer Electronics

220 

253 

657 

720 

Appliances

74 

87 

249 

260 

Entertainment

46 

54 

154 

176 

Services

43 

54 

134 

128 

Other

15 

15 

46 

45 

Total International revenue

$

787 

$

925 

$

2,300 

$

2,559 

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

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Domestic

$

332 

$

609 

$

1,104 

$

2,100 

International

33 

61 

94 

136 

Total operating income

365 

670 

1,198 

2,236 

Other income (expense):

Investment income and other

4 

1 

2 

7 

Interest expense

(10)

(7)

(23)

(19)

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

$

359 

$

664 

$

1,177 

$

2,224 

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

October 29, 2022

January 29, 2022

October 30, 2021

Domestic

$

15,695 

$

16,016 

$

18,518 

International

1,326 

1,488 

1,584 

Total assets

$

17,021 

$

17,504 

$

20,102 
v3.22.2.2
Basis of Presentation (Tables)
 9 Months Ended
Oct. 29, 2022
Basis of Presentation [Abstract]  
Total Cash, Cash Equivalents and Restricted Cash

October 29, 2022

January 29, 2022

October 30, 2021

Cash and cash equivalents

$

932 

$

2,936 

$

3,465 

Restricted cash included in Other current assets

361 

269 

173 

Total cash, cash equivalents and restricted cash

$

1,293 

$

3,205 

$

3,638 
v3.22.2.2
Restructuring (Tables)
 9 Months Ended
Oct. 29, 2022
Restructuring Cost and Reserve [Line Items]  
Composition of Restructuring Charges

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Fiscal 2023 Resource Optimization Initiative

$

25 

$

-

$

59 

$

-

Mexico Exit and Strategic Realignment(1)

1 

(1)

2 

(45)

Total

$

26 

$

(1)

$

61 

$

(45)

(1)Includes ($6) million related to inventory markdowns recorded in Cost of Sales on our Condensed Consolidated Statements of Earnings for the nine months ended October 30, 2021. 
Resource Optimization Initiative [Member]  
Restructuring Cost and Reserve [Line Items]  
Restructuring Accrual Activity

Termination Benefits

Balance at January 29, 2022

$

-

Charges

62 

Cash payments

(28)

Adjustments(1)

(3)

Balance at October 29, 2022

$

31 

(1)Represents higher-than-expected employee retention. 
Mexico Exit And Strategic Realignment [Member]  
Restructuring Cost and Reserve [Line Items]  
Composition of Restructuring Charges

Statement of

Three Months Ended October 30, 2021

Nine Months Ended October 30, 2021

Earnings Location

Domestic

International

Total

Domestic

International

Total

Inventory markdowns

Cost of sales

$

-

$

-

$

-

$

-

$

(6)

$

(6)

Asset impairments

Restructuring charges

-

(1)

(1)

-

6 

6 

Termination benefits

Restructuring charges

-

-

-

(44)

(1)

(45)

$

-

$

(1)

$

(1)

$

(44)

$

(1)

$

(45)

Statement of

Cumulative Amount as of October 29, 2022

Earnings Location

Domestic

International

Total

Inventory markdowns

Cost of sales

$

-

$

17 

$

17 

Asset impairments(1)

Restructuring charges

10 

63 

73 

Termination benefits

Restructuring charges

83 

20 

103 

Currency translation adjustment

Restructuring charges

-

39 

39 

Other(2)

Restructuring charges

-

6 

6 

$

93 

$

145 

$

238 

(1)Remaining net carrying value approximates fair value and was immaterial as of October 29, 2022.

(2)Other charges are primarily comprised of contract termination costs.
v3.22.2.2
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Oct. 29, 2022
Goodwill and Intangible Assets [Abstract]  
Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment

October 29, 2022

January 29, 2022

October 30, 2021

Gross Carrying Amount

Cumulative Impairment

Gross Carrying Amount

Cumulative Impairment

Gross Carrying Amount

Cumulative Impairment

Domestic

$

1,450 

$

(67)

$

1,451 

$

(67)

$

1,053 

$

(67)

International

608 

(608)

608 

(608)

608 

(608)

Total

$

2,058 

$

(675)

$

2,059 

$

(675)

$

1,661 

$

(675)
Definite-Lived Intangible Assets

October 29, 2022

January 29, 2022

October 30, 2021

Weighted-Average

Gross Carrying
‎Amount

Accumulated
‎Amortization

Gross Carrying
‎Amount

Accumulated
‎Amortization

Gross Carrying
‎Amount

Accumulated
‎Amortization

Useful Life Remaining as of October 29, 2022 (in years)

Customer relationships

$

360 

$

222 

$

360 

$

180 

$

339 

$

165 

8.0

Tradenames

108 

52 

108 

38 

81 

34 

5.4

Developed technology

64 

48 

64 

39 

56 

36 

2.6

Total

$

532 

$

322 

$

532 

$

257 

$

476 

$

235 

6.9 
Amortization Expense

Statement of

Three Months Ended

Nine Months Ended

Earnings Location

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Amortization expense

SG&A

$

21 

$

20 

$

65 

$

60 
Amortization Expense Expected to be Recognized

Amortization Expense

Remainder of fiscal 2023

$

21 

Fiscal 2024

61 

Fiscal 2025

21 

Fiscal 2026

21 

Fiscal 2027

18 

Fiscal 2028

12 

Thereafter

56 
v3.22.2.2
Fair Value Measurements (Tables)
 9 Months Ended
Oct. 29, 2022
Fair Value Measurements [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis

Fair Value at

Balance Sheet Location(1)

Fair Value Hierarchy

October 29, 2022

January 29, 2022

October 30, 2021

Assets

Money market funds(2)

Cash and cash equivalents

Level 1

$

76 

$

548 

$

313 

Time deposits(3)

Cash and cash equivalents

Level 2

25 

278 

625 

Money market funds(2)

Other current assets

Level 1

176 

-

-

Marketable securities that fund deferred compensation(4)

Other assets

Level 1

44 

54 

54 

Interest rate swap derivative instruments(5)

Other assets

Level 2

-

50 

58 

Liabilities

Interest rate swap derivative instruments(5)

Long-term liabilities

Level 2

27 

-

-

(1)Balance sheet location is determined by length to maturity at date of purchase.

(2)Valued at quoted market prices in active markets at period end.

(3)Valued at face value plus accrued interest at period end, which approximates fair value.

(4)Valued using the performance of mutual funds that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis.

(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

October 29, 2022

January 29, 2022

October 30, 2021

Fair Value

Carrying Value

Fair Value

Carrying Value

Fair Value

Carrying Value

Long-term debt(1)

$

925 

$

1,123 

$

1,205 

$

1,200 

$

1,257 

$

1,208 

(1)Excluded debt discounts, issuance costs and finance lease obligations.
v3.22.2.2
Derivative Instruments (Tables)
 9 Months Ended
Oct. 29, 2022
Derivative Instruments [Abstract]  
Notional Amount of Derivative Instruments

Contract Type

October 29, 2022

January 29, 2022

October 30, 2021

Derivatives designated as net investment hedges

$

118 

$

155 

$

125 

Derivatives designated as interest rate swaps

500 

500 

500 

No hedge designation (foreign exchange contracts)

112 

68 

106 

Total

$

730 

$

723 

$

731 
Effects of Derivative Instruments on OCI and Earnings

Gain (Loss) Recognized

Three Months Ended

Nine Months Ended

Statement of Earnings Location

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Interest rate swap contracts

Interest expense

$

(45)

$

(21)

$

(76)

$

(33)

Adjustments to carrying value of long-term debt

Interest expense

45 

21 

76 

33 

Total

$

-

$

-

$

-

$

-
v3.22.2.2
Debt (Tables)
 9 Months Ended
Oct. 29, 2022
Debt [Abstract]  
Schedule of Long-term Debt

October 29, 2022

January 29, 2022

October 30, 2021

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)

50 

58 

Subtotal

1,123 

1,200 

1,208 

Debt discounts and issuance costs

(9)

(11)

(11)

Finance lease obligations

44 

40 

41 

Total long-term debt

1,158 

1,229 

1,238 

Less current portion

16 

13 

15 

Total long-term debt, less current portion

$

1,142 

$

1,216 

$

1,223 
v3.22.2.2
Revenue (Tables)
 9 Months Ended
Oct. 29, 2022
Revenue [Abstract]  
Contract Balances and Changes in Contract Balances

October 29, 2022

January 29, 2022

October 30, 2021

Receivables, net(1)

$

654 

$

591 

$

638 

Short-term contract liabilities included in:

Unredeemed gift card liabilities

273 

316 

306 

Deferred revenue

1,080 

1,103 

977 

Accrued liabilities

77 

83 

88 

(1)Receivables are recorded net of allowances for doubtful accounts of $20 million, $31 million and $24 million as of October 29, 2022, January 29, 2022, and October 30, 2021, respectively.
v3.22.2.2
Earnings per Share (Tables)
 9 Months Ended
Oct. 29, 2022
Earnings per Share [Abstract]  
Schedule of Calculation of Numerator and Denominator in Earnings Per Share

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Numerator

Net earnings

$

277 

$

499 

$

924 

$

1,828 

Denominator

Weighted-average common shares outstanding

225.5 

246.4 

225.9 

249.9 

Dilutive effect of stock compensation plan awards

0.7 

2.7 

1.0 

3.0 

Weighted-average common shares outstanding, assuming dilution

226.2 

249.1 

226.9 

252.9 

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

2.3 

-

2.3 

-

Basic earnings per share

$

1.23 

$

2.02 

$

4.09 

$

7.31 

Diluted earnings per share

$

1.22 

$

2.00 

$

4.07 

$

7.23 
v3.22.2.2
Repurchase of Common Stock (Tables)
 9 Months Ended
Oct. 29, 2022
Repurchase of Common Stock [Abstract]  
Schedule of share repurchases

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Total cost of shares repurchased

$

-

$

426 

$

452

$

1,757

Average price per share

$

-

$

115.94 

$

96.83

$

111.33

Number of shares repurchased

-

3.7 

4.6

15.8
v3.22.2.2
Segments (Tables)
 9 Months Ended
Oct. 29, 2022
Segments [Abstract]  
Revenue by Reportable Segment and Product Category

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Revenue by reportable segment

Domestic

$

9,800 

$

10,985 

$

29,263 

$

32,837 

International

787 

925 

2,300 

2,559 

Total revenue

$

10,587 

$

11,910 

$

31,563 

$

35,396 

Revenue by product category

Domestic:

Computing and Mobile Phones

$

4,337 

$

4,901 

$

12,586 

$

14,460 

Consumer Electronics

2,889 

3,346 

8,630 

9,964 

Appliances

1,469 

1,628 

4,717 

4,864 

Entertainment

500 

527 

1,581 

1,755 

Services

533 

541 

1,538 

1,667 

Other

72 

42 

211 

127 

Total Domestic revenue

$

9,800 

$

10,985 

$

29,263 

$

32,837 

International:

Computing and Mobile Phones

$

389 

$

462 

$

1,060 

$

1,230 

Consumer Electronics

220 

253 

657 

720 

Appliances

74 

87 

249 

260 

Entertainment

46 

54 

154 

176 

Services

43 

54 

134 

128 

Other

15 

15 

46 

45 

Total International revenue

$

787 

$

925 

$

2,300 

$

2,559 
Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense

Three Months Ended

Nine Months Ended

October 29, 2022

October 30, 2021

October 29, 2022

October 30, 2021

Domestic

$

332 

$

609 

$

1,104 

$

2,100 

International

33 

61 

94 

136 

Total operating income

365 

670 

1,198 

2,236 

Other income (expense):

Investment income and other

4 

1 

2 

7 

Interest expense

(10)

(7)

(23)

(19)

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

$

359 

$

664 

$

1,177 

$

2,224 
Assets by Reportable Segment

October 29, 2022

January 29, 2022

October 30, 2021

Domestic

$

15,695 

$

16,016 

$

18,518 

International

1,326 

1,488 

1,584 

Total assets

$

17,021 

$

17,504 

$

20,102 
v3.22.2.2
Basis of Presentation (Details) - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Jan. 30, 2021
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]        
Cash and cash equivalents $ 932 $ 2,936 $ 3,465  
Restricted cash included in Other current assets 361 269 173  
Total cash, cash equivalents and restricted cash $ 1,293 $ 3,205 $ 3,638 $ 5,625
v3.22.2.2
Restructuring (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 26 $ (1) $ 61 $ (39)
Termination Benefits [Member] | Mexico Exit And Strategic Realignment [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges       $ 44
Domestic [Member] | Termination Benefits [Member] | Resource Optimization Initiative [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring Reserve $ 31   31  
Minimum [Member] | Domestic [Member] | Resource Optimization Initiative [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     15  
Maximum [Member] | Domestic [Member] | Resource Optimization Initiative [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     $ 30  
v3.22.2.2
Restructuring (Composition of Restructuring Charges) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 26 $ (1) $ 61 $ (45)
Resource Optimization Initiative [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 25   59  
Mexico Exit And Strategic Realignment [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 1 (1) 2 (45)
Mexico Exit And Strategic Realignment [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   (1)   (45)
Mexico Exit And Strategic Realignment [Member] | Cost of Sales [Member]        
Restructuring Cost and Reserve [Line Items]        
Inventory markdown       6
Mexico Exit And Strategic Realignment [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     238  
Mexico Exit And Strategic Realignment [Member] | Domestic [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges       (44)
Mexico Exit And Strategic Realignment [Member] | Domestic [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     93  
Mexico Exit And Strategic Realignment [Member] | International [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   (1)   (1)
Mexico Exit And Strategic Realignment [Member] | International [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     145  
Mexico Exit And Strategic Realignment [Member] | Inventory Markdowns [Member] | Cost of Sales [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Inventory markdown     17 (6)
Mexico Exit And Strategic Realignment [Member] | Inventory Markdowns [Member] | International [Member] | Cost of Sales [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Inventory markdown     17 (6)
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   (1) 73 6
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | Domestic [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     10  
Mexico Exit And Strategic Realignment [Member] | Asset Impairments [Member] | International [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ (1) 63 6
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     103 (45)
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | Domestic [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     83 (44)
Mexico Exit And Strategic Realignment [Member] | Termination Benefits [Member] | International [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     20 $ (1)
Mexico Exit And Strategic Realignment [Member] | Currency Translation Adjustment [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     39  
Mexico Exit And Strategic Realignment [Member] | Currency Translation Adjustment [Member] | International [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     39  
Mexico Exit And Strategic Realignment [Member] | Other [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     6  
Mexico Exit And Strategic Realignment [Member] | Other [Member] | International [Member] | Restructuring Charges [Member] | Continuing Operations [Member]        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     $ 6  
v3.22.2.2
Restructuring (Restructuring Accrual Activity) (Details) - Domestic [Member] - Resource Optimization Initiative [Member] - Termination Benefits [Member]
$ in Millions
 9 Months Ended
Oct. 29, 2022
USD ($)
Restructuring Reserve [Roll Forward]  
Charges $ 62
Cash payments (28)
Adjustments (3)
Balances $ 31
v3.22.2.2
Goodwill and Intangible Assets (Narrative) (Details) - USD ($)
 9 Months Ended 12 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Jan. 29, 2022
Goodwill and Intangible Assets [Abstract]      
Goodwill and intangible assets impairment charges $ 0 $ 0 $ 0
v3.22.2.2
Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details) - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Goodwill [Line Items]      
Gross Carrying Amount $ 2,058 $ 2,059 $ 1,661
Cumulative Impairment (675) (675) (675)
Domestic [Member]      
Goodwill [Line Items]      
Gross Carrying Amount 1,450 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)
v3.22.2.2
Goodwill and Intangible Assets (Definite-Lived Intangible Assets) (Details) - USD ($)
$ in Millions
 9 Months Ended
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 532 $ 532 $ 476
Accumulated Amortization $ 322 257 235
Weighted-Average Useful Life Remaining 6 years 10 months 24 days    
Customer Relationships [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 360 360 339
Accumulated Amortization $ 222 180 165
Weighted-Average Useful Life Remaining 8 years    
Tradename [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 108 108 81
Accumulated Amortization $ 52 38 34
Weighted-Average Useful Life Remaining 5 years 4 months 24 days    
Developed Technology [Member]      
Acquired Finite-Lived Intangible Assets [Line Items]      
Gross Carrying Amount $ 64 64 56
Accumulated Amortization $ 48 $ 39 $ 36
Weighted-Average Useful Life Remaining 2 years 7 months 6 days    
v3.22.2.2
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Goodwill and Intangible Assets [Abstract]        
Amortization expense $ 21 $ 20 $ 65 $ 60
v3.22.2.2
Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details)
$ in Millions
Oct. 29, 2022
USD ($)
Goodwill and Intangible Assets [Abstract]  
Remainder of fiscal 2023 $ 21
Fiscal 2024 61
Fiscal 2025 21
Fiscal 2026 21
Fiscal 2027 18
Fiscal 2028 12
Thereafter $ 56
v3.22.2.2
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Level 1 [Member] | Money market funds [Member]      
Assets      
Cash and cash equivalents $ 76 $ 548 $ 313
Level 1 [Member] | Time deposits [Member]      
Assets      
Other current assets 176    
Level 1 [Member] | Marketable securities that fund deferred compensation [Member]      
Assets      
Other assets 44 54 54
Level 2 [Member] | Time deposits [Member]      
Assets      
Cash and cash equivalents 25 278 625
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member]      
Assets      
Other assets   $ 50 $ 58
Liabilities      
Long-term liabilities $ 27    
v3.22.2.2
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Carrying value $ 1,123 $ 1,200 $ 1,208
Level 2 [Member] | Debt [Member] | Long-term debt [Member]      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair Value 925 1,205 1,257
Carrying value $ 1,123 $ 1,200 $ 1,208
v3.22.2.2
Derivative Instruments (Narrative) (Details)
Oct. 29, 2022
USD ($)
Notes due 2028 [Member]  
Derivative [Line Items]  
Debt Instrument, Face Amount $ 500,000,000
v3.22.2.2
Derivative Instruments (Notional Amount of Derivative Instruments) (Details) - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Derivatives, Fair Value [Line Items]      
Notional Amount $ 730 $ 723 $ 731
Derivatives Designated As Net Investment Hedges [Member] | Designated As Hedging Instrument [Member]      
Derivatives, Fair Value [Line Items]      
Notional Amount 118 155 125
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 $ 112 $ 68 $ 106
v3.22.2.2
Derivative Instruments (Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings) (Details) - Interest Expense [Member] - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Interest Rate Swap Derivative Instruments [Member]        
Derivatives, Fair Value [Line Items]        
Gain (Loss) Recognized $ 45 $ 21 $ 76 $ 33
Carrying Value Of Long Term Debt [Member]        
Derivatives, Fair Value [Line Items]        
Gain (Loss) Recognized $ 45 $ 21 $ 76 $ 33
v3.22.2.2
Debt (Narrative) (Short-Term Debt) (Details) - USD ($)
 9 Months Ended
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 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
Notes Due 2030 [Member]      
Line of Credit Facility [Line Items]      
Interest rate 1.95%    
v3.22.2.2
Debt (Schedule of Long-Term Debt) (Details) - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Debt Instrument [Line Items]      
Total $ 1,123 $ 1,200 $ 1,208
Debt discounts and issuance costs (9) (11) (11)
Finance lease obligations 44 40 41
Total long-term debt 1,158 1,229 1,238
Less current portion 16 13 15
Total long-term debt, less current portion 1,142 1,216 1,223
Interest Rate Swap Derivative Instruments [Member]      
Debt Instrument [Line Items]      
Interest rate swap valuation adjustments (27) 50 58
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%    
v3.22.2.2
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Revenue [Abstract]    
Revenue recognized $ 1,251 $ 1,001
v3.22.2.2
Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Revenue from Contract with Customer [Line Items]      
Receivables, net $ 654 $ 591 $ 638
Short-term contract liabilities included in:      
Receivables, allowance for doubtful accounts 20 31 24
Unredeemed Gift Cards [Member]      
Short-term contract liabilities included in:      
Short-term contract liabilities 273 316 306
Deferred Revenue [Member]      
Short-term contract liabilities included in:      
Short-term contract liabilities 1,080 1,103 977
Accrued Liability [Member]      
Short-term contract liabilities included in:      
Short-term contract liabilities $ 77 $ 83 $ 88
v3.22.2.2
Earnings per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Earnings per Share [Abstract]        
Net earnings $ 277 $ 499 $ 924 $ 1,828
Weighted-average common shares outstanding (in shares) 225.5 246.4 225.9 249.9
Dilutive effect of stock compensation plan awards (in shares) 0.7 2.7 1.0 3.0
Weighted-average common shares outstanding, assuming dilution (in shares) 226.2 249.1 226.9 252.9
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares) 2.3   2.3  
Basic earnings per share $ 1.23 $ 2.02 $ 4.09 $ 7.31
Diluted earnings per share $ 1.22 $ 2.00 $ 4.07 $ 7.23
v3.22.2.2
Repurchase of Common Stock (Narrative) (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Dec. 02, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Jan. 28, 2023
Stock Repurchases [Line Items]          
Repurchase of common stock   $ 426 $ 452 $ 1,757  
February 2021 Share Repurchase Program [Member]          
Stock Repurchases [Line Items]          
Stock Repurchase Program, Authorized Amount     5,000    
February 2022 Share Repurchase Program [Member]          
Stock Repurchases [Line Items]          
Stock Repurchase Program, Authorized Amount   $ 5,000 5,000 $ 5,000  
Stock Repurchase Program, Remaining Authorized Repurchase Amount     $ 4,700    
Forecast [Member] | February 2022 Share Repurchase Program [Member]          
Stock Repurchases [Line Items]          
Repurchase of common stock         $ 1,000
Subsequent Event [Member] | February 2022 Share Repurchase Program [Member]          
Stock Repurchases [Line Items]          
Repurchase of common stock (in shares) 4.4        
Repurchase of common stock $ 322        
v3.22.2.2
Repurchase of Common Stock (Schedule of share repurchases) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Repurchase of Common Stock [Abstract]      
Total cost of shares repurchased $ 426 $ 452 $ 1,757
Average price per share $ 115.94 $ 96.83 $ 111.33
Number of shares repurchased 3.7 4.6 15.8
v3.22.2.2
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Oct. 29, 2022
Aug. 16, 2023
Effective Income Tax Rate [Line Items]    
Decrease in unrecognized tax benefits $ 101  
Inflation Reduction Act of 2022 | Subsequent Event [Member]    
Effective Income Tax Rate [Line Items]    
Percent of minimum tax on book income   15.00%
Percent of excise tax on net stock repurchases   1.00%
v3.22.2.2
Segments (Revenue by Reportable Segment and Product Category) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 10,587 $ 11,910 $ 31,563 $ 35,396
Domestic Segment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 9,800 10,985 29,263 32,837
Domestic Segment [Member] | Computing and Mobile Phones [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 4,337 4,901 12,586 14,460
Domestic Segment [Member] | Consumer Electronics [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 2,889 3,346 8,630 9,964
Domestic Segment [Member] | Appliances [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 1,469 1,628 4,717 4,864
Domestic Segment [Member] | Entertainment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 500 527 1,581 1,755
Domestic Segment [Member] | Services [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 533 541 1,538 1,667
Domestic Segment [Member] | Other [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 72 42 211 127
International Segment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 787 925 2,300 2,559
International Segment [Member] | Computing and Mobile Phones [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 389 462 1,060 1,230
International Segment [Member] | Consumer Electronics [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 220 253 657 720
International Segment [Member] | Appliances [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 74 87 249 260
International Segment [Member] | Entertainment [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 46 54 154 176
International Segment [Member] | Services [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues 43 54 134 128
International Segment [Member] | Other [Member]        
Segment Reporting, Revenue Reconciling Item [Line Items]        
Revenues $ 15 $ 15 $ 46 $ 45
v3.22.2.2
Segments (Operating Income by Reportable Segment and Reconciliation to Earnings Before Income Tax Expense) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Oct. 29, 2022
Oct. 30, 2021
Oct. 29, 2022
Oct. 30, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ 365 $ 670 $ 1,198 $ 2,236
Investment income and other 4 1 2 7
Interest expense (10) (7) (23) (19)
Earnings before income tax expense and equity in income (loss) of affiliates 359 664 1,177 2,224
Domestic Segment [Member]        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income 332 609 1,104 2,100
International Segment [Member]        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Operating income $ 33 $ 61 $ 94 $ 136
v3.22.2.2
Segments (Assets by Reportable Segment) (Details) - USD ($)
$ in Millions
Oct. 29, 2022
Jan. 29, 2022
Oct. 30, 2021
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets $ 17,021 $ 17,504 $ 20,102
Domestic Segment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets 15,695 16,016 18,518
International Segment [Member]      
Segment Reporting, Asset Reconciling Item [Line Items]      
Total assets $ 1,326 $ 1,488 $ 1,584