Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
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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 | 258,000,000 | 256,000,000 | 260,000,000 |
Common stock, outstanding shares | 258,000,000 | 256,000,000 | 260,000,000 |
Condensed Consolidated Statements of Earnings - USD ($) shares in Millions, $ in Millions |
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Condensed Consolidated Statements of Earnings [Abstract] | ||||
Revenue | $ 11,853 | $ 9,764 | $ 30,325 | $ 28,442 |
Cost of sales | 9,058 | 7,403 | 23,295 | 21,629 |
Gross profit | 2,795 | 2,361 | 7,030 | 6,813 |
Selling, general and administrative expenses | 2,123 | 1,973 | 5,560 | 5,730 |
Restructuring charges | 111 | (7) | 112 | 41 |
Operating income | 561 | 395 | 1,358 | 1,042 |
Other income (expense): | ||||
Gain on sale of investments | 1 | 1 | ||
Investment income and other | 5 | 9 | 19 | 33 |
Interest expense | (11) | (16) | (43) | (50) |
Earnings before income tax expense | 555 | 389 | 1,334 | 1,026 |
Income tax expense | 164 | 96 | 352 | 230 |
Net earnings | $ 391 | $ 293 | $ 982 | $ 796 |
Basic earnings per share | $ 1.50 | $ 1.11 | $ 3.79 | $ 2.99 |
Diluted earnings per share | $ 1.48 | $ 1.10 | $ 3.74 | $ 2.96 |
Weighted-average common shares outstanding | ||||
Basic | 259.8 | 263.2 | 259.3 | 266.0 |
Diluted | 263.7 | 265.2 | 262.5 | 269.1 |
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions |
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Condensed Consolidated Statements of Comprehensive Income [Abstract] | ||||
Net earnings | $ 391 | $ 293 | $ 982 | $ 796 |
Foreign currency translation adjustments, net of tax | 10 | (4) | (25) | (4) |
Cash flow hedges | 2 | (2) | ||
Comprehensive income | $ 403 | $ 289 | $ 955 | $ 792 |
Condensed Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
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Nov. 02, 2019 |
Oct. 31, 2020 |
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Condensed Consolidated Statements of Changes in Shareholders' Equity [Abstract] | ||||
Dividends declared per common share | $ 0.55 | $ 0.50 | $ 1.65 | $ 1.50 |
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 United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements.
Historically, we have generated a large proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2020. The first nine months of fiscal 2021 and fiscal 2020 included 39 weeks.
In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Mexico operations on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our condensed consolidated financial statements. Other than as disclosed in Note 2, Restructuring Charges, no such events were identified for the reported periods.
In preparing the accompanying condensed consolidated financial statements, we evaluated the period from October 31, 2020, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for the reported periods.
Total Cash, Cash Equivalents and Restricted Cash
The reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows was as follows ($ in millions):
Amounts included in restricted cash are pledged as collateral or restricted to use for workers’ compensation and general liability insurance claims. |
Restructuring Charges |
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Restructuring Charges [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Charges | 2. Restructuring Charges
Restructuring charges were as follows ($ in millions):
(1)Includes $36 million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the three and nine months ended October 31, 2020.
Mexico Exit and Corporate Reorganization
The novel coronavirus disease ("COVID-19") has had significant impacts on, for example, the economic conditions of the markets in which we operate, customer shopping behaviors, the role of technology in peoples’ lives and the way we meet these needs. In light of these changes, we have re-examined our Building the New Blue Strategy and adjusted our plans to ensure that our focus and resources are closely aligned with the opportunities we see in front of us. As a result, during the third quarter of fiscal 2021, we made the decision to exit our operations in Mexico later this fiscal year and took other actions within our Domestic segment to more broadly align our corporate organizational structure in support of our strategy.
Charges incurred in our International segment related to our decision to exit our operations in Mexico. We expect to incur additional pre-tax restructuring charges, primarily related to foreign currency translation adjustments, of approximately $50 million to $75 million. We expect operations in Mexico to be substantially complete during the fourth quarter of fiscal 2021 or early fiscal 2022.
Charges incurred in our Domestic segment primarily related to termination benefits associated with corporate organizational changes as well as impairments of technology assets held in service of our Mexico operations.
As we continue to evolve our Building the New Blue Strategy, it is possible that we will incur material future restructuring costs in both our Domestic and International segments, but we are unable to forecast the timing and magnitude of such costs.
All charges incurred related to this plan are from continuing operations and are presented on our Condensed Consolidated Statements of Earnings as follows ($ in millions):
As of October 31, 2020, our termination benefits liability was $47 million, which included $7 million of cash payments related to our Domestic segment.
Fiscal 2020 U.S. Retail Operating Model Changes In the second quarter of fiscal 2020, we made changes primarily related to our U.S. retail operating model to increase organization effectiveness and create a more seamless customer experience across all channels. All charges incurred, including $10 million related to a voluntary early retirement offer, related to termination benefits within our Domestic segment and are presented within Restructuring charges from continuing operations on our Condensed Consolidated Statements of Earnings. As of October 31, 2020, the cumulative amount of charges incurred was $41 million and no material liability remains. |
Fair Value Measurements |
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Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 3. Fair Value Measurements
Fair value measurements are reported in one of three levels based on the lowest level of significant input used: Level 1 (unadjusted quoted prices in active markets); Level 2 (observable market inputs, other than quoted prices included in Level 1); and Level 3 (unobservable inputs that cannot be corroborated by observable market data).
Recurring Fair Value Measurements
Financial assets and liabilities accounted for at fair value were as follows ($ in millions):
(1)Balance sheet location is determined by the length to maturity from the current period-end date. (2)Valued at quoted market prices in active markets for same (Level 1) or similar (Level 2) instruments. (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 7, Derivative Instruments, for additional information. (5)Valued using select mutual fund performance that trade with sufficient frequency and volume to obtain pricing information on an ongoing basis.
Fair Value of Financial Instruments
The fair values of cash, receivables, accounts payable and other payables approximated their carrying values because of the short-term nature of these instruments. If these instruments were measured at fair value in the financial statements, they would be classified as Level 1 in the fair value hierarchy. Fair values for other investments held at cost are not readily available, but we estimate that the carrying values for these investments approximate their fair values.
Long-term debt is presented at carrying value on our Condensed Consolidated Balance Sheets. If our long-term debt were recorded at fair value, it would be classified as Level 2 in the fair value hierarchy. Long-term debt balances were as follows ($ in millions):
(1)Includes the current portion of long-term debt and excludes debt discounts, issuance costs and finance lease obligations. |
Goodwill and Intangible Assets |
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Goodwill and Intangible Assets | 4. Goodwill and Intangible Assets
Goodwill
Balances related to goodwill were as follows ($ in millions):
No impairment charges were recorded during the fiscal periods presented.
Indefinite-Lived Intangible Assets
In the first quarter of fiscal 2021, we made the decision to phase out our Pacific Sales tradename in our U.S. Best Buy stores over the coming years. Consequently, we reclassified the tradename from an indefinite-lived intangible asset to a definite-lived intangible asset and have no indefinite-lived intangible assets remaining as of October 31, 2020. The carrying value of the tradename was $18 million as of February 1, 2020, and November 2, 2019, respectively, and was recorded within Other assets on our Condensed Consolidated Balance Sheets.
Definite-Lived Intangible Assets
We have definite-lived intangible assets which are recorded within Other assets on our Condensed Consolidated Balance Sheets as follows ($ in millions):
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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Debt |
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Debt | 5. Debt
Short-Term Debt
In light of the uncertainty surrounding the impact of COVID-19 and to maximize liquidity, we executed a short-term draw on the full amount of our $1.25 billion five year senior unsecured revolving credit facility (the “Facility”) on March 19, 2020, which remained outstanding until July 27, 2020, when the Facility was repaid in full. There were no borrowings outstanding under the Facility as of October 31, 2020, February 1, 2020, or November 2, 2019.
Information regarding our short-term debt for the nine months ended October 31, 2020, was as follows ($ in millions):
Long-Term Debt
Long-term debt consisted of the following ($ in millions):
2030 Notes
In October 2020, we issued the 2030 Notes that bear interest at a fixed rate of 1.95% per year, payable semi-annually on April 1 and October 1 of each year, beginning on April 1, 2021. Net proceeds from the issuance were $642 million after underwriting and issuance discounts totaling $8 million. The net proceeds will be used to replace our 2021 Notes that mature in March 2021, which we expect to retire during the fourth quarter of fiscal 2021 by exercising our option to redeem the 2021 Notes at par.
We may redeem some or all of the 2030 Notes at any time at a redemption price equal to the greater of (i) 100% of the principal amount, and (ii) the sum of the present values of each remaining scheduled payment of principal and interest discounted to the redemption date on a semiannual basis, plus accrued and unpaid interest on the principal amount to the redemption date as described in the indenture (including the supplemental indenture) relating to the 2030 Notes. Furthermore, if a change of control triggering event occurs, we will be required to offer to purchase the remaining unredeemed 2030 Notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to the purchase date.
The 2030 Notes are unsecured and unsubordinated obligations and rank equally with all of our other unsecured and unsubordinated debt. The 2030 Notes contain covenants that, among other things, limit our ability to incur debt secured by liens or to enter into sale and lease-back transactions. See Note 3, Fair Value Measurements, for the fair value of long-term debt. |
Revenue |
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Revenue | 6. Revenue
We generate all of our revenue from contracts with customers from the sale of products and services. Contract balances primarily consist of receivables and contract liabilities related to product merchandise not yet delivered to customers, unredeemed gift cards, services not yet completed and options that provide a material right to customers, such as our customer loyalty programs. Contract balances were as follows ($ in millions):
(1)Receivables are recorded net of allowances for doubtful accounts of $30 million, $14 million and $13 million as of October 31, 2020, February 1, 2020, and November 2, 2019, respectively.
During the first nine months of fiscal 2021 and fiscal 2020, $792 million and $762 million of revenue was recognized, respectively, that was included in the contract liabilities at the beginning of the respective periods. See Note 10, Segments, for information on our revenue by reportable segment and product category. |
Derivative Instruments |
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Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments | 7. Derivative Instruments
We manage our economic and transaction exposure to certain risks by using foreign exchange forward contracts to hedge against the effect of Canadian dollar exchange rate fluctuations on a portion of our net investment in our Canadian operations. We also use interest rate swaps to mitigate the effect of interest rate fluctuations on our 2021 Notes and 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.
During the second quarter of fiscal 2021, we entered into Treasury Rate Lock ("T-Lock") contracts to hedge the base interest rate variability on a portion of our then-expected refinancing of our maturing 2021 Notes. The T-Lock contracts were cash settled during the third quarter of fiscal 2021 upon issuance of our 2030 Notes. The fair value of the T-lock contracts upon settlement was released from Accumulated other comprehensive income on our Condensed Consolidated Balance Sheets and will be recorded in Interest expense on our Condensed Consolidated Statements of Earnings as interest is accrued over the life of the 2030 Notes.
Our derivative instruments designated as net investment hedges, interest rate swaps and cash flow hedges are recorded on our Condensed Consolidated Balance Sheets at fair value. See Note 3, 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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Earnings per Share |
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Earnings per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per Share | 8. Earnings per Share
We compute our basic earnings per share based on the weighted-average common shares outstanding and our diluted earnings per share based on the weighted-average common shares outstanding adjusted by the number of additional shares that would have been outstanding had potentially dilutive common shares been issued.
Reconciliations of the numerators and denominators of basic and diluted earnings per share were as follows ($ and shares in millions, except per share amounts):
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Repurchase of Common Stock |
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Repurchase of Common Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of Common Stock | 9. Repurchase of Common Stock
On February 23, 2019, our Board of Directors authorized a $3.0 billion share repurchase program. There is no expiration date governing the period over which we can repurchase shares under the February 2019 authorization. On March 21, 2020, we announced the suspension of all share repurchases to conserve liquidity in light of COVID-19-related uncertainties. We resumed repurchases in the fourth quarter of fiscal 2021.
Information regarding the shares we repurchased was as follows ($ and shares in millions, except per share amounts):
As of October 31, 2020, $1.9 billion of the $3.0 billion share repurchase authorization was available. |
Segments |
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Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | 10. Segments
Segment and product category revenue information was as follows ($ in millions):
Operating income (loss) by reportable segment and the reconciliation to consolidated earnings before income tax expense was as follows ($ in millions):
Assets by reportable segment were as follows ($ in millions):
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Contingencies |
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Oct. 31, 2020 | |
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. |
Basis of Presentation (Policies) |
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Basis of Presentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Unless the context otherwise requires, the use of the terms “Best Buy,” “we,” “us” and “our” in these Notes to Condensed Consolidated Financial Statements refers to Best Buy Co., Inc. and, as applicable, its consolidated subsidiaries.
In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments necessary for a fair presentation as prescribed by accounting principles generally accepted in the United States (“GAAP”). All adjustments were comprised of normal recurring adjustments, except as noted in these Notes to Condensed Consolidated Financial Statements.
Historically, we have generated a large proportion of our revenue and earnings in the fiscal fourth quarter, which includes the majority of the holiday shopping season in the U.S., Canada and Mexico. Due to the seasonal nature of our business, interim results are not necessarily indicative of results for the entire fiscal year. The interim financial statements and the related notes included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended February 1, 2020. The first nine months of fiscal 2021 and fiscal 2020 included 39 weeks.
In order to align our fiscal reporting periods and comply with statutory filing requirements, we consolidate the financial results of our Mexico operations on a one-month lag. Our policy is to accelerate recording the effect of events occurring in the lag period that significantly affect our condensed consolidated financial statements. Other than as disclosed in Note 2, Restructuring Charges, no such events were identified for the reported periods.
In preparing the accompanying condensed consolidated financial statements, we evaluated the period from October 31, 2020, through the date the financial statements were issued for material subsequent events requiring recognition or disclosure. No such events were identified for the reported periods. |
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Total Cash, Cash Equivalents and Restricted Cash | Total Cash, Cash Equivalents and Restricted Cash
The reconciliation of cash, cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets to the totals shown within the Condensed Consolidated Statements of Cash Flows was as follows ($ in millions):
Amounts included in restricted cash are pledged as collateral or restricted to use for workers’ compensation and general liability insurance claims. |
Basis of Presentation (Tables) |
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Basis of Presentation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Cash, Cash Equivalents and Restricted Cash |
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Restructuring Charges (Tables) |
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Composition of Restructuring Charges |
(1)Includes $36 million related to inventory markdowns recorded in Cost of sales on our Condensed Consolidated Statements of Earnings for the three and nine months ended October 31, 2020. |
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Composition of Restructuring Charges |
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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 the length to maturity from the current period-end date. (2)Valued at quoted market prices in active markets for same (Level 1) or similar (Level 2) instruments. (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 7, 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)Includes the current portion of long-term debt and excludes debt discounts, issuance costs and finance lease obligations. |
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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Debt (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Oct. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Debt |
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Schedule of Long-term Debt |
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Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Balances and Changes in Contract Balances |
(1)Receivables are recorded net of allowances for doubtful accounts of $30 million, $14 million and $13 million as of October 31, 2020, February 1, 2020, and November 2, 2019, respectively.
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Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notional Amount of Derivative Instruments |
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Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings |
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Earnings per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Repurchase of Common Stock [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 |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
Feb. 02, 2019 |
---|---|---|---|---|
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||||
Cash and cash equivalents | $ 5,136 | $ 2,229 | $ 1,205 | |
Restricted cash included in Other current assets | 135 | 126 | 127 | |
Total cash, cash equivalents and restricted cash | $ 5,271 | $ 2,355 | $ 1,332 | $ 2,184 |
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Millions |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Level 1 [Member] | Money market funds [Member] | |||
Assets | |||
Cash and cash equivalents | $ 4,119 | $ 524 | $ 21 |
Other current assets | 29 | 16 | 20 |
Level 1 [Member] | Marketable securities that fund deferred compensation [Member] | |||
Assets | |||
Other assets | 51 | 48 | 47 |
Level 2 [Member] | Commercial paper [Member] | |||
Assets | |||
Cash and cash equivalents | 75 | ||
Level 2 [Member] | Time deposits [Member] | |||
Assets | |||
Cash and cash equivalents | 84 | 185 | 85 |
Short-term investments | 545 | ||
Other current assets | 100 | 101 | 100 |
Level 2 [Member] | Foreign currency derivative instruments [Member] | |||
Assets | |||
Other current assets | 2 | 1 | |
Level 2 [Member] | Interest Rate Swap Derivative Instruments [Member] | |||
Assets | |||
Other current assets | 7 | ||
Other assets | $ 95 | $ 89 | $ 70 |
Fair Value Measurements (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Carrying value | $ 1,902 | $ 1,239 | $ 1,220 |
Long-term debt [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Carrying value | 1,902 | 1,239 | 1,220 |
Level 2 [Member] | Long-term debt [Member] | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair Value | $ 1,954 | $ 1,322 | $ 1,288 |
Goodwill and Intangible Assets (Narrative) (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Feb. 01, 2020 |
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Intangible Assets [Line Items] | |||
Goodwill and intangible assets impairment charges | $ 0 | $ 0 | $ 0 |
Tradename [Member] | |||
Intangible Assets [Line Items] | |||
Indefinite-lived intangible | $ 0 | ||
Definite-lived intangible assets | $ 18,000,000 | $ 18,000,000 |
Goodwill and Intangible Assets (Gross Carrying Amount of Goodwill and Cumulative Goodwill Impairment) (Details) - USD ($) $ in Millions |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Goodwill [Line Items] | |||
Gross Carrying Amount | $ 1,661 | $ 1,659 | $ 1,657 |
Cumulative Impairment | (675) | (675) | (675) |
Domestic [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 1,053 | 1,051 | 1,049 |
Cumulative Impairment | (67) | (67) | (67) |
International [Member] | |||
Goodwill [Line Items] | |||
Gross Carrying Amount | 608 | 608 | 608 |
Cumulative Impairment | $ (608) | $ (608) | $ (608) |
Goodwill and Intangible Assets (Definite-Lived Intangible Assets) (Details) - USD ($) $ in Millions |
9 Months Ended | ||
---|---|---|---|
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
|
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 476 | $ 458 | $ 460 |
Accumulated Amortization | $ 155 | 95 | 76 |
Weighted-Average Useful Life Remaining | 6 years | ||
Customer Relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 339 | 339 | 341 |
Accumulated Amortization | $ 111 | 70 | 56 |
Weighted-Average Useful Life Remaining | 6 years 8 months 12 days | ||
Tradename [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 81 | 63 | 63 |
Accumulated Amortization | $ 20 | 10 | 9 |
Weighted-Average Useful Life Remaining | 5 years 1 month 6 days | ||
Developed Technology [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 56 | 56 | 56 |
Accumulated Amortization | $ 24 | $ 15 | $ 11 |
Weighted-Average Useful Life Remaining | 2 years 9 months 18 days |
Goodwill and Intangible Assets (Amortization Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Goodwill and Intangible Assets [Abstract] | ||||
Amortization expense | $ 20 | $ 18 | $ 60 | $ 53 |
Goodwill and Intangible Assets (Amortization Expense Expected to be Recognized) (Details) $ in Millions |
Oct. 31, 2020
USD ($)
|
---|---|
Goodwill and Intangible Assets [Abstract] | |
Remainder of fiscal 2021 | $ 20 |
Fiscal 2022 | 80 |
Fiscal 2023 | 79 |
Fiscal 2024 | 54 |
Fiscal 2025 | 16 |
Fiscal 2026 | 16 |
Thereafter | $ 56 |
Debt (Narrative) (Short-Term Debt) (Details) - Revolving Credit Facility [Member] - USD ($) |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Line of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | ||
Outstanding borrowings | $ 0 | $ 0 | $ 0 |
Debt (Narrative) (Long-Term Debt) (Details) - Notes Due 2030 [Member] $ in Millions |
1 Months Ended | 9 Months Ended |
---|---|---|
Oct. 31, 2020
USD ($)
|
Oct. 31, 2020
USD ($)
|
|
Debt Instrument [Line Items] | ||
Interest rate | 1.95% | 1.95% |
Debt Issuance Costs, Gross | $ 8 | $ 8 |
Proceeds from Debt, Net of Issuance Costs | $ 642 | |
Debt Instrument, Redemption Price, Percentage | 100.00% | |
Debt Instrument, Redemption Price, Control Triggering Percentage | 101.00% |
Debt (Schedule of Short-term Debt) (Details) $ in Millions |
9 Months Ended |
---|---|
Oct. 31, 2020
USD ($)
| |
Debt [Abstract] | |
Average Outstanding Amount | $ 595 |
Maximum Amount Outstanding | $ 1,250 |
Weighted Average Interest Rate | 0.90% |
Debt (Schedule of Long-Term Debt) (Details) - USD ($) $ in Millions |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Total | $ 1,902 | $ 1,239 | $ 1,220 |
Debt discounts and issuance costs | (13) | (6) | (6) |
Finance lease obligations | 37 | 38 | 39 |
Total long-term debt | 1,926 | 1,271 | 1,253 |
Less current portion | 670 | 14 | 14 |
Total long-term debt, less current portion | 1,256 | 1,257 | 1,239 |
Interest Rate Swap Derivative Instruments [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate swap valuation adjustments | 102 | 89 | 70 |
Notes due 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 650 | 650 | 650 |
Interest rate | 5.50% | ||
Notes due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 500 | $ 500 | $ 500 |
Interest rate | 4.45% | ||
Notes Due 2030 [Member] | |||
Debt Instrument [Line Items] | |||
Long-term debt | $ 650 | ||
Interest rate | 1.95% |
Revenue (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Revenue [Abstract] | ||
Revenue recognized | $ 792 | $ 762 |
Revenue (Contract Balances and Changes in Contract Balances) (Details) - USD ($) $ in Millions |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Revenue from Contract with Customer [Line Items] | |||
Receivables, net | $ 625 | $ 567 | $ 591 |
Short-term contract liabilities included in: | |||
Short-term contract liabilities | 278 | 281 | 271 |
Long-term contract liabilities included in: | |||
Long-term liabilities | 7 | 9 | 9 |
Receivables, allowance for doubtful accounts | 30 | 14 | 13 |
Unredeemed Gift Cards [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | 278 | 281 | 271 |
Deferred Revenue [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | 788 | 501 | 445 |
Accrued Liability [Member] | |||
Short-term contract liabilities included in: | |||
Short-term contract liabilities | $ 71 | $ 139 | $ 145 |
Derivative Instruments (Notional Amount of Derivative Instruments) (Details) - Not Designated As Hedging Instrument [Member] - USD ($) $ in Millions |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Cash Flow Hedging [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 81 | $ 31 | $ 62 |
Derivatives Designated As Net Investment Hedges [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 68 | 129 | 30 |
Interest Rate Swap Derivative Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | 1,150 | 1,150 | 1,150 |
Foreign Exchange Forward Contracts [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional Amount | $ 1,299 | $ 1,310 | $ 1,242 |
Derivative Instruments (Effects of Interest Rate Derivatives and Adjustments to LTD on Earnings) (Details) - Designated As Hedging Instrument [Member] - Interest Expense [Member] - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) Recognized | ||||
Interest Rate Swap Derivative Instruments [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) Recognized | (32) | (8) | 13 | 45 |
Carrying Value Of Long Term Debt [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Gain (Loss) Recognized | $ 32 | $ 8 | $ (13) | $ (45) |
Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Earnings per Share [Abstract] | ||||
Net earnings | $ 391 | $ 293 | $ 982 | $ 796 |
Weighted-average common shares outstanding (in shares) | 259.8 | 263.2 | 259.3 | 266.0 |
Dilutive effect of stock compensation plan awards (in shares) | 3.9 | 2.0 | 3.2 | 3.1 |
Weighted-average common shares outstanding, assuming dilution (in shares) | 263.7 | 265.2 | 262.5 | 269.1 |
Potential shares which were anti-dilutive and excluded from weighted-average share computations (in shares) | 1.1 | 0.9 | ||
Basic earnings per share | $ 1.50 | $ 1.11 | $ 3.79 | $ 2.99 |
Diluted earnings per share | $ 1.48 | $ 1.10 | $ 3.74 | $ 2.96 |
Repurchase of Common Stock (Narrative) (Details) - February 2019 Share Repurchase Program [Member] - USD ($) $ in Billions |
Oct. 31, 2020 |
Feb. 23, 2019 |
---|---|---|
Stock Repurchases [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 3.0 | $ 3.0 |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 1.9 |
Repurchase of Common Stock (Schedule of share repurchases) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Repurchase of Common Stock [Abstract] | |||
Total cost of shares repurchased | $ 371 | $ 56 | $ 707 |
Average price per share | $ 67.28 | $ 86.30 | $ 68.56 |
Number of shares repurchased | 5.5 | 0.6 | 10.3 |
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. 31, 2020 |
Nov. 02, 2019 |
Oct. 31, 2020 |
Nov. 02, 2019 |
|
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $ 561 | $ 395 | $ 1,358 | $ 1,042 |
Gain on sale of investments | 1 | 1 | ||
Investment income and other | 5 | 9 | 19 | 33 |
Interest expense | (11) | (16) | (43) | (50) |
Earnings before income tax expense | 555 | 389 | 1,334 | 1,026 |
Domestic Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | 612 | 388 | 1,377 | 1,029 |
International Segment [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Operating income | $ (51) | $ 7 | $ (19) | $ 13 |
Segments (Assets by Reportable Segment) (Details) - USD ($) $ in Millions |
Oct. 31, 2020 |
Feb. 01, 2020 |
Nov. 02, 2019 |
---|---|---|---|
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 21,202 | $ 15,591 | $ 16,926 |
Domestic Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | 19,525 | 14,247 | 15,442 |
International Segment [Member] | |||
Segment Reporting, Asset Reconciling Item [Line Items] | |||
Total assets | $ 1,677 | $ 1,344 | $ 1,484 |