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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 03, 2019

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The impact of the adoption of ASU No. 2014-09 on our consolidated statements of earnings for fiscal 2018 follows.

in millions	As Reported				ASU No. 2014-09 Impact				Excluding ASU No. 2014-09 Impact
Net sales	$	108,203			$	216			$	107,987
Cost of sales	71,043				(382		)		71,425
Gross profit	37,160				598				36,562
Selling, general and administrative	19,513				598				18,915

Excluding the effect of the opening balance sheet adjustment noted above, the impact of the adoption of ASU No. 2014-09 on our consolidated balance sheet as of February 3, 2019 follows.

in millions	As Reported				ASU No. 2014-09 Impact				Excluding ASU No. 2014-09 Impact
Receivables, net	$	1,936			$	(40	)		$	1,976
Other current assets	890				256				634
Other accrued expenses	2,611				216				2,395

Receivables

The components of receivables, net, follow.

in millions	February 3, 2019				January 28, 2018
Card receivables	$	696			$	734
Rebate receivables	660				609
Customer receivables	284				261
Other receivables	296				348
Receivables, net	$	1,936			$	1,952

Property and Equipment Useful Lives

The estimated useful lives of our property and equipment follow.

	Life
Buildings	5 – 45 years
Furniture, fixtures and equipment	2 – 20 years
Leasehold improvements	5 – 45 years

Goodwill

Changes in the carrying amount of our goodwill follow.

in millions	Fiscal				Fiscal				Fiscal
	2018				2017				2016
Goodwill, balance at beginning of year	$	2,275			$	2,093			$	2,102
Acquisitions (1)	4				164				—
Disposition	(15		)		—				—
Other (2)	(12		)		18				(9		)
Goodwill, balance at end of year	$	2,252			$	2,275			$	2,093

—————

(1) Includes purchase price allocation adjustments.

(2) Primarily reflects the impact of foreign currency translation.

Other Operating Cost and Expense

Gross advertising expense included in SG&A follows.

in millions	Fiscal				Fiscal				Fiscal
	2018				2017				2016
Gross advertising expense	$	1,156			$	995			$	955

The co-op advertising allowances recorded as an offset to advertising expense follow.

in millions	Fiscal				Fiscal				Fiscal
	2018				2017				2016
Specific, incremental, and identifiable co-op advertising allowances	$	235			$	198			$	166

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