Fair Value Measurements (Tables)

6 Months Ended

Aug. 01, 2025

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of August 1, 2025, August 2, 2024, and January 31, 2025:


			Fair Value Measurements at
(In millions)	Classification	Measurement Level	August 1, 2025		August 2, 2024		January 31, 2025
Available-for-sale debt securities:
U.S. Treasury securities	Short-term investments	Level 1	$	225	$	184	$	199
Money market funds	Short-term investments	Level 1	60		81		91
Commercial paper	Short-term investments	Level 2	48		29		49
Certificates of deposit	Short-term investments	Level 1	37		13		13
Foreign government debt securities	Short-term investments	Level 2	19		—		4
Corporate debt securities	Short-term investments	Level 2	5		21		16

Municipal obligations	Short-term investments	Level 2	2		2		—
U.S. Treasury securities	Long-term investments	Level 1	125		188		150
Corporate debt securities	Long-term investments	Level 2	119		79		88
Foreign government debt securities	Long-term investments	Level 2	22		22		37
Municipal obligations	Long-term investments	Level 2	7		3		2



Derivative instruments:




Fixed-to-floating interest rate swaps	Other current liabilities	Level 2	$	6	$	—	$	11
Fixed-to-floating interest rate swaps	Other liabilities	Level 2	24		57		35

Schedule of Contingent Consideration at Fair Value Rollforward

The rollforward of the fair value of contingent consideration for the three and six months ended August 1, 2025 and August 2, 2024, is as follows:


	Three Months Ended				Six Months Ended
(In millions)	August 1, 2025		August 2, 2024		August 1, 2025		August 2, 2024
Beginning balance	$	—	$	—	$	—	$	—

Change in fair value	—		43		—		43
Proceeds received	—		(43)		—		(43)
Ending balance	$	—	$	—	$	—	$	—

Schedule of Carrying and Fair Value Amount of Long-Term Debt

Carrying amounts and the related estimated fair value of the Company’s long-term debt, excluding finance lease obligations, are as follows:


	August 1, 2025				August 2, 2024				January 31, 2025
(In millions)	Carrying Amount		Fair Value		Carrying Amount		Fair Value		Carrying Amount		Fair Value
Unsecured notes (Level 1)	$	34,289	$	31,198	$	35,440	$	32,748	$	35,011	$	31,557
Mortgage notes (Level 2)	1		1		1		1		1		1
Long-term debt (excluding finance lease obligations)	$	34,290	$	31,199	$	35,441	$	32,749	$	35,012	$	31,558

LOWES COMPANIES INC 10-Q