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FINANCIAL STATEMENTS Consolidated Statements of Operations (millions, except per share data) 2021 2020 2019 Sales $ 104,611 $ 92,400 $ 77,130 Other revenue 1,394 1,161
FINANCIAL STATEMENTS Consolidated Statements of Operations (millions, except per share data) 2021 2020 2019 Sales $ 104,611 $ 92,400 $ 77,130 Other revenue 1,394 1,161 982 Total revenue 106,005 93,561 78,112 Cost of sales 74,963 66,177 54,864 Selling, general and administrative expenses 19,752 18,615 16,233 Depreciation and amortization (exclusive of depreciation included in cost of sales) 2,344 2,230 2,357 Operating income 8,946 6,539 4,658 Net interest expense 421 977 477 Net other (income) / expense (382) 16 (9) Earnings from continuing operations before income taxes 8,907 5,546 4,190 Provision for income taxes 1,961 1,178 921 Net earnings from continuing operations 6,946 4,368 3,269 Discontinued operations, net of tax 12 Net earnings $ 6,946 $ 4,368 $ 3,281 Basic earnings per share Continuing operations $ 14.23 $ 8.72 $ 6.39 Discontinued operations 0.02 Net earnings per share $ 14.23 $ 8.72 $ 6.42 Diluted earnings per share Continuing operations $ 14.10 $ 8.64 $ 6.34 Discontinued operations 0.02 Net earnings per share $ 14.10 $ 8.64 $ 6.36 Weighted average common shares outstanding Basic 488.1 500.6 510.9 Diluted 492.7 505.4 515.6 Antidilutive shares _ _ _ Note: Per share amounts may not foot due to rounding. FINANCIAL STATEMENTS Consolidated Statements of Comprehensive Income (millions) 2021 2020 2019 Net earnings $ 6,946 $ 4,368 $ 3,281 Other comprehensive income I (loss), net of tax Pension benet liabilities 152 102 (65) Currency translation adjustment and cash flow hedges 51 10 2 Other comprehensive income I (loss) 203 112 (63) Comprehensive income $ 7,149 $ 4,480 $ 3,218 See accompanying Notes to Consolidated Financial Statements. FINANCIAL STATEMENTS Consolidated Statements of Financial Position (millions, except footnotes) January 29,2022 January 30, 2021 Assets Cash and cash equivalents $ 5,911 $ 8,511 Inventory 13,902 10,653 Other current assets 1,760 1,592 Total current assets 21,573 20,756 Property and equipment Land 6,164 6,141 Buildings and improvements 32,985 31,557 Fixtures and equipment 6,407 5,914 Computer hardware and software 2,505 2,765 Constructioninprog ress 1,257 780 Accumulated depreciation (21,137) (20,278) Property and equipment, net 28,181 26,879 Operating lease assets 2,556 2,227 Other noncurrent assets 1,501 1,386 Total assets :5 53,811 $ 51,248 Liabilities and shareholders' investment Accounts payable $ 15,478 $ 12,859 Accrued and other current liabilities 6,098 6,122 Current portion of longterm debt and other borrowings 171 1,144 Total current liabilities 21,747 20,125 Long-term debt and other borrowings 13,549 11,536 Noncurrent operating lease liabilities 2,493 2,218 Deferred income taxes 1,566 990 Other noncurrent liabilities 1,629 1,939 Total noncurrent liabilities 19,237 16,683 Shareholders' investment Common stock 39 42 Additional paid-in capital 6,421 6,329 Retained earnings 6,920 8,825 Accumulated other comprehensive loss (553) (756) Total shareholders' investment 12,827 14,440 Total liabilities and shareholders' investment 13 53,811 $ 51,248 Common Stock Authorized 6,000,000,000 shares, $00833 par value; 471,274,073 shares issued and outstanding as of January 29, 2022; 500,877,129 shares issued and outstanding as of January 30, 2021. _ Preferred Stock Authorized 5,000,000 shares, $0.01 par value; no shares were issued or outstanding during any period presented. Consolidated Statements of Cash Flows FINANCIAL STATEMENTS (millions) 2021 2020 2019 Operating activities Net earnings 6,946 $ 4,368 $ 3,281 Earnings from discontinued operations, net of tax 12 Net earnings from continuing operations 6,946 4,368 3,269 Adjustments to reconcile net earnings to cash provided by operations: Depreciation and amortization 2,642 2,485 2,604 Sharebased compensation expense 228 200 147 Deferred income taxes 522 (184) 178 Gain on Dermstore sale (335) Loss on debt extinguishment 512 10 Noncash losses /(gains) and other, net 67 86 29 Changes in operating accounts: Inventory (3,249) (1,661) 505 Other assets (78) (137) 18 Accounts payable 2,628 2,925 140 Accrued and other liabilities (746) 1,931 199 Cash provided by operating activitiescontinuing operations 8,625 10,525 7,099 Cash provided by operating activitiesdiscontinued operations 18 Cash provided by operating activities 8,625 10,525 7,117 Investing activities Expenditures for property and equipment (3,544) (2,649) (3,027) Proceeds from disposal of property and equipment 27 42 63 Proceeds from Dermstore sale 356 Other investments 7 16 20 Cash required for investing activities (3,154) (2,591) (2,944) Financing activities Additions to long-term debt 1,972 2,480 1,739 Reductions of long-tem debt (1,147) (2,415) (2,069) Dividends paid (1,548) (1,343) (1,330) Repurchase of stock (7,356) (745) (1,565) Stock option exercises 8 23 73 Cash required for nancing activities (8,071) (2,000) (3,152) Net (decrease)! increase in cash and cash equivalents (2,600) 5,934 1,021 Cash and cash equivalents at beginning of period 8,511 2,577 1,556 Cash and cash equivalents at end of period 5,911 $ 8,511 $ 2,577 Supplemental information Interest paid, net of capitalized interest 414 $ 939 $ 492 Income taxes paid 2,063 1,031 696 Leased assets obtained in exchange for new finance lease liabilities 288 428 379 Leased assets obtained in exchange for new operating lease liabilities 580 262 464 Consolidated Statements of Shareholders' Investment FINANCIAL STATEMENTS Common Stock Additional Accumulated Other Stock Par Paidin Retained Comprehensive (millions) Shares Value Capital Earnings (Loss)/ Income Total February 2, 2019 517.8 $ 43 $ 6,042 $ 6,017 $ (805) $ 11,297 Net earnings 3,281 3,281 Other comprehensive loss (63) (63) Dividends declared (1,345) (1,345) Repurchase of stock (16.0) (1) (1,520) (1,521) Stock options and awards 2.4 184 184 February 1, 2020 504.2 $ 42 $ 6,226 $ 6,433 $ (868) $ 11,833 Net earnings 4,368 4,368 Other comprehensive income 112 112 Dividends declared (1,367) (1,367) Repurchase of stock (5.7) (609) (609) Stock options and awards 2.4 103 103 January 30, 2021 500.9 $ 42 $ 6,329 $ 8,825 $ (756) $ 14,440 Net earnings 6,946 6,946 Other comprehensive income 203 203 Dividends declared (1,655) (1,655) Repurchase of stock (31.3) (3) (7,196) (7,199) Stock options and awards 1.7 92 92 January 29, 2022 471.3 $ 39 $ 6,421 $ 6,920 $ (553) $ 12,827 We declared $3.38, $2.70, and $2.62 dividends per share for the twelve months ended January 29. 2022, January 30, 2021, and February 1, 2020, respectively. See accompanying Notes to Consolidated Financial Statements
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