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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Home Depot Inc | NYSE:HD | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
5.59 | 1.66% | 341.115 | 346.88 | 340.48 | 340.48 | 1,783,570 | 16:24:14 |
Delaware | 95-3261426 | ||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
2455 Paces Ferry Road | ||||||||||||||||||||
Atlanta, | Georgia | 30339 | ||||||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | |||||||||||||||||
Title of each class | Trading Symbol | Name of each exchange on which registered | |||||||||||||||
Common Stock, $0.05 Par Value Per Share | HD | New York Stock Exchange |
Item 1. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 6. | ||||||||
Term | Definition | |||||||
Comparable sales | ||||||||
Exchange Act | Securities Exchange Act of 1934, as amended | |||||||
fiscal 2021 | Fiscal year ended January 30, 2022 | |||||||
fiscal 2022 | Fiscal year ending January 29, 2023 | |||||||
GAAP | U.S. generally accepted accounting principles | |||||||
MD&A | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
NOPAT | Net operating profit after tax | |||||||
Restoration Plan | Home Depot FutureBuilder Restoration Plan | |||||||
ROIC | Return on invested capital | |||||||
SEC | Securities and Exchange Commission | |||||||
Securities Act | Securities Act of 1933, as amended | |||||||
SG&A | Selling, general and administrative | |||||||
2021 Form 10-K | Annual Report on Form 10-K for fiscal 2021 as filed with the SEC on March 23, 2022 |
in millions, except per share data | May 1, 2022 | January 30, 2022 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 2,844 | $ | 2,343 | |||||||
Receivables, net | 3,936 | 3,426 | |||||||||
Merchandise inventories | 25,297 | 22,068 | |||||||||
Other current assets | 1,790 | 1,218 | |||||||||
Total current assets | 33,867 | 29,055 | |||||||||
Net property and equipment | 25,166 | 25,199 | |||||||||
Operating lease right-of-use assets | 5,980 | 5,968 | |||||||||
Goodwill | 7,450 | 7,449 | |||||||||
Other assets | 4,104 | 4,205 | |||||||||
Total assets | $ | 76,567 | $ | 71,876 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Short-term debt | $ | — | $ | 1,035 | |||||||
Accounts payable | 15,367 | 13,462 | |||||||||
Accrued salaries and related expenses | 2,008 | 2,426 | |||||||||
Sales taxes payable | 1,139 | 848 | |||||||||
Deferred revenue | 3,675 | 3,596 | |||||||||
Current installments of long-term debt | 2,463 | 2,447 | |||||||||
Current operating lease liabilities | 859 | 830 | |||||||||
Other accrued expenses | 4,876 | 4,049 | |||||||||
Total current liabilities | 30,387 | 28,693 | |||||||||
Long-term debt, excluding current installments | 39,158 | 36,604 | |||||||||
Long-term operating lease liabilities | 5,335 | 5,353 | |||||||||
Other long-term liabilities | 3,396 | 2,922 | |||||||||
Total liabilities | 78,276 | 73,572 | |||||||||
Common stock, par value $0.05; authorized: 10,000 shares; issued: 1,793 shares at May 1, 2022 and 1,792 shares at January 30, 2022; outstanding: 1,029 shares at May 1, 2022 and 1,035 shares at January 30, 2022 | 90 | 90 | |||||||||
Paid-in capital | 12,079 | 12,132 | |||||||||
Retained earnings | 69,849 | 67,580 | |||||||||
Accumulated other comprehensive loss | (683) | (704) | |||||||||
Treasury stock, at cost, 764 shares at May 1, 2022 and 757 shares at January 30, 2022 | (83,044) | (80,794) | |||||||||
Total stockholders’ (deficit) equity | (1,709) | (1,696) | |||||||||
Total liabilities and stockholders’ equity | $ | 76,567 | $ | 71,876 |
Three Months Ended | |||||||||||
in millions, except per share data | May 1, 2022 | May 2, 2021 | |||||||||
Net sales | $ | 38,908 | $ | 37,500 | |||||||
Cost of sales | 25,763 | 24,758 | |||||||||
Gross profit | 13,145 | 12,742 | |||||||||
Operating expenses: | |||||||||||
Selling, general and administrative | 6,610 | 6,374 | |||||||||
Depreciation and amortization | 606 | 587 | |||||||||
Total operating expenses | 7,216 | 6,961 | |||||||||
Operating income | 5,929 | 5,781 | |||||||||
Interest and other (income) expense: | |||||||||||
Interest income and other, net | (3) | (6) | |||||||||
Interest expense | 372 | 339 | |||||||||
Interest and other, net | 369 | 333 | |||||||||
Earnings before provision for income taxes | 5,560 | 5,448 | |||||||||
Provision for income taxes | 1,329 | 1,303 | |||||||||
Net earnings | $ | 4,231 | $ | 4,145 | |||||||
Basic weighted average common shares | 1,030 | 1,071 | |||||||||
Basic earnings per share | $ | 4.11 | $ | 3.87 | |||||||
Diluted weighted average common shares | 1,034 | 1,075 | |||||||||
Diluted earnings per share | $ | 4.09 | $ | 3.86 |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Net earnings | $ | 4,231 | $ | 4,145 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | 20 | 34 | |||||||||
Cash flow hedges | 1 | 2 | |||||||||
Other | — | 27 | |||||||||
Total other comprehensive income (loss), net of tax | 21 | 63 | |||||||||
Comprehensive income | $ | 4,252 | $ | 4,208 |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Common Stock: | |||||||||||
Balance at beginning of period | $ | 90 | $ | 89 | |||||||
Shares issued under employee stock plans | — | 1 | |||||||||
Balance at end of period | 90 | 90 | |||||||||
Paid-in Capital: | |||||||||||
Balance at beginning of period | 12,132 | 11,540 | |||||||||
Shares issued under employee stock plans | (154) | (117) | |||||||||
Stock-based compensation expense | 101 | 132 | |||||||||
Balance at end of period | 12,079 | 11,555 | |||||||||
Retained Earnings: | |||||||||||
Balance at beginning of period | 67,580 | 58,134 | |||||||||
Net earnings | 4,231 | 4,145 | |||||||||
Cash dividends | (1,962) | (1,775) | |||||||||
Balance at end of period | 69,849 | 60,504 | |||||||||
Accumulated Other Comprehensive Income (Loss): | |||||||||||
Balance at beginning of period | (704) | (671) | |||||||||
Foreign currency translation adjustments, net of tax | 20 | 34 | |||||||||
Cash flow hedges, net of tax | 1 | 2 | |||||||||
Other, net of tax | — | 27 | |||||||||
Balance at end of period | (683) | (608) | |||||||||
Treasury Stock: | |||||||||||
Balance at beginning of period | (80,794) | (65,793) | |||||||||
Repurchases of common stock | (2,250) | (4,000) | |||||||||
Balance at end of period | (83,044) | (69,793) | |||||||||
Total stockholders' (deficit) equity | $ | (1,709) | $ | 1,748 |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net earnings | $ | 4,231 | $ | 4,145 | |||||||
Reconciliation of net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 727 | 703 | |||||||||
Stock-based compensation expense | 115 | 146 | |||||||||
Changes in receivables, net | (489) | (640) | |||||||||
Changes in merchandise inventories | (3,226) | (2,519) | |||||||||
Changes in other current assets | (589) | (277) | |||||||||
Changes in accounts payable and accrued expenses | 1,744 | 3,013 | |||||||||
Changes in deferred revenue | 79 | 586 | |||||||||
Changes in income taxes payable | 1,121 | 1,138 | |||||||||
Changes in deferred income taxes | (44) | (87) | |||||||||
Other operating activities | 120 | 102 | |||||||||
Net cash provided by operating activities | 3,789 | 6,310 | |||||||||
Cash Flows from Investing Activities: | |||||||||||
Capital expenditures | (704) | (524) | |||||||||
Other investing activities | 3 | (4) | |||||||||
Net cash used in investing activities | (701) | (528) | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Repayments of short-term debt, net | (1,035) | — | |||||||||
Proceeds from long-term debt, net of discounts | 3,957 | — | |||||||||
Repayments of long-term debt | (1,054) | (1,390) | |||||||||
Repurchases of common stock | (2,308) | (3,788) | |||||||||
Proceeds from sales of common stock | 5 | 13 | |||||||||
Cash dividends | (1,962) | (1,775) | |||||||||
Other financing activities | (182) | (130) | |||||||||
Net cash used in financing activities | (2,579) | (7,070) | |||||||||
Change in cash and cash equivalents | 509 | (1,288) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (8) | 41 | |||||||||
Cash and cash equivalents at beginning of period | 2,343 | 7,895 | |||||||||
Cash and cash equivalents at end of period | $ | 2,844 | $ | 6,648 | |||||||
Supplemental Disclosures: | |||||||||||
Cash paid for interest, net of interest capitalized | $ | 415 | $ | 382 | |||||||
Cash paid for income taxes | 213 | 226 |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Net sales – in the U.S. | $ | 36,006 | $ | 34,717 | |||||||
Net sales – outside the U.S. | 2,902 | 2,783 | |||||||||
Net sales | $ | 38,908 | $ | 37,500 |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Net sales – products | $ | 37,465 | $ | 36,271 | |||||||
Net sales – services | 1,443 | 1,229 | |||||||||
Net sales | $ | 38,908 | $ | 37,500 |
Major Product Line | Merchandising Departments | |||||||
Building Materials | Building Materials, Electrical/Lighting, Lumber, Millwork, and Plumbing | |||||||
Décor | Appliances, Décor/Storage, Flooring, Kitchen and Bath, and Paint | |||||||
Hardlines | Hardware, Indoor Garden, Outdoor Garden, and Tools |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Building Materials | $ | 14,869 | $ | 13,660 | |||||||
Décor | 12,874 | 11,882 | |||||||||
Hardlines | 11,165 | 11,958 | |||||||||
Net sales | $ | 38,908 | $ | 37,500 |
in millions | Consolidated Balance Sheet Classification | May 1, 2022 | January 30, 2022 | |||||||||||
Assets: | ||||||||||||||
Operating lease assets | Operating lease right-of-use assets | $ | 5,980 | $ | 5,968 | |||||||||
Finance lease assets (1) | Net property and equipment | 2,972 | 2,896 | |||||||||||
Total lease assets | $ | 8,952 | $ | 8,864 | ||||||||||
Liabilities: | ||||||||||||||
Current: | ||||||||||||||
Operating lease liabilities | Current operating lease liabilities | $ | 859 | $ | 830 | |||||||||
Finance lease liabilities | Current installments of long-term debt | 214 | 198 | |||||||||||
Long-term: | ||||||||||||||
Operating lease liabilities | Long-term operating lease liabilities | 5,335 | 5,353 | |||||||||||
Finance lease liabilities | Long-term debt, excluding current installments | 3,112 | 3,038 | |||||||||||
Total lease liabilities | $ | 9,520 | $ | 9,419 |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Lease assets obtained in exchange for new operating lease liabilities | $ | 256 | $ | 164 | |||||||
Lease assets obtained in exchange for new finance lease liabilities | 148 | 200 |
shares in millions | Three Months Ended | ||||||||||
May 1, 2022 | May 2, 2021 | ||||||||||
Common stock: | |||||||||||
Balance at beginning of period | 1,792 | 1,789 | |||||||||
Shares issued under employee stock plans | 1 | 1 | |||||||||
Balance at end of period | 1,793 | 1,790 | |||||||||
Treasury stock: | |||||||||||
Balance at beginning of period | (757) | (712) | |||||||||
Repurchases of common stock | (7) | (13) | |||||||||
Balance at end of period | (764) | (725) | |||||||||
Shares outstanding at end of period | 1,029 | 1,065 | |||||||||
Cash dividends per share | $ | 1.90 | $ | 1.65 |
in millions | Three Months Ended | ||||||||||
May 1, 2022 | May 2, 2021 | ||||||||||
Total number of shares repurchased | 7 | 13 | |||||||||
Total cost of shares repurchased | $ | 2,250 | $ | 4,000 |
May 1, 2022 | January 30, 2022 | ||||||||||||||||||||||||||||||||||
in millions | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||
Derivative agreements – assets | $ | — | $ | 8 | $ | — | $ | — | $ | 58 | $ | — | |||||||||||||||||||||||
Derivative agreements – liabilities | — | (661) | — | — | (249) | — | |||||||||||||||||||||||||||||
Total | $ | — | $ | (653) | $ | — | $ | — | $ | (191) | $ | — |
May 1, 2022 | January 30, 2022 | ||||||||||||||||||||||
in millions | Fair Value (Level 1) | Carrying Value | Fair Value (Level 1) | Carrying Value | |||||||||||||||||||
Senior notes | $ | 36,896 | $ | 38,295 | $ | 39,397 | $ | 35,815 |
Three Months Ended | |||||||||||
in millions | May 1, 2022 | May 2, 2021 | |||||||||
Basic weighted average common shares | 1,030 | 1,071 | |||||||||
Effect of potentially dilutive securities (1) | 4 | 4 | |||||||||
Diluted weighted average common shares | 1,034 | 1,075 | |||||||||
Anti-dilutive securities excluded from diluted weighted average common shares | 1 | — |
dollars in millions, except per share data | Three Months Ended | ||||||||||
May 1, 2022 | May 2, 2021 | ||||||||||
Net sales | $ | 38,908 | $ | 37,500 | |||||||
Net earnings | 4,231 | 4,145 | |||||||||
Diluted earnings per share | $ | 4.09 | $ | 3.86 | |||||||
Net cash provided by operating activities | $ | 3,789 | $ | 6,310 | |||||||
Proceeds from long-term debt, net of discounts | 3,957 | — | |||||||||
Repayments of long-term debt | 1,054 | 1,390 | |||||||||
Repurchases of common stock | 2,308 | 3,788 |
Three Months Ended | |||||||||||||||||||||||
May 1, 2022 | May 2, 2021 | ||||||||||||||||||||||
dollars in millions | $ | % of Net Sales | $ | % of Net Sales | |||||||||||||||||||
Net sales | $ | 38,908 | $ | 37,500 | |||||||||||||||||||
Gross profit | 13,145 | 33.8 | % | 12,742 | 34.0 | % | |||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Selling, general and administrative | 6,610 | 17.0 | 6,374 | 17.0 | |||||||||||||||||||
Depreciation and amortization | 606 | 1.6 | 587 | 1.6 | |||||||||||||||||||
Total operating expenses | 7,216 | 18.5 | 6,961 | 18.6 | |||||||||||||||||||
Operating income | 5,929 | 15.2 | 5,781 | 15.4 | |||||||||||||||||||
Interest and other (income) expense: | |||||||||||||||||||||||
Interest income and other, net | (3) | — | (6) | — | |||||||||||||||||||
Interest expense | 372 | 1.0 | 339 | 0.9 | |||||||||||||||||||
Interest and other, net | 369 | 0.9 | 333 | 0.9 | |||||||||||||||||||
Earnings before provision for income taxes | 5,560 | 14.3 | 5,448 | 14.5 | |||||||||||||||||||
Provision for income taxes | 1,329 | 3.4 | 1,303 | 3.5 | |||||||||||||||||||
Net earnings | $ | 4,231 | 10.9 | % | $ | 4,145 | 11.1 | % |
Three Months Ended | |||||||||||||||||
Selected financial and sales data: | May 1, 2022 | May 2, 2021 | % Change | ||||||||||||||
Comparable sales (% change) | 2.2 | % | 31.0 | % | N/A | ||||||||||||
Comparable customer transactions (% change) (1) | (8.4) | % | 19.1 | % | N/A | ||||||||||||
Comparable average ticket (% change) (1) | 11.2 | % | 10.3 | % | N/A | ||||||||||||
Customer transactions (in millions) (1) | 410.7 | 447.2 | (8.2) | % | |||||||||||||
Average ticket (1) (2) | $ | 91.72 | $ | 82.37 | 11.4 | % | |||||||||||
Sales per retail square foot (1) (3) | $ | 621.99 | $ | 605.60 | 2.7 | % | |||||||||||
Diluted earnings per share | $ | 4.09 | $ | 3.86 | 6.0 | % |
Twelve Months Ended | |||||||||||
dollars in millions | May 1, 2022 | May 2, 2021 | |||||||||
Net earnings | $ | 16,519 | $ | 14,766 | |||||||
Interest and other, net | 1,339 | 1,326 | |||||||||
Provision for income taxes | 5,330 | 4,691 | |||||||||
Operating income | 23,188 | 20,783 | |||||||||
Income tax adjustment (1) | (5,628) | (5,012) | |||||||||
NOPAT | $ | 17,560 | $ | 15,771 | |||||||
Average debt and equity | $ | 38,761 | $ | 34,970 | |||||||
ROIC | 45.3 | % | 45.1 | % |
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Program (2) | Dollar Value of Shares that May Yet Be Purchased Under the Program (2) | ||||||||||||||||||||||
January 31, 2022 – February 27, 2022 | 1,645,383 | $ | 347.07 | 1,626,917 | $ | 9,053,183,815 | ||||||||||||||||||||
February 28, 2022 – March 27, 2022 | 627,670 | 319.18 | 279,283 | 8,963,898,777 | ||||||||||||||||||||||
March 28, 2022 – May 1, 2022 | 5,209,451 | 306.35 | 5,208,219 | 7,368,369,778 | ||||||||||||||||||||||
Total | 7,482,504 | 316.38 | 7,114,419 |
Exhibit | Description | |||||||
* | ||||||||
[Form 10-Q filed on September 1, 2011, Exhibit 3.1] | ||||||||
* | ||||||||
[Form 8-K filed on March 4, 2019, Exhibit 3.2] | ||||||||
* | Form of 2.700% Note due April 15, 2025 [Form 8-K filed on March 28, 2022, Exhibit 4.2] | |||||||
* | Form of 2.875% Note due April 15, 2027 [Form 8-K filed on March 28, 2022, Exhibit 4.3] | |||||||
* | Form of 3.250% Note due April 15, 2032 [Form 8-K filed on March 28, 2022, Exhibit 4.4] | |||||||
* | Form of 3.625% Note due April 15, 2052 [Form 8-K filed on March 28, 2022, Exhibit 4.5] | |||||||
† | ||||||||
† | ||||||||
† | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
THE HOME DEPOT, INC. (Registrant) | |||||
By: | /s/ EDWARD P. DECKER | ||||
Edward P. Decker, Chief Executive Officer and President (Principal Executive Officer) | |||||
/s/ RICHARD V. MCPHAIL | |||||
Richard V. McPhail, Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||
/s/ STEPHEN L. GIBBS | |||||
Stephen L. Gibbs, Vice President, Chief Accounting Officer and Corporate Controller (Principal Accounting Officer) | |||||
Date: | May 23, 2022 |
1 Year Home Depot Chart |
1 Month Home Depot Chart |
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