XML 58 R38.htm IDEA: XBRL DOCUMENT v3.22.2.2
LEASES (Tables)
 12 Months Ended
Jul. 30, 2022
Leases [Abstract]  
Schedule of Lease Assets and Liabilities
Lease assets and liabilities, net, are as follows (in millions):
Lease Type
Consolidated Balance Sheets Location
July 30, 2022July 31, 2021
Operating lease assetsOperating lease assets$1,176 $1,064 
Finance lease assetsProperty and equipment, net22 112 
Total lease assets$1,198 $1,176 
Operating liabilitiesCurrent portion of operating lease liabilities$156 $135 
Finance liabilitiesCurrent portion of long-term debt and finance lease liabilities13 107 
Operating liabilitiesLong-term operating lease liabilities1,067 962 
Finance liabilitiesLong-term finance lease liabilities23 35 
Total lease liabilities$1,259 $1,239 
Schedule of Lease Costs and Other Information
The Company’s lease cost under ASC 842 is as follows (in millions):
Lease Expense Type
Consolidated Statements of Operations Location
202220212020
Operating lease costOperating expenses$241 $229 $223 
Short-term lease costOperating expenses19 29 31 
Variable lease costOperating expenses73 64 151 
Sublease incomeOperating expenses(8)(8)(3)
Sublease incomeNet sales(17)(20)(23)
Other sublease income, net
Restructuring, acquisition and integration related expenses(2)
(2)(3)(5)
Net operating lease cost(1)
306 291 374 
Amortization of leased assetsOperating expenses10 13 16 
Interest on lease liabilitiesInterest expense, net11 19 12 
Finance lease cost21 32 28 
Total net lease cost$327 $323 $402 
(1)Rent expense as presented here includes $0 million, $2 million and $6 million in fiscal 2022, 2021 and 2020, respectively, of operating lease rent expense related to stores within discontinued operations, but for which GAAP requires the expense to be included within continuing operations, as the Company expects to remain primarily obligated under these leases. Rent expense as presented here also includes immaterial amounts of variable lease expense of discontinued operations.
(2)Includes $29 million, $31 million and $36 million of lease expense in fiscal 2022, 2021 and 2020, respectively, and $(31) million, $(33) million, and $(41) million of lease income in fiscal 2022, 2021 and 2020, respectively, that is recorded within Restructuring, acquisition and integration related expenses for assigned leases related to previously sold locations and surplus, non-operating properties for which the Company is restructuring its obligations.
The following tables provide other information required by ASC 842:
Lease Term and Discount RateJuly 30, 2022July 31, 2021
Weighted-average remaining lease term (years)
Operating leases10.4 years10.7 years
Finance leases3.3 years2.0 years
Weighted-average discount rate
Operating leases9.0 %9.7 %
Finance leases9.3 %8.7 %
Other Information
(in millions)202220212020
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases
$224 $220 $231 
Operating cash flows from finance leases
$7 $12 $9 
Financing cash flows from finance leases
$160 $9 $20 
Leased assets obtained in exchange for new finance lease liabilities$1 $— $93 
Leased assets obtained in exchange for new operating lease liabilities$292 $263 $195 
Schedule of Lease Liabilities and Receipts As of July 30, 2022, these Lease Liabilities and Lease Receipts consisted of the following (in millions):
Lease LiabilitiesLease ReceiptsNet Lease Obligations
Fiscal Year
Operating Leases(1)
Finance Leases (2)
Operating LeasesFinance LeasesOperating LeasesFinance Leases
2023$250 $16 $(46)$— $204 $16 
2024242 12 (39)— 203 12 
2025195 8 (27)— 168 8 
2026160 4 (18)— 142 4 
2027121 1 (11)— 110 1 
Thereafter996 — (28)— 968 — 
Total undiscounted lease liabilities and receipts$1,964 $41 $(169)$— $1,795 $41 
Less interest(3)
(741)(5)
Present value of lease liabilities1,223 36 
Less current lease liabilities(156)(13)
Long-term lease liabilities$1,067 $23 
(1)Operating lease payments include $2 million related to extension options that are reasonably certain of being exercised and exclude $254 million of legally binding minimum lease payments for leases signed but not yet commenced.
(2)There were no finance leases for which the extension options are reasonably certain of being exercised and excluded from legally binding minimum lease payments for leases signed but not yet commenced.
(3)Calculated using the interest rate for each lease.
Schedule of Lease Liabilities and Receipts As of July 30, 2022, these Lease Liabilities and Lease Receipts consisted of the following (in millions):
Lease LiabilitiesLease ReceiptsNet Lease Obligations
Fiscal Year
Operating Leases(1)
Finance Leases (2)
Operating LeasesFinance LeasesOperating LeasesFinance Leases
2023$250 $16 $(46)$— $204 $16 
2024242 12 (39)— 203 12 
2025195 8 (27)— 168 8 
2026160 4 (18)— 142 4 
2027121 1 (11)— 110 1 
Thereafter996 — (28)— 968 — 
Total undiscounted lease liabilities and receipts$1,964 $41 $(169)$— $1,795 $41 
Less interest(3)
(741)(5)
Present value of lease liabilities1,223 36 
Less current lease liabilities(156)(13)
Long-term lease liabilities$1,067 $23 
(1)Operating lease payments include $2 million related to extension options that are reasonably certain of being exercised and exclude $254 million of legally binding minimum lease payments for leases signed but not yet commenced.
(2)There were no finance leases for which the extension options are reasonably certain of being exercised and excluded from legally binding minimum lease payments for leases signed but not yet commenced.
(3)Calculated using the interest rate for each lease.