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LEASES (Tables)
 12 Months Ended
Jul. 29, 2023
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 29, 2023July 30, 2022
Operating lease assetsOperating lease assets$1,228 $1,176 
Finance lease assetsProperty and equipment, net14 22 
Total lease assets$1,242 $1,198 
Operating liabilitiesCurrent portion of operating lease liabilities$180 $156 
Finance liabilitiesCurrent portion of long-term debt and finance lease liabilities11 13 
Operating liabilitiesLong-term operating lease liabilities1,099 1,067 
Finance liabilitiesLong-term finance lease liabilities12 23 
Total lease liabilities$1,302 $1,259 
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
202320222021
Operating lease costOperating expenses$261 $241 $229 
Short-term lease costOperating expenses17 19 29 
Variable lease costOperating expenses73 73 64 
Sublease incomeOperating expenses(8)(8)(8)
Sublease incomeNet sales(14)(17)(20)
Other sublease income, net
Restructuring, acquisition and integration related expenses(2)
(1)(2)(3)
Net operating lease cost(1)
328 306 291 
Amortization of leased assetsOperating expenses7 10 13 
Interest on lease liabilitiesInterest expense, net3 11 19 
Finance lease cost10 21 32 
Total net lease cost$338 $327 $323 
(1)Rent expense as presented here includes $0 million, $0 million and $2 million in fiscal 2023, 2022 and 2021, 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 $27 million, $29 million and $31 million of lease expense in fiscal 2023, 2022 and 2021, respectively, and $(28) million, $(31) million, and $(33) million of lease income in fiscal 2023, 2022 and 2021, 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 29, 2023July 30, 2022
Weighted-average remaining lease term (years)
Operating leases9.7 years10.4 years
Finance leases2.9 years3.3 years
Weighted-average discount rate
Operating leases8.9 %9.0 %
Finance leases9.8 %9.3 %
Other Information
(in millions)202320222021
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases
$249 $224 $220 
Operating cash flows from finance leases
$2 $7 $12 
Financing cash flows from finance leases
$10 $160 $9 
Leased assets obtained in exchange for new finance lease liabilities$— $1 $— 
Leased assets obtained in exchange for new operating lease liabilities$237 $292 $263 
Schedule of Lease Liabilities and Receipts As of July 29, 2023, 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
2024$281 $13 $(41)$— $240 $13 
2025242 8 (31)— 211 8 
2026206 4 (23)— 183 4 
2027166 1 (15)— 151 1 
2028151 — (12)— 139 — 
Thereafter937 — (24)— 913 — 
Total undiscounted lease liabilities and receipts$1,983 $26 $(146)$— $1,837 $26 
Less interest(3)
(704)(3)
Present value of lease liabilities1,279 23 
Less current lease liabilities(180)(11)
Long-term lease liabilities$1,099 $12 
(1)Operating lease payments include $2 million related to extension options that are reasonably certain of being exercised and exclude $787 million of legally binding undiscounted 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 29, 2023, 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
2024$281 $13 $(41)$— $240 $13 
2025242 8 (31)— 211 8 
2026206 4 (23)— 183 4 
2027166 1 (15)— 151 1 
2028151 — (12)— 139 — 
Thereafter937 — (24)— 913 — 
Total undiscounted lease liabilities and receipts$1,983 $26 $(146)$— $1,837 $26 
Less interest(3)
(704)(3)
Present value of lease liabilities1,279 23 
Less current lease liabilities(180)(11)
Long-term lease liabilities$1,099 $12 
(1)Operating lease payments include $2 million related to extension options that are reasonably certain of being exercised and exclude $787 million of legally binding undiscounted 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.